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Registered number: 12413384 MGI LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
MGI LIMITED CHARTERED ACCOUNTANT'S REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MGI LIMITED FOR THE YEAR ENDED 31 MARCH 2025 In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of MGI Limited for the year ended 31 March 2025 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given me. As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation. This report is made solely to the director of MGI Limited in accordance with the terms of my engagement letter dated 09/08/2021. My work has been undertaken solely to prepare for your approval the financial statements of MGI Limited and state those matters that I have agreed to state to the director of MGI Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than MGI Limited and its director for my work or for this report. It is your duty to ensure that MGI 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 MGI Limited. You consider that MGI Limited is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or review of the financial statements of MGI Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements. Drennan & Co Chartered Accountants 64 Belsize Park London NW3 4EH 12 March 2026 Page 1
MGI LIMITED REGISTERED NUMBER: 12413384 BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 1,682 |  | 1,969
|  |  | 1,682 |  | 1,969
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 227,682 |  | 334,814 |
Cash at bank and in hand | 6 | 1,741 |  | 3,889 |
|  | 229,423 |  | 338,703 |
Creditors: amounts falling due within one year | 7 | (150,413) |  | (139,085) |
Net current assets |  |  | 79,010 |  | 199,618
Total assets less current liabilities |  |  | 80,692 |  | 201,587
Net assets |  |  | 80,692 |  | 201,587
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 10 |  | 10
Profit and loss account |  |  | 80,682 |  | 201,577
|  |  | 80,692 |  | 201,587
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2026. Page 2
MGI LIMITED REGISTERED NUMBER: 12413384 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025
W. Mahoney
Director
The notes on pages 4 to 7 form part of these financial statements. Page 3
MGI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
The entity is a limited company registered in England & Wales. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.4 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.5 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 4
MGI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.6 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, SELECT OR ENTER METHOD. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 10% |
|  |  |  | Computer equipment | - | 25% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.10 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 5
MGI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 1).
4. | Tangible fixed assets
|  | Office equipment | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2024 | - | 2,938 | 2,938
| Additions | 758 | - | 758
| At 31 March 2025 | 758 | 2,938 | 3,696
| Depreciation |  |  |
| At 1 April 2024 | - | 969 | 969
| Charge for the year on owned assets | 76 | 969 | 1,045
| At 31 March 2025 | 76 | 1,938 | 2,014
| Net book value |  |  |
| At 31 March 2025 | 682 | 1,000 | 1,682
| At 31 March 2024 | - | 1,969 | 1,969
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 506 | 28,000
| Other debtors | 227,166 | 303,254
| Called up share capital not paid | 10 | 10
| Prepayments and accrued income | - | 3,550
|  | 227,682 | 334,814
Page 6
MGI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,741 | 3,889
| Less: bank overdrafts | (982) | (2,983)
|  | 759 | 906
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 982 | 2,983
| Other loans | 17,489 | 18
| Trade creditors | 6,924 | 24,908
| Corporation tax | 28,572 | 14,628
| Other taxation and social security | 92,312 | 91,915
| Other creditors | 2,134 | 2,133
| Accruals and deferred income | 2,000 | 2,500
|  | 150,413 | 139,085
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