| MGA Consultancy Limited |
| Registered number: |
04878342 |
| Balance Sheet |
| as at 31 March 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
15,689 |
|
|
13,917 |
| Investments |
5 |
|
|
1,564,607 |
|
|
1,245,593 |
|
|
|
|
1,580,296 |
|
|
1,259,510 |
|
| Current assets |
| Debtors |
6 |
|
10,591 |
|
|
13,149 |
| Cash at bank and in hand |
|
|
80,311 |
|
|
121,870 |
|
|
|
90,902 |
|
|
135,019 |
|
| Creditors: amounts falling due within one year |
7 |
|
(78,634) |
|
|
(65,713) |
|
| Net current assets |
|
|
|
12,268 |
|
|
69,306 |
|
| Total assets less current liabilities |
|
|
|
1,592,564 |
|
|
1,328,816 |
|
| Creditors: amounts falling due after more than one year |
8 |
|
|
(801,847) |
|
|
(616,497) |
|
| Provisions for liabilities |
|
|
|
(2,906) |
|
|
- |
|
|
| Net assets |
|
|
|
787,811 |
|
|
712,319 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Profit and loss account |
|
|
|
787,810 |
|
|
712,318 |
|
| Shareholder's funds |
|
|
|
787,811 |
|
|
712,319 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
| Mr M Assante |
| Director |
| Approved by the board on 21 December 2017 |
|
| MGA Consultancy Limited |
| Notes to the Accounts |
| for the year ended 31 March 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
over 5 years |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors and creditors receivable/payable within one year |
|
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
First-time adoption of FRS102 1A |
|
|
The transition to reporting under FRS102 1A has not significantly affected the financial position and performance of the company except that the revaluation reserve is now reflected in the profit and loss account as investment property is carried at fair value and deferred tax is provided on these gains/losses. |
|
|
Shareholders' funds at 1 April 2015 under previous financial reporting framework |
|
618,130 |
|
Recognition of deferred tax on fair value adjustments |
|
5,746 |
|
Shareholders' funds at 1 April 2015 under FRS 102 1A |
|
623,876 |
|
|
|
|
|
|
|
|
|
|
Shareholders' funds at 31 March 2016 under previous financial reporting framework |
|
708,385 |
|
Recognition of deferred tax on fair value adjustments |
|
|
|
3,933 |
|
Shareholders' funds at 31 March 2016 under FRS 102 1A |
|
|
|
712,318 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 April 2016 |
48,949 |
|
Additions |
7,001 |
|
At 31 March 2017 |
55,950 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2016 |
35,032 |
|
Charge for the year |
5,229 |
|
At 31 March 2017 |
40,261 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
15,689 |
|
At 31 March 2016 |
13,917 |
|
|
| 5 |
Investments |
|
| Investment |
| property |
| £ |
|
Fair value |
|
At 1 April 2016 |
1,245,593 |
|
Additions |
298,074 |
|
Revaluation - included in the profit & loss account |
20,940 |
|
|
At 31 March 2017 |
1,564,607 |
|
|
Investment properties are carried at fair value with gains/losses recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
All investment properties' fair value could be measred reliably without undue cost or effort. At the year end the Director, Mr M Assante, has assessed the fair value of each property and this is reflected in the cumulative carring amount. |
|
|
| 6 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
8,413 |
|
6,900 |
|
Deferred tax asset |
|
|
|
|
- |
|
2,541 |
|
Prepayments and accrued income |
|
2,178 |
|
2,228 |
|
Other debtors |
- |
|
1,480 |
|
|
|
|
|
|
10,591 |
|
13,149 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
1,776 |
|
1,676 |
|
Accruals and deferred income |
|
|
|
|
9,271 |
|
7,143 |
|
Taxation and social security costs |
33,827 |
|
32,496 |
|
Other creditors |
33,760 |
|
24,398 |
|
|
|
|
|
|
78,634 |
|
65,713 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans |
801,847 |
|
616,497 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Loans |
2017 |
|
2016 |
| £ |
£ |
|
Creditors include: |
|
Amounts payable otherwise than by instalment falling due for payment after more than five years |
|
801,847 |
|
616,497 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
801,847 |
|
616,497 |
|
|
|
|
|
|
|
|
|
|
The above loans are secured via fixed charges over the company's investment properties. |
|
|
| 10 |
Other information |
|
|
MGA Consultancy Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
|
Oak End, Lower Broad Oak Road |
|
West Hill |
|
Ottery St Mary |
|
Devon |
|
EX11 1XH |
