MGN (Rugby) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07528523 (England and Wales)

MGN (Rugby) Limited

Abridged Unaudited Financial Statements

for the Year Ended 31 May 2019

Page

Company Information

1

Abridged Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

M Ferriman

N A Jalees

REGISTERED OFFICE:

1-2 Castle Street

First Floor Offices

Rugby

Warwickshire

CV21 2TP

REGISTERED NUMBER:

07528523 (England and Wales)

ACCOUNTANTS:

Vanmali & Co Ltd

Chartered Certified Accountants

25A High Street

Daventry

Northamptonshire

NN11 4BG

FIXED ASSETS

Intangible assets

4

103,635

65,700

Tangible assets

5

2,496

5,680

106,131

71,380

CURRENT ASSETS

Debtors

46,190

7,812

Cash at bank

31,125

80,183

77,315

87,995

CREDITORS

Amounts falling due within one year

50,655

42,595

NET CURRENT ASSETS

26,660

45,400

TOTAL ASSETS LESS CURRENT LIABILITIES

132,791

116,780

CREDITORS

Amounts falling due after more than one year

11,111

27,778

NET ASSETS

121,680

89,002

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

120,680

88,002

SHAREHOLDERS' FUNDS

121,680

89,002

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Balance Sheet for the year ended 31 May 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 10 January 2020 and were signed on its behalf by:

N A Jalees - Director

1.	STATUTORY INFORMATION

MGN (Rugby) 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.

Turnover

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

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

Goodwill

Goodwill

10% straight line basis

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.

Tangible fixed assets

Fixtures & fittings

20% straight line basis

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

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 9 (2018 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2018

81,000

Additions

51,150

At 31 May 2019

132,150

AMORTISATION

At 1 June 2018

15,300

Amortisation for year

13,215

At 31 May 2019

28,515

NET BOOK VALUE

At 31 May 2019

103,635

At 31 May 2018

65,700

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2018

and 31 May 2019

15,922

DEPRECIATION

At 1 June 2018

10,242

Charge for year

3,184

At 31 May 2019

13,426

NET BOOK VALUE

At 31 May 2019

2,496

At 31 May 2018

5,680

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2019 and

31 May 2018:

2019

2018

£

£

N A Jalees

Balance outstanding at start of year

3,493

1,425

Amounts advanced

-

3,493

Amounts repaid

(3,493

)

(1,425

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

3,493

Loan advance to director is subject to 3.5% interest.