Company registration number 04965598 (England and Wales)
MGC Motor Company Limited
Unaudited Financial Statements
For the year ended 31 May 2025
MGC Motor Company Limited
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
MGC Motor Company Limited
Accountants' report to the director on the preparation of the unaudited statutory financial statements of MGC Motor Company Limited for the year ended 31 May 2025
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MGC Motor Company Limited for the year ended 31 May 2025 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of MGC Motor Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MGC Motor Company Limited and state those matters that we have agreed to state to the b oard of d irectors of MGC Motor Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MGC Motor Company Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that MGC Motor Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MGC Motor Company Limited. You consider that MGC Motor Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MGC Motor Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory f inancial statements.

DJH Derby Limited
Accountants
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
23 February 2026
MGC Motor Company Limited
Balance sheet
As at 31 May 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
101,032
84,631
Investments
4
51
51
101,083
84,682
Current assets
Stocks
40,800
72,400
Debtors
5
188,690
196,688
Cash at bank and in hand
138,544
111,182
368,034
380,270
Creditors: amounts falling due within one year
6
(322,236)
(255,048)
Net current assets
45,798
125,222
Total assets less current liabilities
146,881
209,904
Creditors: amounts falling due after more than one year
7
(1,348)
(10,460)
Net assets
145,533
199,444
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
145,433
199,344
Total equity
145,533
199,444
MGC Motor Company Limited
Balance sheet (continued)
As at 31 May 2025
- 3 -

For the financial year ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 23 February 2026
M G Clay
Director
Company registration number 04965598 (England and Wales)
MGC Motor Company Limited
Notes to the financial statements
For the year ended 31 May 2025
- 4 -
1
Accounting policies
Company information

MGC Motor Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Prospect Place, Millennium Way, Pride Park, Derby, DE24 8HG.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MGC Motor Company Limited
Notes to the financial statements (continued)
For the year ended 31 May 2025
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MGC Motor Company Limited
Notes to the financial statements (continued)
For the year ended 31 May 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

MGC Motor Company Limited
Notes to the financial statements (continued)
For the year ended 31 May 2025
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
8
9
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2024
16,660
2,362
165,978
185,000
Additions
8,157
-
0
60,077
68,234
Disposals
-
0
-
0
(45,000)
(45,000)
At 31 May 2025
24,817
2,362
181,055
208,234
Depreciation and impairment
At 1 June 2024
4,643
651
95,075
100,369
Depreciation charged in the year
2,721
257
24,597
27,575
Eliminated in respect of disposals
-
0
-
0
(20,742)
(20,742)
At 31 May 2025
7,364
908
98,930
107,202
Carrying amount
At 31 May 2025
17,453
1,454
82,125
101,032
At 31 May 2024
12,017
1,711
70,903
84,631
4
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
51
51
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
134,864
97,189
Other debtors
46,054
94,536
180,918
191,725
MGC Motor Company Limited
Notes to the financial statements (continued)
For the year ended 31 May 2025
5
Debtors
(Continued)
- 8 -
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset
7,772
4,963
Total debtors
188,690
196,688
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,000
10,000
Trade creditors
106,818
118,169
Taxation and social security
36,792
55,109
Other creditors
168,626
71,770
322,236
255,048
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loan
1,348
10,460
8
Loans and overdrafts
2025
2024
£
£
Bank loans
11,348
20,460
Payable within one year
10,000
10,000
Payable after one year
1,348
10,460

MGC Motor Company Limited
Notes to the financial statements (continued)
For the year ended 31 May 2025
- 9 -
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
80
80
80
80
Ordinary A shares of £1 each
20
20
20
20
100
100
100
100
10
Events after the reporting date

After the balance sheet date the following dividends have been voted:

£46,260 on ordinary £1 shares.

11
Directors' transactions

At the balance sheet date the amounts owed to directors amounted to £152,390 (2024 - £29,295). The loans are provided interest free and are repayable on demand.

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