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Unaudited Financial Statements |
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For The Year Ended 30 September 2020 |
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M G S Developments Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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For The Year Ended 30 September 2020 |
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for |
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M G S Developments Limited |
M G S Developments Limited (Registered number: 03857702) |
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Contents of the Financial Statements |
For The Year Ended 30 September 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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M G S Developments Limited |
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Company Information |
For The Year Ended 30 September 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Avalon House |
Waltham Business Park |
Brickyard Road, Swanmore |
Southampton |
Hampshire |
SO32 2SA |
M G S Developments Limited (Registered number: 03857702) |
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Balance Sheet |
30 September 2020 |
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30.9.20 | 30.9.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
M G S Developments Limited (Registered number: 03857702) |
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Balance Sheet - continued |
30 September 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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M G S Developments Limited (Registered number: 03857702) |
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Notes to the Financial Statements |
For The Year Ended 30 September 2020 |
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1. | STATUTORY INFORMATION |
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M G S Developments Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Critical accounting judgements and key sources of estimation uncertainty |
The investment property is measured at its fair value as at the balance sheet date as estimated by the directors on the basis of estimated market value. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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M G S Developments Limited (Registered number: 03857702) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 September 2020 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
VAT |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Bank loans and overdrafts |
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Payments on account |
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Trade creditors |
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Tax |
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VAT | 1,902 | - |
Directors' loan accounts | 257,705 | 257,705 |
Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Bank loans - 2-5 years |
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9. | RELATED PARTY DISCLOSURES |
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During the year the company incurred costs from related parties in regard to property development costs and repairs and maintenance costs. These costs were charged under normal trading conditions. |
M G S Developments Limited (Registered number: 03857702) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 September 2020 |
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10. | POST BALANCE SHEET EVENTS |
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During 2020, in common with many other companies, the outbreak of COVID-19 in the UK and the measures being taken to control its spread, have had a minor detrimental impact on our business. Specifically additional costs relating to hygiene and protective equipment. |
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During the year the company received a loan under the Coronavirus Bounce Back Loan Scheme which is to be used to support the interruption of business activities and additional costs relating to the COVID-19 pandemic. |
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The directors have determined that these events are non-adjusting post balance sheet events. Accordingly, the financial position as at and results of operations for the year ended 30 September 2020 have not been adjusted to reflect the future impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods. |