MGP Limited - Period Ending 2013-12-31

Registration number: 02932844

MGP Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2013
 

Stewarts Accountants Limited
271 High Street
Berkhamsted
Herts
HP4 1AA

MGP Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
MGP Limited
for the Year Ended 31 December 2013

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MGP Limited for the year ended 31 December 2013 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of MGP Limited, as a body, in accordance with the terms of our engagement letterdated 29 March 2007. Our work has been undertaken solely to prepare for your approval the accounts of MGP Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MGP Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MGP Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MGP Limited. You consider that MGP Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of MGP Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Stewarts Accountants Limited
271 High Street
Berkhamsted
Herts
HP4 1AA

1 September 2014

Page 1

MGP Limited
(Registration number: 02932844)
Abbreviated Balance Sheet at 31 December 2013

		Note			2013 £			2012 £
Fixed assets
Tangible fixed assets					55,544			56,344
Current assets
Debtors					543,342			872,629
Cash at bank and in hand					335,019			357,693
					878,361			1,230,322
Creditors: Amounts falling due within one year					(482,727)			(814,320)
Net current assets					395,634			416,002
Net assets					451,178			472,346
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					450,178			471,346
Shareholders' funds					451,178			472,346

For the year ending 31 December 2013 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 1 September 2014 and signed on its behalf by:

.........................................
Rosemary Louise Eisenstadt
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

MGP Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance
Motor vehicles	25% reducing balance
Short leasehold	Straight line over the period of the lease

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

MGP Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2013		236,748			236,748
Additions		11,462			11,462
At 31 December 2013		248,210			248,210
Depreciation
At 1 January 2013		180,404			180,404
Charge for the year		12,262			12,262
At 31 December 2013		192,666			192,666
Net book value
At 31 December 2013		55,544			55,544
At 31 December 2012		56,344			56,344

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary of £1 each		1,000			1,000			1,000			1,000

Page 4