MG Football Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 08338612 (England and Wales)

MG FOOTBALL LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

K A Gallen

A J McCool

REGISTERED OFFICE:

5 Imperial Court

Laporte Way

Luton

Bedfordshire

LU4 8FE

BUSINESS ADDRESS:

The Incuba

1 Brewers Hill Road

Dunstable

Bedfordshire

LU6 1AA

REGISTERED NUMBER:

08338612 (England and Wales)

ACCOUNTANTS:

Miller & Co

Chartered Accountants

5 Imperial Court

Laporte Way

Luton

Bedfordshire

LU4 8FE

FIXED ASSETS

Tangible assets

5

3,348

663

CURRENT ASSETS

Stocks

6,600

-

Debtors

6

1,296

2,763

Cash at bank and in hand

2,473

1,401

10,369

4,164

CREDITORS

Amounts falling due within one year

7

8,836

3,823

NET CURRENT ASSETS

1,533

341

TOTAL ASSETS LESS CURRENT LIABILITIES

4,881

1,004

PROVISIONS FOR LIABILITIES

670

133

NET ASSETS

4,211

871

CAPITAL AND RESERVES

Called up, paid and allotted share capital

8

100

2

Share premium

19,960

-

Retained earnings

(15,849

)

869

SHAREHOLDERS' FUNDS

4,211

871

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 25 September 2017 and were signed on its behalf by:

A J McCool - Director

1.	STATUTORY INFORMATION

MG Football 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.

The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest £.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, which is considered appropriate by the

director as the company operates within its agreed banking facilities and with the support of the director.

Income recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Income is recognised when goods/services have been delivered to customers such that risks and rewards of

ownership have transferred to them.

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 cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the

current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax

rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial

statements of current and previous periods. It is recognised in respect of all timing differences, with certain

exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated

in the financial statements that arise from the inclusion of income and expense in tax assessments in periods

different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued

non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that

apply to the sale of the asset.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2015 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2016

108

769

877

Additions

2,461

1,177

3,638

At 31 December 2016

2,569

1,946

4,515

DEPRECIATION

At 1 January 2016

21

193

214

Charge for year

514

439

953

At 31 December 2016

535

632

1,167

NET BOOK VALUE

At 31 December 2016

2,034

1,314

3,348

At 31 December 2015

87

576

663

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

996

50

Other debtors

-

2,713

Tax

274

-

Prepayments and accrued income

26

-

1,296

2,763

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

720

-

Social security and other taxes

232

1,409

Other creditors

6,079

664

Accruals and deferred income

1,805

1,750

8,836

3,823

8.

CALLED UP, PAID AND ALLOTTED SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

100

Ordinary

£1

100

2

58 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

40 Ordinary shares of £1 each were allotted as fully paid at a premium of £499 per share during the year.

9.	RELATED PARTY DISCLOSURES

The directors operate loan accounts with the company.

During the year one of the directors provided loans in aggregate of £31,410, of which £20,029 was converted

into share capital. Another £3,824 was repaid to the director prior to the year end date.

10.	FIRST YEAR ADOPTION

The policies applied under the entity's previous accounting framework are not materially different to FRS 102

and have not impacted on equity or profit or loss.