Company Registration No. SC408109 (Scotland)
Mage Control Systems Ltd
Unaudited accounts
for the year ended 30 September 2022
Mage Control Systems Ltd
Unaudited accounts
Contents
Mage Control Systems Ltd
Company Information
for the year ended 30 September 2022
Company Number
SC408109 (Scotland)
Registered Office
45 Rankine Avenue
East Kilbride
G75 OQF
Accountants
Peter Andrew
Ardoch
Kilbryde Crescent
Dunblane
FK15 9AZ
Mage Control Systems Ltd
Statement of financial position
as at 30 September 2022
Tangible assets
3,776
5,035
Inventories
80,000
131,339
Cash at bank and in hand
141,932
99,441
Creditors: amounts falling due within one year
64
(20,876)
Net current assets
287,957
310,706
Total assets less current liabilities
291,733
315,741
Provisions for liabilities
Net assets
291,652
316,506
Called up share capital
100
100
Profit and loss account
291,552
316,406
Shareholders' funds
291,652
316,506
For the year ending 30 September 2022 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 12 December 2022 and were signed on its behalf by
Matthew Love
Director
Company Registration No. SC408109
Mage Control Systems Ltd
Notes to the Accounts
for the year ended 30 September 2022
Mage Control Systems Ltd is a private company, limited by shares, registered in Scotland, registration number SC408109. The registered office is 45 Rankine Avenue, East Kilbride, G75 OQF.
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.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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.
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:
Other tangible fixed assets
25%
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Expenditure on research and development is written off in the year in which it is incurred.
Mage Control Systems Ltd
Notes to the Accounts
for the year ended 30 September 2022
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.
4
Tangible fixed assets
Plant & machinery
At 30 September 2022
6,713
At 30 September 2022
2,937
At 30 September 2022
3,776
At 30 September 2021
5,035
Amounts falling due within one year
Trade debtors
65,961
100,802
6
Creditors: amounts falling due within one year
2022
2021
Taxes and social security
(112,183)
(121,570)
Other creditors
3,688
(660)
Loans from directors
100,100
140,100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan Account
(140,100)
40,000
-
(100,100)
(140,100)
40,000
-
(100,100)
The loans are a credit for introduction of stock and assets by the director.
Mage Control Systems Ltd
Notes to the Accounts
for the year ended 30 September 2022
8
Transactions with related parties
The Creditors includes a loan from the Directors of £140100 at zero rate of interest with an undefined repayment date. The Company is taking advantage of an exemption from discounting and recognition of the loan at present value.
9
Average number of employees
During the year the average number of employees was 17 (2021: 26).
