ACCOUNTS - Final Accounts preparation

M G PROPERTY SALISBURY LIMITED - Company Information

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Registered number: 12167110

M G PROPERTY SALISBURY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2020

M G PROPERTY SALISBURY LIMITED

REGISTERED NUMBER: 12167110

BALANCE SHEET

AS AT 31 AUGUST 2020

		2020
Note		£

Fixed assets
Tangible assets	4		1,275
			1,275
Current assets
Debtors: amounts falling due within one year	5	25,664
		25,664
Creditors: amounts falling due within one year	6	(11,581)
Net current assets			14,083
Total assets less current liabilities			15,358

Net assets			15,358

Capital and reserves
Called up share capital	7	100
Profit and loss account		15,258
		15,358

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M G PROPERTY SALISBURY LIMITED

REGISTERED NUMBER: 12167110

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2020

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 period in question in accordance with section 476 of the 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 income and retained earnings 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 on 7 May 2021.

................................................

Matthew Glover

Director

The notes on pages 3 to 6 form part of these financial statements.

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M G PROPERTY SALISBURY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2020

1.	General information

M G Property Salisbury Limited is a private company incorporated in England, limited by its share capital. The Company was incorporated on 21st August 2019 and began trading on that date. The principal activity of the company was property consultancy services.

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 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 profit or loss 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.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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M G PROPERTY SALISBURY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2020

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings

25%

reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.5

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.

2.6

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

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 Company has no employees other than the directors, who did not receive any remuneration.

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M G PROPERTY SALISBURY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2020

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	Additions	1,700
	At 31 August 2020	1,700
	Depreciation
	Charge for the period on owned assets	425
	At 31 August 2020	425
	Net book value
	At 31 August 2020	1,275

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M G PROPERTY SALISBURY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2020

Debtors

					2020
					£


	Other debtors	25,664
		25,664

Included within other debtors due within one year is a loan to Matthew Glover, the director, amounting to £25,664.

6.	Creditors: Amounts falling due within one year
		2020
		£

	Corporation tax	11,581
		11,581

7.	Share capital
		2020
		£

		Allotted, called up and fully paid

		100 Ordinary shares of £1 each	100

Upon incorporation 100 ordinary shares were issued at par.

8.	Controlling party

The Company is controlled by the director, Matthew Glover, by virtue of his shareholding, as described in the director's report.

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