Mg Textiles Ltd

Mg Textiles Ltd, based in Sherborne, UK, is a small, active company established nine years ago. With two employees and £313,103 in assets, it operates from a virtual address shared by eighteen other companies, a bit unusual. The company is led by two directors, though no owners are officially listed. It's a regular importer, primarily bringing in various textile products, sets, used clothing, and rags, with the most recent import activity occurring four months ago. The company’s website, M.G Textiles, Ahmedabad, India, indicates a focus on textile sales and provides contact information for a team in India.

The website reveals a different facet of the business: a focus on wholesale textile sales from India. The site lists a physical address in Ahmedabad, Gujarat, and provides phone and fax numbers. It’s unclear how closely the UK-based import business and the Indian wholesale operation are integrated, but both emphasize textile expertise.

Financially, Mg Textiles Ltd shows a mixed picture. Cash bank on hand increased by 37% to £270,000, which is good. However, creditors rose by 54% to £170,000, suggesting increased reliance on short-term financing. Trade debtors also increased significantly, by 180% to £32,000, which could indicate difficulties collecting payments. On the positive side, net current assets liabilities grew by 22% to £150,000, and equity increased by 41% to £170,000. The company’s small size (meeting two of three criteria for turnover under £10.2m, assets under £5.1m, and fewer than 50 employees) allows it to be nimble, but the increase in debt warrants attention. No auditor is mentioned, which is common for small, exempt companies. The company's property plant and equipment has seen a dramatic increase, with a 9100% increase in plant machinery, though this may be due to accounting adjustments. Overall, Mg Textiles Ltd seems to be growing, but needs to manage its debts carefully.

Registered in England/Wales under the registration number 10144953, with a registered address at DT9 5EW, England, Sherborne, Oak Apple House North Street, Milborne Port.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.