Company registration number 00880470 (England and Wales)
MG ELECTRIC (COLCHESTER) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
MG ELECTRIC (COLCHESTER) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MG ELECTRIC (COLCHESTER) LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
643,570
561,993
Tangible assets
4
147,197
175,668
790,767
737,661
Current assets
Stocks
730,310
904,295
Debtors
5
503,043
566,548
Cash at bank and in hand
141,396
180,655
1,374,749
1,651,498
Creditors: amounts falling due within one year
6
(620,693)
(553,644)
Net current assets
754,056
1,097,854
Total assets less current liabilities
1,544,823
1,835,515
Provisions for liabilities
(34,481)
(41,073)
Net assets
1,510,342
1,794,442
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,510,242
1,794,342
Total equity
1,510,342
1,794,442
MG ELECTRIC (COLCHESTER) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2025
31 May 2025
- 2 -

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their 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 directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 14 April 2026 and are signed on its behalf by:
Mr Graham Martin
Director
Company registration number 00880470 (England and Wales)
MG ELECTRIC (COLCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
1
Accounting policies
Company information

MG Electric (Colchester) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Altbarn Close, Wyncolls Road, Colchester, Essex, England, CO4 9HY.

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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

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.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Capitalised development costs represent the capitalisation of development costs arising from an internal project.

Development costs
over 10 years
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.

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 equipment
straight line over 3 to 10 years
Office equipment
straight line over 3 to 10 years
Motor vehicles
25% reducing balance
Tools and dies
straight line over 3 to 10 years
MG ELECTRIC (COLCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -

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
Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, if found, the impairment loss is taken to the income statement.

Financial assets and liabilities are offset, and the net amount reported on the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability individually.

1.7
Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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.

MG ELECTRIC (COLCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
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
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The assets of the scheme are held separately to those of the company.

1.9
Leases
As lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

1.10
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.

1.11
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2
Employees

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

2025
2024
Number
Number
Total
14
14
MG ELECTRIC (COLCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 6 -
3
Intangible fixed assets
Other
£
Cost
At 1 June 2024
582,418
Additions
142,931
At 31 May 2025
725,349
Amortisation and impairment
At 1 June 2024
20,425
Amortisation charged for the year
61,354
At 31 May 2025
81,779
Carrying amount
At 31 May 2025
643,570
At 31 May 2024
561,993
4
Tangible fixed assets
Plant and equipment
Office equipment
Motor vehicles
Tools and dies
Total
£
£
£
£
£
Cost
At 1 June 2024
51,054
315,860
4,250
602,762
973,926
Additions
-
0
6,188
-
0
1,500
7,688
At 31 May 2025
51,054
322,048
4,250
604,262
981,614
Depreciation and impairment
At 1 June 2024
41,308
224,282
3,540
529,128
798,258
Depreciation charged in the year
1,467
17,850
177
16,665
36,159
At 31 May 2025
42,775
242,132
3,717
545,793
834,417
Carrying amount
At 31 May 2025
8,279
79,916
533
58,469
147,197
At 31 May 2024
9,746
91,578
710
73,634
175,668
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
74,138
144,769
Other debtors
158,680
151,524
232,818
296,293
MG ELECTRIC (COLCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
5
Debtors
(Continued)
- 7 -
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
270,225
270,255
Total debtors
503,043
566,548
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
110,414
105,381
Taxation and social security
5,601
21,192
Other creditors
504,678
427,071
620,693
553,644
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary of £1 each
100
100
100
100
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The company continues to occupy its current premises, from an entity under common control, at a favourable rate.

Sales were made to a related party of £nil (2024: £87,130).

The following amounts were outstanding at the reporting end date:

The company was owed £270,225 (2024: £270,225) from its parent company.

The company owes £95,798 (202 4: £30 debtor) to a related party. Both companies are under common control.

9
Parent company

Gonk Enterprises Ltd is the company's ultimate parent company.

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