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

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

M G S DEVELOPMENTS LIMITED - Company Information

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REGISTERED NUMBER: 03857702 (England and Wales)












Unaudited Financial Statements

For The Year Ended 30 September 2020

for

M G S Developments Limited
Butler & Co (Bishops Waltham) Limited
Chartered Accountants
Avalon House
Waltham Business Park
Brickyard Road, Swanmore
Southampton
Hampshire
SO32 2SA








M G S Developments Limited (Registered number: 03857702)






Contents of the Financial Statements
For The Year Ended 30 September 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M G S Developments Limited

Company Information
For The Year Ended 30 September 2020







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
Page 1
M G S Developments Limited (Registered number: 03857702)

Balance Sheet
30 September 2020

30.9.20 30.9.19
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 692,996 325,279

CURRENT ASSETS
Debtors 6 647 18,410
Cash at bank 82,043 7,119
82,690 25,529
CREDITORS
Amounts falling due within one year 7 612,383 261,494
NET CURRENT LIABILITIES (529,693 ) (235,965 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
163,303
89,314

CREDITORS
Amounts falling due after more than one
year
8
45,833
-
NET ASSETS 117,470 89,314

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 117,370 89,214
SHAREHOLDERS' FUNDS 117,470 89,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 notes form part of these financial statements

Page 2 continued...
M G S Developments Limited (Registered number: 03857702)

Balance Sheet - continued
30 September 2020


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 and authorised for issue on 15 January 2021 and were signed on its behalf by:





M G Saint - Director


The notes form part of these financial statements

Page 3
M G S Developments Limited (Registered number: 03857702)

Notes to the Financial Statements
For The Year Ended 30 September 2020

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. 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 the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The investment property is measured at its fair value as at the balance sheet date as estimated by the directors on the basis of estimated market value.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

Page 4 continued...
M G S Developments Limited (Registered number: 03857702)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2020

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2019 325,279
Additions 367,717
At 30 September 2020 692,996
NET BOOK VALUE
At 30 September 2020 692,996
At 30 September 2019 325,279

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.20 30.9.19
£    £   
VAT - 17,953
Prepayments and accrued income 647 457
647 18,410

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.20 30.9.19
£    £   
Bank loans and overdrafts 4,167 -
Payments on account 1,939 1,939
Trade creditors 81 -
Tax 5,569 -
VAT 1,902 -
Directors' loan accounts 257,705 257,705
Accrued expenses 341,020 1,850
612,383 261,494

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.20 30.9.19
£    £   
Bank loans - 2-5 years 45,833 -

9. RELATED PARTY DISCLOSURES

During the year the company incurred costs from related parties in regard to property development costs and repairs and maintenance costs. These costs were charged under normal trading conditions.

Page 5 continued...
M G S Developments Limited (Registered number: 03857702)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2020

10. POST BALANCE SHEET EVENTS

During 2020, in common with many other companies, the outbreak of COVID-19 in the UK and the measures being taken to control its spread, have had a minor detrimental impact on our business. Specifically additional costs relating to hygiene and protective equipment.

During the year the company received a loan under the Coronavirus Bounce Back Loan Scheme which is to be used to support the interruption of business activities and additional costs relating to the COVID-19 pandemic.

The directors have determined that these events are non-adjusting post balance sheet events. Accordingly, the financial position as at and results of operations for the year ended 30 September 2020 have not been adjusted to reflect the future impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.

Page 6