MGS Solutions Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07726675 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2017

for

MGS Solutions Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G Solomon

Mrs S Solomon

REGISTERED OFFICE:

18 Thornleigh Drive

Liversedge

West Yorkshire

WF15 6HP

REGISTERED NUMBER:

07726675 (England and Wales)

ACCOUNTANT:

Ian Milner FCA

2 Langthorne Court

Morley

Leeds

West Yorkshire

LS27 9DR

FIXED ASSETS

Tangible assets

4

996

578

CURRENT ASSETS

Debtors

8,567

-

Cash at bank

122,065

115,073

130,632

115,073

CREDITORS

Amounts falling due within one year

20,523

22,434

NET CURRENT ASSETS

110,109

92,639

TOTAL ASSETS LESS CURRENT LIABILITIES

111,105

93,217

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

111,095

93,207

SHAREHOLDERS' FUNDS

111,105

93,217

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 26 April 2018 and were signed on its behalf by:

G Solomon - Director

1.	STATUTORY INFORMATION

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

value added tax and other sales taxes.

Tangible fixed assets

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

Computer equipment

-

33% 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2016

1,792

Additions

1,764

At 31 July 2017

3,556

DEPRECIATION

At 1 August 2016

1,214

Charge for year

1,346

At 31 July 2017

2,560

NET BOOK VALUE

At 31 July 2017

996

At 31 July 2016

578

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2017 and 31 July 2016:

2017

2016

£

£

G Solomon and Mrs S Solomon

Balance outstanding at start of year

-

3,322

Amounts advanced

1,548

-

Amounts repaid

-

(3,322

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,548

-

6.	ULTIMATE CONTROLLING PARTY

The directors control the company.