MKG (UK) LTD

MKG (UK) LTD

MKG (UK) LTD - Company Information

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MKG (UK) LTD

Company Registration Number:
04120757 (England and Wales)

Unaudited abridged accounts for the year ended 27 December 2020

Period of accounts

Start date: 29 December 2019

End date: 27 December 2020

MKG (UK) LTD

Contents of the Financial Statements

for the Period Ended 27 December 2020

Balance sheet
Notes

MKG (UK) LTD

Balance sheet

As at 27 December 2020


Notes
2020
2019


£
£
Fixed assets
Intangible assets: 3 2,670 3,115
Tangible assets: 4 185,053 956,281
Total fixed assets: 187,723 959,396
Current assets
Stocks: 11,068 11,907
Debtors: 5 2,032,512 30,929
Cash at bank and in hand: 1,940,286 2,957,817
Total current assets: 3,983,866 3,000,653
Creditors: amounts falling due within one year: 6 (841,192) (868,653)
Net current assets (liabilities): 3,142,674 2,132,000
Total assets less current liabilities: 3,330,397 3,091,396
Provision for liabilities: (30,458) (38,028)
Total net assets (liabilities): 3,299,939 3,053,368
Capital and reserves
Called up share capital: 4 4
Profit and loss account: 3,299,935 3,053,364
Shareholders funds: 3,299,939 3,053,368

The notes form part of these financial statements

MKG (UK) LTD

Balance sheet statements

For the year ending 27 December 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 22 December 2021
and signed on behalf of the board by:

Name: M Gangotra
Status: Director

The notes form part of these financial statements

MKG (UK) LTD

Notes to the Financial Statements

for the Period Ended 27 December 2020

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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 and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Land and buildings 10% on cost and 2% on cost Plant and machinery etc 25% on reducing balance and 20% on reducing balance

Intangible fixed assets and amortisation policy

ntangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Patents and licences are being amortised evenly over their estimated useful life of ten years.

Valuation and information policy

N/a

Other accounting policies

StocksStocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. TaxationTaxation for the period 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 taxDeferred 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 period 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.Pension costs and other post-retirement benefitsThe 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.

MKG (UK) LTD

Notes to the Financial Statements

for the Period Ended 27 December 2020

2. Employees

2020 2019
Average number of employees during the period 58 60

MKG (UK) LTD

Notes to the Financial Statements

for the Period Ended 27 December 2020

3. Intangible Assets

Total
Cost £
At 29 December 2019 4,450
At 27 December 2020 4,450
Amortisation
At 29 December 2019 1,335
Charge for year 445
At 27 December 2020 1,780
Net book value
At 27 December 2020 2,670
At 28 December 2019 3,115

MKG (UK) LTD

Notes to the Financial Statements

for the Period Ended 27 December 2020

4. Tangible Assets

Total
Cost £
At 29 December 2019 1,490,696
Disposals (788,352)
At 27 December 2020 702,344
Depreciation
At 29 December 2019 534,415
Charge for year 45,160
On disposals (62,284)
At 27 December 2020 517,291
Net book value
At 27 December 2020 185,053
At 28 December 2019 956,281

MKG (UK) LTD

Notes to the Financial Statements

for the Period Ended 27 December 2020

5. Debtors

2020 2019
££
Debtors due after more than one year: 2,032,512 30,929

MKG (UK) LTD

Notes to the Financial Statements

for the Period Ended 27 December 2020

6. Creditors: amounts falling due within one year note

2020 Trade creditors £98885Taxation and social security £718357Other creditors £23950Total £8411922019Trade creditors £32408Taxation and social security £794202Other creditors £42043Total £868653 £868653

MKG (UK) LTD

Notes to the Financial Statements

for the Period Ended 27 December 2020

7. Related party transactions

Name of the related party: SMG Lettings Limited
Relationship:
Corporate entity
Description of the Transaction: During the year all the freehold property was sold to SMG Lettings Limited a company under common control.Also during the year loans were made to SMG Lettings Limited a company under common control. At the end of the year the balance owed by SMG Lettings Limited was £1,986,772 (2019 £15,000)
£
Balance at 29 December 2019 15,000
Balance at 27 December 2020 1,986,772