MIG Technologies Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07975976 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

MIG TECHNOLOGIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Joseph McGough

REGISTERED OFFICE:

Marsh Gate House

Alphin Brook Road

Marsh Barton Trading Estate

Exeter

EX2 8TH

REGISTERED NUMBER:

07975976 (England and Wales)

ACCOUNTANTS:

Defries Weiss (Accountants) Limited

1 Bridge Lane

London

NW11 0EA

CURRENT ASSETS

Debtors

6

1,429

30,005

Cash at bank

124

42

1,553

30,047

CREDITORS

Amounts falling due within one year

7

206,052

204,758

NET CURRENT LIABILITIES

(204,499

)

(174,711

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(204,499

)

(174,711

)

CAPITAL AND RESERVES

Called up share capital

180

180

Retained earnings

(204,679

)

(174,891

)

(204,499

)

(174,711

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 26 January 2024 and were signed by:

Joseph McGough - Director

1.	STATUTORY INFORMATION

MIG Technologies Limited is a private company, limited by shares, registered in England and Wales. The company's 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 the provisions of section 1A of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Intangible assets

Amortisation is provided on a straight line basis over three years in order to write off the cost of website development over its estimated useful life.

Tangible fixed assets

Depreciation is provided at the following annual rates on a straight line basis in order to write off each asset over its estimated useful life:

Office equipment

25%

Fixtures and fittings

25%

Financial instruments

Basic financial assets and liabilities, including trade debtors and creditors, other debtors and creditors and amounts with related parties are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangements constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets and liabilities classified as receivable or payable within one year are not amortised.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 May 2022

and 30 April 2023

5,791

AMORTISATION

At 1 May 2022

and 30 April 2023

5,791

NET BOOK VALUE

At 30 April 2023

-

At 30 April 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2022

and 30 April 2023

2,440

DEPRECIATION

At 1 May 2022

and 30 April 2023

2,440

NET BOOK VALUE

At 30 April 2023

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Trade debtors

-

6,479

Amount owed by related party

-

20,252

Other debtors

1,429

3,274

1,429

30,005

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Amount owed to related party

201,410

199,765

Other creditors

4,642

4,993

206,052

204,758

8.	GOING CONCERN

The financial statements have been prepared on a going concern basis, which depends on the continued support of MIG Security and Events Limited. The director believes that this source of support is unlikely to be withdrawn in the foreseeable future and therefore the going concern basis is reasonable.