REGISTERED NUMBER: 03533527

Financial Statements for the Year Ended 31 March 2018

for

M.G.ASSETS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr Y Blie

REGISTERED OFFICE:

111 College Hill Road

Harrow Weald

Harrow

Middlesex

HA3 7BT

REGISTERED NUMBER:

03533527

FIXED ASSETS

Tangible assets

3

235,360

235,432

CURRENT ASSETS

Prepayments and accrued income

2,992

2,917

Cash at bank

315,807

310,530

318,799

313,447

CREDITORS

Amounts falling due within one year

4

132,939

132,057

NET CURRENT ASSETS

185,860

181,390

TOTAL ASSETS LESS CURRENT LIABILITIES

421,220

416,822

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

5

57,155

57,155

Retained earnings

5

364,063

359,665

SHAREHOLDERS' FUNDS

421,220

416,822

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 26 October 2018 and were signed by:

Mr Y Blie - Director

1.	STATUTORY INFORMATION

M.G.ASSETS LTD is a private company, limited by shares , registered in Not

specified/Other. The company's registered number and registered office address can be

found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

3.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

and

Computer

Premises

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2017

and 31 March 2018

235,000

7,000

1,022

243,022

DEPRECIATION

At 1 April 2017

-

6,636

954

7,590

Charge for year

-

55

17

72

At 31 March 2018

-

6,691

971

7,662

NET BOOK VALUE

At 31 March 2018

235,000

309

51

235,360

At 31 March 2017

235,000

364

68

235,432

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Tax

1,029

1,531

Other creditors

108,487

108,487

Directors' current accounts

19,515

19,399

Accrued expenses

3,908

2,640

132,939

132,057

5.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 April 2017

359,665

57,155

416,820

Profit for the year

4,398

4,398

At 31 March 2018

364,063

57,155

421,218

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended

31 March 2018 and 31 March 2017:

31.3.18

31.3.17

£

£

Mr Y Blie

Balance outstanding at start of year

19,399

19,296

Amounts advanced

116

103

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

19,515

19,399