Company Registration No. 06165957 (England and Wales)
MMG BUILDING SERVICES & DEVELOPMENTS LIMITED
Unaudited accounts
for the year ended 31 March 2020
MMG BUILDING SERVICES & DEVELOPMENTS LIMITED
Unaudited accounts
Contents
MMG BUILDING SERVICES & DEVELOPMENTS LIMITED
Company Information
for the year ended 31 March 2020
Company Number
06165957 (England and Wales)
Registered Office
129 COLNEY HATCH LANE
LONDON
N10 1HD
Accountants
CONSTANTINE SAVVA
129 COLNEY HATCH LANE
MUSWELL HILL
LONDON
N10 1HD
MMG BUILDING SERVICES & DEVELOPMENTS LIMITED
Statement of financial position
as at 31 March 2020
Tangible assets
110,082
126,299
Debtors
1,245,906
1,019,784
Cash at bank and in hand
575,941
77,893
Creditors: amounts falling due within one year
(621,199)
(400,244)
Net current assets
1,200,648
697,433
Total assets less current liabilities
1,310,730
823,732
Provisions for liabilities
Deferred tax
(20,275)
(23,467)
Net assets
1,290,455
800,265
Called up share capital
100
100
Profit and loss account
1,290,355
800,165
Shareholders' funds
1,290,455
800,265
For the year ending 31 March 2020 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 21 December 2020 and were signed on its behalf by
Mr M. Georgiou
Director
Company Registration No. 06165957
MMG BUILDING SERVICES & DEVELOPMENTS LIMITED
Notes to the Accounts
for the year ended 31 March 2020
MMG BUILDING SERVICES & DEVELOPMENTS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 06165957. The registered office is 129 COLNEY HATCH LANE, LONDON, N10 1HD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. In respect of long-term contracts, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts is recognised by reference to the stage of completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
MMG BUILDING SERVICES & DEVELOPMENTS LIMITED
Notes to the Accounts
for the year ended 31 March 2020
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 April 2019
181,464
87,545
269,009
Disposals
-
(7,800)
(7,800)
At 31 March 2020
206,328
79,745
286,073
At 1 April 2019
101,067
41,643
142,710
Charge for the year
26,315
10,378
36,693
On disposals
-
(3,412)
(3,412)
At 31 March 2020
127,382
48,609
175,991
At 31 March 2020
78,946
31,136
110,082
At 31 March 2019
80,397
45,902
126,299
Trade debtors
436,237
92,896
Accrued income and prepayments
6,056
395,043
Other debtors
803,613
531,845
6
Creditors: amounts falling due within one year
2020
2019
Trade creditors
241,562
144,845
Taxes and social security
307,236
153,451
Other creditors
67,901
97,446
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Unsecured loan £321,137 at a commercial interest rate.
426,145
353,553
32,416
747,282
426,145
353,553
32,416
747,282
8
Average number of employees
During the year the average number of employees was 8 (2019: 10).
