M G S Developments Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03857702 (England and Wales)

Unaudited Financial Statements

For The Year Ended 30 September 2022

for

M G S Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M G Saint

Mrs M A Saint

SECRETARY:

Mrs M A Saint

REGISTERED OFFICE:

High Ridge

Lockhams Road

Curdridge

Southampton

Hampshire

SO32 2BD

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

5

743,040

692,996

CURRENT ASSETS

Debtors

6

706

835

Cash at bank

25,158

11,969

25,864

12,804

CREDITORS

Amounts falling due within one year

7

557,013

517,406

NET CURRENT LIABILITIES

(531,149

)

(504,602

)

TOTAL ASSETS LESS CURRENT LIABILITIES

211,891

188,394

CREDITORS

Amounts falling due after more than one year

8

26,496

36,500

NET ASSETS

185,395

151,894

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

185,295

151,794

SHAREHOLDERS' FUNDS

185,395

151,894

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 and authorised for issue on 7 December 2022 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.	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 (2021 - 2 ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2021

692,996

Additions

50,044

At 30 September 2022

743,040

NET BOOK VALUE

At 30 September 2022

743,040

At 30 September 2021

692,996

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

VAT

-

264

Prepayments and accrued income

706

571

706

835

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Bank loans and overdrafts

10,000

10,000

Payments on account

1,939

1,939

Trade creditors

182

61

Tax

7,858

8,074

VAT

2,313

-

Directors' current accounts

254,087

-

Directors' loan accounts

279,704

297,704

Accrued expenses

930

199,628

557,013

517,406

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.22

30.9.21

£

£

Bank loans - 2-5 years

26,496

36,500

9.	RELATED PARTY DISCLOSURES