MTS Accountancy Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10325875 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2020

for

MTS Accountancy Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M Slater

REGISTERED OFFICE:

Kenant Chambers

2 Bath Avenue

Wolverhampton

West Midlands

WV1 4EQ

REGISTERED NUMBER:

10325875 (England and Wales)

FIXED ASSETS

Intangible assets

4

5,000

12,750

Tangible assets

5

4,743

4,776

9,743

17,526

CURRENT ASSETS

Stocks

840

760

Debtors

6

7,010

9,228

Prepayments and accrued income

1,025

1,004

Cash at bank

90,698

76,159

99,573

87,151

CREDITORS

Amounts falling due within one year

7

52,352

53,340

NET CURRENT ASSETS

47,221

33,811

TOTAL ASSETS LESS CURRENT LIABILITIES

56,964

51,337

PROVISIONS FOR LIABILITIES

8

901

907

NET ASSETS

56,063

50,430

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

55,963

50,330

SHAREHOLDERS' FUNDS

56,063

50,430

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 2 September 2020 and were signed by:

M Slater - Director

1.	STATUTORY INFORMATION

MTS Accountancy Services Limited is a private company, limited by shares , registered in

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a businesses in 2016

and 2018, is being amortised evenly over their estimated useful life of four years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

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

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that

have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in financial statements. Deferred

tax is measured using tax rates and laws that have been enacted or substantively enacted

by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it

is probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 31 August 2020

31,000

AMORTISATION

At 1 September 2019

18,250

Amortisation for year

7,750

At 31 August 2020

26,000

NET BOOK VALUE

At 31 August 2020

5,000

At 31 August 2019

12,750

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 September 2019

8,552

Additions

1,790

At 31 August 2020

10,342

DEPRECIATION

At 1 September 2019

3,776

Charge for year

1,823

At 31 August 2020

5,599

NET BOOK VALUE

At 31 August 2020

4,743

At 31 August 2019

4,776

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Trade debtors

7,010

9,228

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Taxation and social security

20,323

19,152

Other creditors

32,029

34,188

52,352

53,340

8.	PROVISIONS FOR LIABILITIES

31.8.20

31.8.19

£

£

Deferred tax

Accelerated capital allowances

901

907

Deferred

tax

£

Balance at 1 September 2019

907

Provided during year

(6

)

Balance at 31 August 2020

901

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.20

31.8.19

value:

£

£

100

Ordinary

£1

100

100

10.	ULTIMATE CONTROLLING PARTY

The controlling party is M Slater.