MGA Developments Limited Filleted accounts for Companies House (small and micro)

MGA DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05949638

MGA DEVELOPMENTS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 September 2017

MGA DEVELOPMENTS LIMITED

REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MGA DEVELOPMENTS LIMITED

YEAR ENDED 30 SEPTEMBER 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MGA Developments Limited for the year ended 30 September 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors

Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN

14 June 2018

MGA DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

30 September 2017

	2017		2016
Note	£	£	£	£

Current assets

Stocks	5	120,000	120,000
Debtors	6	208,000	212,423
Cash at bank and in hand		12,397	534
		------------	------------
		340,397	332,957

Creditors: amounts falling due within one year	7	307,340		303,551
		------------		------------
Net current assets			33,057		29,406
			------------		------------
Total assets less current liabilities			33,057		29,406
			------------		------------
Net assets			33,057		29,406
			------------		------------

Capital and reserves

Called up share capital	8	2	2
Profit and loss account		33,055	29,404
		------------	------------
Shareholders funds		33,057	29,406
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MGA DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 September 2017

These financial statements were approved by the board of directors and authorised for issue on 14 June 2018 , and are signed on behalf of the board by:

M G Artemis

Director

Company registration number: 05949638

MGA DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2017

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The Turnover shown in the profit & loss account represents the realisable value of goods and services rendered during the year, net of discounts and exclusive of value added tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Tax on Profit/(Loss)

Major components of tax expense

	2017	2016
	£	£

Current tax:

UK current tax expense	884	–
	------------	------------
Tax on profit/(loss)	884	–
	------------	------------

5. Stocks

	2017	2016
	£	£
Raw materials and consumables	120,000	120,000
	------------	------------

6. Debtors

	2017	2016
	£	£
Amounts owed by group undertakings	208,000	212,423
	------------	------------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Accruals and deferred income	3,480	3,000
Corporation tax	883	–
Director loan accounts	295,837	289,751
Other creditors	7,140	10,800
	------------	------------
	307,340	303,551
	------------	------------

8. Called Up Share Capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	------------	------------	------------	------------

9. Related Party Transactions

The company was not under the control of any individual throughout the current and previous year. At the balance sheet date Starfish Properties Limited, a company under common control, owed MGA Developments Limited £208,000 (2016: £212,423).

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

No transitional adjustments were required in equity or profit or loss for the year.