MGT Design Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07912676 (England and Wales)

Unaudited Financial Statements For The Year Ended 31 March 2017

for

MGT Design Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M G Thomas

M B Thomas

SECRETARY:

REGISTERED OFFICE:

Portfolio Centre

St George's Avenue

Northampton

Northamptonshire

NN2 6FB

REGISTERED NUMBER:

07912676 (England and Wales)

ACCOUNTANTS:

Cochran, Harris & Clarke Ltd

7 Billing Road

Northampton

Northamptonshire

NN1 5AN

FIXED ASSETS

Tangible assets

4

826

1,397

CURRENT ASSETS

Stocks

1,544

1,544

Debtors

5

8,073

25,261

Cash at bank

3,430

9,770

13,047

36,575

CREDITORS

Amounts falling due within one year

6

9,009

32,835

NET CURRENT ASSETS

4,038

3,740

TOTAL ASSETS LESS CURRENT LIABILITIES

4,864

5,137

PROVISIONS FOR LIABILITIES

165

279

NET ASSETS

4,699

4,858

CAPITAL AND RESERVES

Called up share capital

110

100

Retained earnings

4,589

4,758

SHAREHOLDERS' FUNDS

4,699

4,858

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 23 November 2017 and were signed on its behalf by:

M G Thomas - Director

1.	STATUTORY INFORMATION

MGT Design 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 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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the net invoiced sales of goods and services exclusive of value added tax and net of

services invoiced in advance. Services invoiced in advance are carried forward as deferred income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

Straight line over 3 years

Stocks

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

slow moving items.

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.

Leasing commitments

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

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

5,071

Additions

285

At 31 March 2017

5,356

DEPRECIATION

At 1 April 2016

3,674

Charge for year

856

At 31 March 2017

4,530

NET BOOK VALUE

At 31 March 2017

826

At 31 March 2016

1,397

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

8,063

25,261

Other debtors

10

-

8,073

25,261

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

225

291

Taxation and social security

7,157

10,437

Other creditors

1,627

22,107

9,009

32,835

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period M G Thomas has advanced monies to the company. At the balance sheet date the amount

due to M G Thomas was £727 (2016: £6,196). The loan is interest free and has no fixed repayment date.

During the period dividends of £10,000 (2016: £20,000) have been paid to M G Thomas.