Mega Resources Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07724611 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

FOR

MEGA RESOURCES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr W Lawal

Ms M O Lawal

Mr K B Lawal

REGISTERED OFFICE:

27 Crown Street

Kettering

NN16 8QA

REGISTERED NUMBER:

07724611 (England and Wales)

ACCOUNTANTS:

Fortus Limited

1 Rushmills

Northampton

Northamptonshire

NN4 7YB

FIXED ASSETS

Tangible assets

4

51,790

21,054

CURRENT ASSETS

Debtors

5

619,231

434,799

Cash at bank

9,785

6,870

629,016

441,669

CREDITORS

Amounts falling due within one year

6

251,965

282,948

NET CURRENT ASSETS

377,051

158,721

TOTAL ASSETS LESS CURRENT LIABILITIES

428,841

179,775

CREDITORS

Amounts falling due after more than one year

7

91,865

148,087

NET ASSETS

336,976

31,688

CAPITAL AND RESERVES

Called up share capital

8

999

999

Retained earnings

335,977

30,689

SHAREHOLDERS' FUNDS

336,976

31,688

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 January 2022 and were signed on its behalf by:

Mr W Lawal - Director

Mr K B Lawal - Director

1.	STATUTORY INFORMATION

Mega Resources 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 10% on reducing balance

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

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charge and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability

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.

Going concern

The directors have considered the impact of COVID-19 in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors and believe the going concern assumption to still be appropriate.

Government grants

Government grants relating to the Coronavirus Job Retention Scheme are recognised in income in the period in which it becomes receivable under the performance model.

Debt factoring

Advances under debt factoring agreements were the credit risk remains with the company are included in creditors with he debt remaining in the debtors until cleared

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 145 (2020 - 120 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2020

41,759

Additions

40,000

At 31 August 2021

81,759

DEPRECIATION

At 1 September 2020

20,705

Charge for year

9,264

At 31 August 2021

29,969

NET BOOK VALUE

At 31 August 2021

51,790

At 31 August 2020

21,054

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

394,434

77,037

Other debtors

224,797

357,762

619,231

434,799

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

4,335

4,335

Trade creditors

8,346

10,156

Taxation and social security

146,848

184,561

Other creditors

92,436

83,896

251,965

282,948

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

18,546

23,441

Other creditors

73,319

124,646

91,865

148,087

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

999

Ordinary

£1

999

999

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors maintain a loan account with the company, at the beginning of the year the directors owed £165,136,(2020 £187,006) advances of £344,171 (2020: £550,587) were made to the directors and repayments of £524,553 (2020 : £572,667) made from the directors. At the reporting date the directors were owed £13,666 (2020 owed to the company: £165,136) . During the year interest of £1,508 (2020 £4809) was charged on the amounts due to the company and no amounts were Written off. A director has provided a personal guarantee for loans taken out by the company.