MDG Limited - Period Ending 2019-09-30
MDG Limited - Period Ending 2019-09-30
Registration number:
MDG Limited
for the Year Ended 30 September 2019
4 - 6 The Wharf Centre
Wharf Street
Warwick
Warwickshire
CV34 5LB
MDG Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
MDG Limited
Company Information
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Directors |
Mr Michael David George Short Mr Darrel Joseph Smallman Mr Daniel Oliver Wicks |
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Registration number |
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Registered office |
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Accountants |
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Page 1 |
MDG Limited
(Registration number: 02898016)
Balance Sheet as at 30 September 2019
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Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
MDG Limited
(Registration number: 02898016)
Balance Sheet as at 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.
Directors' responsibilities:
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The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Mr Darrel Joseph Smallman
Director
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Page 3 |
MDG Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
The principal place of business is:
Office 201
The Folium
5-8 Caroline Street
Jewellery Quarter
Birmingham
B3 1TR
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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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.
These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.
Group accounts not prepared
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Page 4 |
MDG Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Judgements and estimates
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Computer equipment |
30% reducing balance |
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Fixtures & fittings |
20% reducing balance |
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Motor vehicles |
30% reducing balance |
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.
Share capital
All shares rank pari passu in all circumstances.
Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Page 5 |
MDG Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Basic Financial Assets
Basic financial assets which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Other Financial Assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Classification of Financial Liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt Instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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Page 6 |
MDG Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Impairment of Financial Assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of Financial Assets
Financial asserts are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other Financial Liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Derecognition of Financial Liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Page 7 |
MDG Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2018 |
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Additions |
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At 30 September 2019 |
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Depreciation |
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At 1 October 2018 |
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Charge for the year |
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At 30 September 2019 |
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Carrying amount |
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At 30 September 2019 |
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At 30 September 2018 |
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Debtors |
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Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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- |
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Page 8 |
MDG Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
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Creditors |
Creditors: amounts falling due within one year
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Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Page 9 |
MDG Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
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Dividends |
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2019 |
2018 |
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£ |
£ |
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Interim dividend of £ |
79,667 |
91,667 |
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Share capital |
Allotted, called up and fully paid shares
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2019 |
2018 |
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No. |
£ |
No. |
£ |
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30 |
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30 |
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10 |
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10 |
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
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2019 |
2018 |
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Remuneration |
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Summary of transactions with other related parties
MDG Group
(Parent company)
During the year dividends amounting to £79,666.68 (2018: £91,666.68) were paid to the parent company MDG Group. At the balance sheet date the amount due from MDG Group was £478,711 (2018 - £293,901).
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Parent and ultimate parent undertaking |
The ultimate controlling party is
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Page 10 |