ACCOUNTS - Final Accounts

MG EDUCATION CONSULTANTS LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-312018-03-31Consultancy services in the education sectorfalse2017-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrue 09490264 2017-04-01 2018-03-31 09490264 2016-04-01 2017-03-31 09490264 2018-03-31 09490264 2017-03-31 09490264 c:Director1 2017-04-01 2018-03-31 09490264 d:CurrentFinancialInstruments 2018-03-31 09490264 d:CurrentFinancialInstruments 2017-03-31 09490264 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2018-03-31 09490264 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-03-31 09490264 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2018-03-31 09490264 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2017-03-31 09490264 c:FRS102 2017-04-01 2018-03-31 09490264 c:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 09490264 c:FullAccounts 2017-04-01 2018-03-31 09490264 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 iso4217:GBP xbrli:pure

Registered number: 09490264

MG EDUCATION CONSULTANTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

MG EDUCATION CONSULTANTS LIMITED

REGISTERED NUMBER: 09490264

BALANCE SHEET

AS AT 31 MARCH 2018

		2018		2017
Note		£		£


Fixed assets
Current assets
Debtors: amounts falling due within one year	4	2,500		2,500
Cash at bank and in hand	5	6,346		7,392
		8,846		9,892
Creditors: amounts falling due within one year	6	(2,482)		(2,886)
Net current assets			6,364		7,006
Total assets less current liabilities			6,364		7,006



Net assets excluding pension asset			6,364		7,006
Net assets			6,364		7,006

Capital and reserves
Called up share capital	100	100
Profit and loss account	6,264	6,906
	6,364	7,006

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

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MG EDUCATION CONSULTANTS LIMITED

REGISTERED NUMBER: 09490264

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2018

M G McGarry

Director

Date: 9 November 2018

The notes on pages 3 to 5 form part of these financial statements.

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MG EDUCATION CONSULTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

1.	General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (no.09490264). The address of the registered office is The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.
These financial statements present information about the company as an individual undertaking; it is not a member of a group of companies. The principal activity of the company is that of consultancy services in the education sector.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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MG EDUCATION CONSULTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 1 (2017 - 1).

Debtors

					2018	2017
					£	£


Prepayments and accrued income	2,500	2,500
	2,500	2,500

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MG EDUCATION CONSULTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

5.	Cash and cash equivalents
		2018	2017
		£	£

Cash at bank and in hand	6,346	7,392
	6,346	7,392

6.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Corporation tax	1,492	1,616
Other creditors	240	520
Accruals and deferred income	750	750
	2,482	2,886

7.	Financial instruments
		2018	2017
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	6,346	7,392

	Financial liabilities
	Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio	990	1,270

	Financial assets measured at fair value through profit or loss comprise of cash at bank.
	Financial liabilities measured at amortised cost comprise of other creditors and accruals.

8.	Related party transactions
	Included in other creditors is an amount owed of £240 (2016: £420) to M G McGarry a director of the company.

9.	Controlling party

The ultimate controlling party is M G McGarry.

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MG EDUCATION CONSULTANTS LIMITED

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