M S A Systems Limited Filleted accounts for Companies House (small and micro)

M S A Systems Limited Filleted accounts for Companies House (small and micro)

M S A SYSTEMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 3438448
M S A Systems Limited
Filleted Unaudited Abridged Financial Statements
31 May 2019
M S A Systems Limited
Abridged Financial Statements
Year ended 31st May 2019
Contents
Page
Officers and professional advisers
1
Accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
2
Abridged statement of financial position
3
Notes to the abridged financial statements
5
M S A Systems Limited
Officers and Professional Advisers
The Board of Directors
Mr M. Smith
Mrs H.M. Smith
Company Secretary
Mr M. Smith
Registered Office
24 Stuarts Green
Pedmore
Stourbridge
West Midlands
DY9 0RX
Accountants
WH Audit Limited
Accountants
The White House
Station Road
West Hagley
Stourbridge
West Midlands
DY9 0NU
Bankers
HSBC Bank plc
1 Great Cornbow
Halesowen
West Midlands
B63 3AD
M S A Systems Limited
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of M S A Systems Limited
Year ended 31st May 2019
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31st May 2019, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
WH Audit Limited Accountants
The White House Station Road West Hagley Stourbridge West Midlands DY9 0NU
20 February 2020
M S A Systems Limited
Abridged Statement of Financial Position
31 May 2019
2019
2018
Note
£
£
£
Current assets
Debtors
6
135,665
187,309
Cash at bank and in hand
20,974
68,003
---------
---------
156,639
255,312
Creditors: amounts falling due within one year
7
51,811
182,027
---------
---------
Net current assets
104,828
73,285
---------
--------
Total assets less current liabilities
104,828
73,285
---------
--------
Net assets
104,828
73,285
---------
--------
M S A Systems Limited
Abridged Statement of Financial Position (continued)
31 May 2019
2019
2018
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
104,728
73,185
---------
--------
Shareholders funds
104,828
73,285
---------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31st May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31st May 2019 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 20 February 2020 , and are signed on behalf of the board by:
Mr M. Smith
Director
Company registration number: 3438448
M S A Systems Limited
Notes to the Abridged Financial Statements
Year ended 31st May 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Stuarts Green, Pedmore, Stourbridge, West Midlands, DY9 0RX.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixture and Fittings
-
33% straight line
Equipment
-
33% straight line
Defined contribution plans
The company operates a defined contribution pension scheme for directors. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2018: 5 ).
5. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2019
2018
£
£
Equity dividends on ordinary shares
35,000
85,000
--------
--------
6. Debtors
2019
2018
£
£
Trade debtors
–
35,962
Other debtors
135,665
151,347
---------
---------
135,665
187,309
---------
---------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
–
27,499
Accruals and deferred income
10,302
118,191
Corporation tax
41,509
31,049
Social security and other taxes
–
5,288
--------
---------
51,811
182,027
--------
---------
The bank borrowing is secured by a debenture registered on 15th June 2000.
8. Directors' advances, credits and guarantees
The directors' combined overdrawn loan accounts at the year end were £53,568 (£48,822 - 2018).