REGISTERED NUMBER: 12445702 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st March 2026

for

MGN Drywall Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Offredi

G Harris

N Playle

REGISTERED OFFICE:

12b Sun Street

Waltham Abbey

Essex

EN9 1EE

REGISTERED NUMBER:

12445702 (England and Wales)

ACCOUNTANTS:

Apple Advisory Group Ltd

Chartered Management Accountants

12b Sun Street

Waltham Abbey

Essex

EN9 1EE

FIXED ASSETS

Tangible assets

4

38,787

23,759

CURRENT ASSETS

Stocks

314,137

337,405

Debtors

5

888,616

1,023,261

Cash at bank

20,172

11,552

1,222,925

1,372,218

CREDITORS

Amounts falling due within one year

6

941,164

1,090,212

NET CURRENT ASSETS

281,761

282,006

TOTAL ASSETS LESS CURRENT LIABILITIES

320,548

305,765

CREDITORS

Amounts falling due after more than one year

7

(45,551

)

(42,013

)

PROVISIONS FOR LIABILITIES

(9,697

)

(5,343

)

NET ASSETS

265,300

258,409

CAPITAL AND RESERVES

Called up share capital

102

102

Retained earnings

265,198

258,307

265,300

258,409

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th May 2026 and were signed on its behalf by:

G Harris - Director

M Offredi - Director

N Playle - Director

1.	STATUTORY INFORMATION

MGN Drywall Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 25% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2025 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2025

55,366

Additions

24,831

Disposals

(19,104

)

At 31st March 2026

61,093

DEPRECIATION

At 1st April 2025

31,607

Charge for year

9,803

Eliminated on disposal

(19,104

)

At 31st March 2026

22,306

NET BOOK VALUE

At 31st March 2026

38,787

At 31st March 2025

23,759

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1st April 2025

48,269

Additions

24,703

Disposals

(19,104

)

Transfer to ownership

(14,995

)

At 31st March 2026

38,873

DEPRECIATION

At 1st April 2025

28,251

Charge for year

8,854

Eliminated on disposal

(19,104

)

Transfer to ownership

(12,178

)

At 31st March 2026

5,823

NET BOOK VALUE

At 31st March 2026

33,050

At 31st March 2025

20,018

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

238,679

-

Other debtors

649,937

1,023,261

888,616

1,023,261

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts

5,958

5,811

Hire purchase contracts and finance leases (see note 8)

7,257

6,444

Trade creditors

422,369

607,383

Taxation and social security

124,991

48,512

Other creditors

380,589

422,062

941,164

1,090,212

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans

19,877

25,834

Hire purchase contracts and finance leases (see note 8)

25,674

16,179

45,551

42,013

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

1,084

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

Finance leases

2026

2025

2026

2025

£

£

£

£

Net obligations repayable:

Within one year

3,494

4,018

3,763

2,426

Between one and five years

6,988

10,190

18,686

5,989

10,482

14,208

22,449

8,415

9.	ULTIMATE CONTROLLING PARTY

The company considers no shareholder to be the controlling party.