Mego Employment Limited - Period Ending 2019-09-30

Mego Employment Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2019

Registration number: 04867377

Mego Employment Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Mego Employment Limited

Balance Sheet

30 September 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	14,700	30,512
Current assets
Debtors	5	1,454,222	1,894,582
Cash at bank and in hand		69,493	31,332
		1,523,715	1,925,914
Creditors: Amounts falling due within one year	6	(1,347,647)	(1,873,306)
Net current assets		176,068	52,608
Net assets		190,768	83,120
Capital and reserves
Called up share capital	7	82	82
Profit and loss account		190,686	83,038
Total equity		190,768	83,120

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Mego Employment Limited

Balance Sheet

30 September 2019

For the financial year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 13 January 2020
 

......................................... C N Leonard Director

Company Registration Number: 04867377

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Mego Employment Limited

Notes to the Financial Statements

Year Ended 30 September 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
Discovery House
Steamer Quay Road
Totnes
Devon
TQ9 5AL

These financial statements were authorised for issue by the director on 13 January 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that, as disclosed in the accounting policies, certain items are shown at fair value.

The functional and presentational currency is pounds sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities, and is shown net of value added tax.

The company recognises revenue when the value of services provided to date can be reliably measured.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Page 3

Mego Employment Limited

Notes to the Financial Statements

Year Ended 30 September 2019

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold property	Straight line over 5 years
Systems development	Straight line over 3 years
Computer equipment	25% straight line
Motor vehicles	Straight line over 3 years
Office furniture and equipment	10% and 25% straight line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 4

Mego Employment Limited

Notes to the Financial Statements

Year Ended 30 September 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2018 - 12).

Page 5

Mego Employment Limited

Notes to the Financial Statements

Year Ended 30 September 2019

4	Tangible assets

	Short leasehold land and buildings £	Systems Development £	Computer Equipment £	Motor vehicles  £	Office equipment £	Total £
Cost or valuation
At 1 October 2018	11,630	132,580	84,813	5,995	92,959	327,977
Additions	-	3,994	2,627	-	-	6,621
Disposals	(5,804)	(63,463)	(46,384)	-	(42,071)	(157,722)
At 30 September 2019	5,826	73,111	41,056	5,995	50,888	176,876
Depreciation
At 1 October 2018	11,630	128,883	76,352	1,998	78,602	297,465
Charge for the year	-	4,015	3,274	1,998	12,846	22,133
Eliminated on disposal	(5,804)	(63,463)	(46,384)	-	(41,771)	(157,422)
At 30 September 2019	5,826	69,435	33,242	3,996	49,677	162,176
Carrying amount
At 30 September 2019	-	3,676	7,814	1,999	1,211	14,700
At 30 September 2018	-	3,697	8,461	3,997	14,357	30,512

Included within the net book value of land and buildings above is £Nil (2018 - £Nil) in respect of short leasehold land and buildings.
 

Page 6

Mego Employment Limited

Notes to the Financial Statements

Year Ended 30 September 2019

5

Debtors

	Note	2019  £	2018  £
Trade debtors		963,429	1,387,331
Amounts due from group undertakings	10	340,247	341,347
Other debtors		1,422	3,684
Prepayments and accrued income		149,124	162,220
		1,454,222	1,894,582

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018  £
Due within one year
Trade creditors	24,793	32,046
Corporation tax	39,874	24,370
Social security and other taxes	289,028	360,927
Other creditors	661,340	1,059,566
Accrued expenses	332,612	396,397
	1,347,647	1,873,306

Other creditors are secured by a fixed and floating charge over all of the company's assets.

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary 'A' shares of £1 each	41	41	41	41
Ordinary 'B' shares of £1 each	41	41	41	41
	82	82	82	82

Page 7

Mego Employment Limited

Notes to the Financial Statements

Year Ended 30 September 2019

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £17,196 (2018 - £33,056).

9	Related party transactions

Advances to directors

2019	At 1 October 2018 £	Advances to director £	Repayments by director £	At 30 September 2019 £
C N Leonard
Advances to director. Interest charged at the official rate.	-	16,575	(16,575)	-

2018	At 1 October 2017 £	Advances to director £	Repayments by director £	At 30 September 2018 £
C N Leonard
Advances to director. Interest charged at the official rate.	25,468	26,272	(51,740)	-

10	Parent and ultimate parent undertaking

The company's immediate parent is Edge Recruits (Holdings) Limited, incorporated in England and Wales.

 The ultimate controlling party is C N Leonard, director.

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