M G Electrical Services (Lincs) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06502268 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

M G Electrical Services (Lincs) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTOR:

M T Garner

REGISTERED OFFICE:

Falcon House

High Street

Littlebury

Saffron Walden

CB11 4TD

REGISTERED NUMBER:

06502268 (England and Wales)

ACCOUNTANTS:

Moore Emmerson Accountants Ltd

Falcon House

High Street

Littlebury

Saffron Walden

CB11 4TD

FIXED ASSETS

Tangible assets

4

25,800

34,604

CURRENT ASSETS

Debtors

5

2,216

8,098

Cash at bank and in hand

21,418

10,430

23,634

18,528

CREDITORS

Amounts falling due within one year

6

21,517

15,120

NET CURRENT ASSETS

2,117

3,408

TOTAL ASSETS LESS CURRENT LIABILITIES

27,917

38,012

CREDITORS

Amounts falling due after more than one year

7

(1,667

)

(3,667

)

PROVISIONS FOR LIABILITIES

(4,902

)

(6,575

)

NET ASSETS

21,348

27,770

CAPITAL AND RESERVES

Called up share capital

8

300

300

Retained earnings

21,048

27,470

SHAREHOLDERS' FUNDS

21,348

27,770

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 13 November 2023 and were signed by:

M T Garner - Director

1.	STATUTORY INFORMATION

M G Electrical Services (Lincs) 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 represents net invoiced sales of goods and services, excluding value added tax (having regard to the fulfilment of contractual obligations).

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

20% on reducing balance and 15% 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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

39,815

Additions

1,657

Disposals

(4,600

)

At 31 March 2023

36,872

DEPRECIATION

At 1 April 2022

5,211

Charge for year

6,244

Eliminated on disposal

(383

)

At 31 March 2023

11,072

NET BOOK VALUE

At 31 March 2023

25,800

At 31 March 2022

34,604

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2022

and 31 March 2023

29,750

DEPRECIATION

At 1 April 2022

992

Charge for year

5,752

At 31 March 2023

6,744

NET BOOK VALUE

At 31 March 2023

23,006

At 31 March 2022

28,758

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

1,500

7,444

Other debtors

716

654

2,216

8,098

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Hire purchase contracts

2,000

2,000

Trade creditors

5,133

4,573

Taxation and social security

6,283

5,328

Other creditors

8,101

3,219

21,517

15,120

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Hire purchase contracts

1,667

3,667

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

300

Ordinary

£1

300

300

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 Balance Sheet. 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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M G Electrical Services (Lincs) Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of M G Electrical Services (Lincs) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of M G Electrical Services (Lincs) Limited and state those matters that we have agreed to state to the director of M G Electrical Services (Lincs) Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that M G Electrical Services (Lincs) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of M G Electrical Services (Lincs) Limited. You consider that M G Electrical Services (Lincs) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of M G Electrical Services (Lincs) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Emmerson Accountants Ltd

Falcon House

High Street

Littlebury

Saffron Walden

CB11 4TD

13 November 2023