Company registration number SC782498 (Scotland)
MGF Machining Ltd
Unaudited financial statements
for the year ended 30 September 2025
Pages for filing with registrar
MGF Machining Ltd
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of MGF Machining Ltd
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 MGF Machining Ltd for the year ended 30 September 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j une-20 20.

This report is made solely to the b oard of d irectors of MGF Machining Ltd, as a body, in accordance with the terms of our engagement letter dated 12 March 2025. Our work has been undertaken solely to prepare for your approval the financial statements of MGF Machining Ltd and state those matters that we have agreed to state to the b oard of d irectors of MGF Machining Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MGF Machining Ltd and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that MGF Machining Ltd 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 MGF Machining Ltd. You consider that MGF Machining Ltd 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 MGF Machining Ltd. 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.

James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
5 May 2026
MGF Machining Ltd
Balance sheet
as at 30 September 2025
2
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
64,103
72,343
Current assets
Debtors
48,030
14,190
Cash at bank and in hand
20,952
22,919
68,982
37,109
Creditors: amounts falling due within one year
(47,925)
(59,691)
Net current assets/(liabilities)
21,057
(22,582)
Total assets less current liabilities
85,160
49,761
Creditors: amounts falling due after more than one year
(49,858)
(64,602)
Provisions for liabilities
(12,225)
-
0
Net assets/(liabilities)
23,077
(14,841)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
23,075
(14,843)
Total equity
23,077
(14,841)
MGF Machining Ltd
Balance sheet (continued)
as at 30 September 2025
3

For the financial year ended 30 September 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 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.

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

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 24 April 2026 and are signed on its behalf by:
Mr G A Forsyth
Mr M C Gregor
Director
Director
Company registration number SC782498 (Scotland)
MGF Machining Ltd
Notes to thefinancial statements
for the year ended 30 September 2025
4
1
Accounting policies
Company information

MGF Machining Ltd is a private company limited by shares incorporated in Scotland. The registered office is 47 Victoria Terrace, Kemnay, Aberdeenshire, AB51 5RL.

1.1
Accounting convention

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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
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
25% 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.

1.4
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.

MGF Machining Ltd
Notes to thefinancial statements (continued)
for the year ended 30 September 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.

1.5
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

2
Employees

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

2025
2024
Number
Number
Total
2
2
MGF Machining Ltd
Notes to thefinancial statements (continued)
for the year ended 30 September 2025
6
3
Tangible fixed assets
Total
£
Cost
At 1 October 2024
96,457
Additions
13,130
At 30 September 2025
109,587
Depreciation and impairment
At 1 October 2024
24,114
Depreciation charged in the year
21,370
At 30 September 2025
45,484
Carrying amount
At 30 September 2025
64,103
At 30 September 2024
72,343
4
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
8,880
8,880
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