Company Registration No. SC276299 (Scotland)
MGI INVESTMENTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2015
MGI INVESTMENTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
MGI INVESTMENTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2015
30 November 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
766
1,129
Current assets
Debtors
1,354
10,605
Cash at bank and in hand
2,015
22,697
3,369
33,302
Creditors: amounts falling due within one year
(151,506)
(151,270)
Net current liabilities
(148,137)
(117,968)
Total assets less current liabilities
(147,371)
(116,839)
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
(147,372)
(116,840)
Shareholder's funds
(147,371)
(116,839)
For the financial year ended 30 November 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 17 May 2016
P Murray
Director
Company Registration No. SC276299
MGI INVESTMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The company made a loss this year and at the year end it had a negative balance sheet. The company meets its day to day cashflow requirements with a loan from the director. The director has agreed to continue with this financial support for the foreseeable future and on this basis the accounts have been prepared as a going concern.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% straight line
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Fixed assets
Tangible assets
£
Cost
At 1 December 2014
11,328
Additions
324
At 30 November 2015
11,652
Depreciation
At 1 December 2014
10,199
Charge for the year
687
At 30 November 2015
10,886
Net book value
At 30 November 2015
766
At 30 November 2014
1,129
MGI INVESTMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2015
- 3 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1 Ordinary shares of £1 each
1
1