Mgi Engineering Ltd

Mgi Engineering Ltd, based in Lechlade, UK, is a small, active company founded 21 years ago. Employing 21 people and holding £692,378 in assets, it’s a well-established player in its field. With three directors and two owners, the company maintains a real address and boasts a stellar 5.0 Google rating based on three reviews. It’s an irregular importer, primarily dealing in optical and medical tools and devices, with its last import operation occurring in August 01, 2024.

The company’s website paints a picture of a consultancy and contracting firm specializing in high-quality engineering solutions. Founded in 2003, Mgi Engineering leverages over 25 years of experience, particularly stemming from its involvement in Formula 1, to deliver tailored technology across various industries. A key focus is its “sustainable cargo” range, featuring innovative marine and electric vertical takeoff and landing (eVTOL) products, reflecting a commitment to eco-friendly solutions. The website also highlights design consultancy services, emphasizing precision and innovation, and showcases a range of products including the SeaGlide and Mosquito lines. Mgi Engineering also owns a company called Mgi Aerospace Ltd.

Financially, Mgi Engineering Ltd’s recent performance shows some concerning trends. Cash reserves have plummeted by 75%, dropping to £260,000, and net assets have fallen 42%, settling at £500,000. Current assets have also decreased significantly, by 40%, to £690,000. However, there are some positives: creditors have decreased by 29%, suggesting improved debt management, and prepayments have risen by 29%. Trade debtors have increased dramatically, by 220%, which could indicate a shift in payment terms or challenges in collecting outstanding invoices. The company meets two of the three criteria to be considered small, with turnover under £10.2 million, assets under £5.1 million, and fewer than 50 employees. With no auditor mentioned, the financial statements are unaudited. The average number of employees has decreased from 21 to 16.

Overall, Mgi Engineering Ltd appears to be navigating a period of financial pressure, despite its strong reputation and commitment to innovation. Whether it can sustain its growth trajectory remains to be seen.

Registered in England/Wales under the registration number 04960248, with a registered address at OX29 7EY, England, Witney, Unit 7 The Gateway, Windrush Park Road.

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