MG&F_SYSTEMS_LIMITED - Accounts

MG & F SYSTEMS LIMITED - Company Information

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Company Registration No. 02588531 (England and Wales)

MG&F SYSTEMS LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2014

MG&F SYSTEMS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

MG&F SYSTEMS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

2,456

3,022

Current assets

Debtors

13,176

14,287

Cash at bank and in hand

61,464

21,762

74,640

36,049

Creditors: amounts falling due within one year

(65,478)

(38,883)

Net current assets/(liabilities)

9,162

(2,834)

Total assets less current liabilities

11,618

188

Capital and reserves

Called up share capital

Other reserves

Profit and loss account

11,606

176

Shareholders' funds

11,618

188

For the financial year ended 31 May 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the 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 accounts, so far as applicable to the company.

These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board for issue on 1 February 2015

G R Gotch

Director

Company Registration No. 02588531

MG&F SYSTEMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% straight line

Fixtures, fittings & equipment

20% straight line

1.5

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

Fixed assets

Tangible assets

Cost

At 1 June 2013

42,819

Additions

1,170

At 31 May 2014

43,989

Depreciation

At 1 June 2013

39,797

Charge for the year

1,736

At 31 May 2014

41,533

Net book value

At 31 May 2014

2,456

At 31 May 2013

3,022

MG&F SYSTEMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2014

- 3 -

Share capital

2014

2013

Allotted, called up and fully paid

8 Ordinary shares of £1 each

2 Ordinary 'A' shares of £1 each