Abbreviated Company Accounts - MGW SERVICES LIMITED

MGW SERVICES LIMITED - Company Information

05286554 MGW SERVICES LIMITED 2014-03-31 false 2013-04-01 2014-03-31 true 05286554 2013-04-01 2014-03-31 05286554 2014-03-31 05286554 2013-03-31 05286554 uk-gaap-cd-bus:Director1 2013-04-01 2014-03-31 05286554 uk-gaap-cd-bus:Director2 2013-04-01 2014-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-04-01 2014-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-03-31 iso4217:GBP shares

Registered Number 05286554

MGW SERVICES LIMITED

Abbreviated Accounts

31 March 2014

MGW SERVICES LIMITED Registered Number 05286554

Abbreviated Balance Sheet as at 31 March 2014

	Notes	2014	2013
		£	£
Fixed assets
Tangible assets	2	10,141	11,370
		10,141	11,370
Current assets
Stocks		145,000	145,000
Debtors		33,383	34,000
Cash at bank and in hand		-	1,109
		178,383	180,109
Creditors: amounts falling due within one year		(148,858)	(157,146)
Net current assets (liabilities)		29,525	22,963
Total assets less current liabilities		39,666	34,333
Creditors: amounts falling due after more than one year		(53,779)	(64,661)
Total net assets (liabilities)		(14,113)	(30,328)
Capital and reserves
Called up share capital	3	2	2
Profit and loss account		(14,115)	(30,330)
Shareholders' funds		(14,113)	(30,328)

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 18 December 2014

And signed on their behalf by:
D M Walton, Director

MGW SERVICES LIMITED Registered Number 05286554

Notes to the Abbreviated Accounts for the period ended 31 March 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost accounting rules, modified to include the revaluation of certain assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) (FRSSE). The financial statements have been prepared on the going concern basis assuming the continued support of the directors.

Turnover policy
The turnover of the company for the year represents invoiced sales, less
allowances, trade discounts and value added tax.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost or valuation less accumulated depreciation.
Depreciation is provided to write off the cost of tangible fixed assets over
their expected useful lives at the following annual rates:

Commercial vehicles and equipment 15 %

Other accounting policies
Deferred Taxation
Provision is made for deferred taxation, using the full liability method less allowable
losses, at the rate of corporation tax ruling at the end of the year. On this basis no provision is required in these financial statements.

Creditors – Amounts falling due in more than one year
The bank loans are secured on the assets of the company and by personal guarantee of the directors. A loan of £62,458 is repayable over 15 years, and commenced in July 2008. A further loan of £5,138 is repayable over 5 years, commencing in March 2010. Interest is charged at 5% above bank base rate on all loans.

2Tangible fixed assets

	£
Cost
At 1 April 2013	25,095
Additions	561
Disposals	-
Revaluations	-
Transfers	-
At 31 March 2014	25,656
Depreciation
At 1 April 2013	13,725
Charge for the year	1,790
On disposals	-
At 31 March 2014	15,515
Net book values
At 31 March 2014	10,141
At 31 March 2013	11,370

3Called Up Share Capital
Allotted, called up and fully paid:

	2014 £	2013 £
2 Ordinary shares of £1 each	2	2