MG Partitions & Ceilings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07495968 (England and Wales)

Financial Statements for the Year Ended 28 February 2021

for

MG Partitions & Ceilings Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Report of the Accountants

7

DIRECTOR:

Mr Marcin Joachim Goralski

REGISTERED OFFICE:

143 Eastfield Road

Peterborough

Cambridgeshire

PE1 4AU

REGISTERED NUMBER:

07495968 (England and Wales)

FIXED ASSETS

Property, plant and equipment

4

-

1,231

CURRENT ASSETS

Inventories

5

714

714

Debtors

6

494,292

487,621

Cash at bank and in hand

2,041

6,127

497,047

494,462

CREDITORS

Amounts falling due within one year

7

410,950

451,614

NET CURRENT ASSETS

86,097

42,848

TOTAL ASSETS LESS CURRENT LIABILITIES

86,097

44,079

CREDITORS

Amounts falling due after more than one year

8

50,000

7,600

NET ASSETS

36,097

36,479

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

35,997

36,379

SHAREHOLDERS' FUNDS

36,097

36,479

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 16 November 2021 and were signed by:

Mr Marcin Joachim Goralski - Director

1.	STATUTORY INFORMATION

MG Partitions & Ceilings 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

Revenue 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.

Fixtures and fittings

-

20% on reducing balance

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

fittings

£

COST

At 29 February 2020

2,865

Disposals

(2,865

)

At 28 February 2021

-

DEPRECIATION

At 29 February 2020

1,634

Charge for year

246

Eliminated on disposal

(1,880

)

At 28 February 2021

-

NET BOOK VALUE

At 28 February 2021

-

At 28 February 2020

1,231

5.	INVENTORIES

28.2.21

28.2.20

£

£

Stocks

714

714

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

28.2.20

£

£

Trade Debtors

490,391

482,140

Other Debtors

3,901

2,065

CIS Deduction Account

-

3,416

494,292

487,621

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

28.2.20

£

£

Trade Creditors

194,628

285,530

Wages Payable

2,515

6,916

Other Creditors

93,775

62,275

CIS Account

4,794

-

Corporation Tax

2,982

166

Social security and other taxes

31,091

17,979

Deferred VAT

50,070

36,441

Value Added Tax

31,095

27,743

Directors' current accounts

-

14,564

410,950

451,614

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.21

28.2.20

£

£

Other loans - 1-2 years

50,000

7,600

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.21

28.2.20

value:

£

£

100

Ordinary Shares

1

100

100

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 28 February 2021 set out on pages nil to nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Date: .............................................