REGISTERED NUMBER: 11331327 (England and Wales)

Financial Statements

for the Year Ended 31 March 2026

for

Mgc Aerospace Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs G L Tomkinson

REGISTERED OFFICE:

Unit 11 Portal Business Park

Eaton Lane

Eaton

Tarporley

Cheshire

CW6 9DL

REGISTERED NUMBER:

11331327 (England and Wales)

AUDITORS:

WR Partners

3 Royal Court

Gadbrook Way

Gadbrook Park

Northwich

Cheshire

CW9 7UT

FIXED ASSETS

Tangible assets

4

50,984

6,088

CURRENT ASSETS

Stocks

311,082

182,285

Debtors

5

1,624,131

685,108

Cash at bank and in hand

115,922

4,750

2,051,135

872,143

CREDITORS

Amounts falling due within one year

6

1,200,224

523,278

NET CURRENT ASSETS

850,911

348,865

TOTAL ASSETS LESS CURRENT LIABILITIES

901,895

354,953

CREDITORS

Amounts falling due after more than one year

7

(64,715

)

(50,043

)

PROVISIONS FOR LIABILITIES

(12,746

)

(1,522

)

NET ASSETS

824,434

303,388

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

824,433

303,387

SHAREHOLDERS' FUNDS

824,434

303,388

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 director and authorised for issue on 14 July 2026 and were signed by:

Mrs G L Tomkinson - Director

1.	STATUTORY INFORMATION

Mgc Aerospace Limited 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.

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

Turnover

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

Turnover is recognised when the goods are despatched.

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.

Fixtures and fittings

-

33% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

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

Financial instruments

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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 simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

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.

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

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 10 (2025 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2025

9,491

-

8,002

17,493

Additions

-

50,180

2,052

52,232

At 31 March 2026

9,491

50,180

10,054

69,725

DEPRECIATION

At 1 April 2025

6,821

-

4,584

11,405

Charge for year

890

4,623

1,823

7,336

At 31 March 2026

7,711

4,623

6,407

18,741

NET BOOK VALUE

At 31 March 2026

1,780

45,557

3,647

50,984

At 31 March 2025

2,670

-

3,418

6,088

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

Motor

vehicles

£

COST

Additions

50,180

At 31 March 2026

50,180

DEPRECIATION

Charge for year

4,623

At 31 March 2026

4,623

NET BOOK VALUE

At 31 March 2026

45,557

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Trade debtors

954,861

328,677

Other debtors

669,270

356,431

1,624,131

685,108

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Bank loans and overdrafts

18,531

20,675

Hire purchase contracts

6,444

-

Trade creditors

622,934

278,739

Taxation and social security

438,585

140,656

Other creditors

113,730

83,208

1,200,224

523,278

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.26

31.3.25

£

£

Bank loans

27,774

31,982

Hire purchase contracts

36,941

-

Other creditors

-

18,061

64,715

50,043

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.26

31.3.25

£

£

Hire purchase contracts

43,385

-

The hire purchase liabilities totalling £43385 are secured on the tangible fixed assets noted as being held under hire purchase arrangements in note 5 to these financial statements.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.26

31.3.25

value:

£

£

1

Ordinary

1

1

1

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We were not appointed as the auditor of the company until after 31 March 2025 and thus did not observe the counting of physical stock at 31 March 2025. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 March 2025, which are included in the balance sheet at £182,285, by other audit procedures.

Consequently, we were unable to determine whether any adjustment to the opening stock balance for the year ended 31 March 2026 was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Fran Johnson BSc BFP FCA (Senior Statutory Auditor)

for and on behalf of WR Partners

12.	OTHER FINANCIAL COMMITMENTS

The company has operating lease commitments as follows:

2026 2025

£ £

Payable in less than one year 30000 29833

Payable within 2 to 5 years 120000 120000

Payable in over 5 years 62500 92500

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2026 and 31 March 2025:

31.3.26

31.3.25

£

£

Mrs G L Tomkinson

Balance outstanding at start of year

356,431

180,049

Amounts advanced

135,585

176,382

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

492,016

356,431