MgO Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05227014 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2019

FOR

MGO LIMITED

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

458

573

Tangible assets

5

183

242

641

815

CURRENT ASSETS

Debtors

193,617

199,179

Cash at bank

1,859

-

195,476

199,179

CREDITORS

Amounts falling due within one year

30,145

32,356

NET CURRENT ASSETS

165,331

166,823

TOTAL ASSETS LESS CURRENT LIABILITIES

165,972

167,638

CREDITORS

Amounts falling due after more than one year

320,000

313,900

NET LIABILITIES

(154,028

)

(146,262

)

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

(154,128

)

(146,362

)

SHAREHOLDERS' FUNDS

(154,028

)

(146,262

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2019 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 13th December 2019 and were signed on its behalf by:

M T Berry - Director

1.	STATUTORY INFORMATION

MgO Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address are as below:

Registered number:

05227014

Registered office:

Lancons

55 Springwood

West Cheshunt

Waltham Cross

Hertfordshire

EN7 6AZ

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The going concern basis has been adopted in the preparation of these financial statements. The

company's turnover for the period was £15,000 (2018 - £nil) and the company recorded a loss after

taxation of £7,766 (2018 - £40,587). Net cash surplus totalled £1,859 as at 31st March 2019 (2018 -

deficit £142).

The directors acknowledge that there is a level of uncertainty in the general economic environment

that may impact on the demand for the services the company supplies however based on the

assessment of the business believe they are well placed to manage these business risks.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially as transaction value and subsequently measured

at their settlement value. The company has no bank loans or other more complex financial

instruments that require measurement at amortised cost using the effective interest method.

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.

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.

Patents

Costs of obtaining patents have been capitalised in the financial statements and amortised over 10

years.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2018

and 31st March 2019

1,280

AMORTISATION

At 1st April 2018

707

Amortisation for year

115

At 31st March 2019

822

NET BOOK VALUE

At 31st March 2019

458

At 31st March 2018

573

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2018

and 31st March 2019

2,326

DEPRECIATION

At 1st April 2018

2,084

Charge for year

59

At 31st March 2019

2,143

NET BOOK VALUE

At 31st March 2019

183

At 31st March 2018

242

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

100

Ordinary

£1

100

100

7.	RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed a total of £193,617 by Datum Phase Change

Limited, a company owned by the directors.

8.	ULTIMATE CONTROLLING PARTY

The company is under the immediate and ultimate control of its two Directors.