M G S Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03857702 (England and Wales)

Unaudited Financial Statements

For The Year Ended 30 September 2019

for

M G S Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M G Saint

Mrs M A Saint

SECRETARY:

Mrs M A Saint

REGISTERED OFFICE:

Unit 4, Saints Barn

Church Lane

Durley

Southampton

Hampshire

SO32 2SY

REGISTERED NUMBER:

03857702 (England and Wales)

ACCOUNTANTS:

Butler & Co (Bishops Waltham) Limited

Chartered Accountants

Avalon House

Waltham Business Park

Brickyard Road, Swanmore

Southampton

Hampshire

SO32 2SA

FIXED ASSETS

Investment property

4

325,279

-

CURRENT ASSETS

Stocks

-

233,612

Debtors

5

18,410

-

Cash at bank

7,119

6,552

25,529

240,164

CREDITORS

Amounts falling due within one year

6

261,494

148,468

NET CURRENT (LIABILITIES)/ASSETS

(235,965

)

91,696

TOTAL ASSETS LESS CURRENT LIABILITIES

89,314

91,696

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

89,214

91,596

SHAREHOLDERS' FUNDS

89,314

91,696

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 13 January 2020 and were signed on its behalf by:

M G Saint - Director

1.	STATUTORY INFORMATION

M G S Developments 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.

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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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 Statement of Income and

Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 8 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

325,279

At 30 September 2019

325,279

NET BOOK VALUE

At 30 September 2019

325,279

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

VAT

17,953

-

Prepayments and accrued income

457

-

18,410

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Bank loans and overdrafts

-

23,000

Payments on account

1,939

-

VAT

-

4

Directors' loan accounts

257,705

124,704

Accrued expenses

1,850

760

261,494

148,468