MSG Contracts Limited - Accounts to registrar (filleted) - small 22.3
MSG Contracts Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 July 2022 |
| for |
| MSG CONTRACTS LIMITED |
| MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153) |
| Contents of the Financial Statements |
| for the year ended 31 July 2022 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| MSG CONTRACTS LIMITED |
| Company Information |
| for the year ended 31 July 2022 |
| Director: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| Chartered Accountants |
| Juniper House |
| Warley Hill Business Park |
| The Drive |
| Brentwood |
| Essex |
| CM13 3BE |
| MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153) |
| Statement of Financial Position |
| 31 July 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
7 |
( |
) |
| Provisions for liabilities | 9 | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 10 |
| Retained earnings |
| Shareholders' funds |
| 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. |
| MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153) |
| Statement of Financial Position - continued |
| 31 July 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153) |
| Notes to the Financial Statements |
| for the year ended 31 July 2022 |
| 1. | Statutory information |
| MSG Contracts Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced sales of goods & services, excluding value added tax. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and office equipment | - |
| Motor vehicles | - |
| Stocks and work in progress |
| Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
| Financial instruments |
| Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
| Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
| Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
| Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
| MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153) |
| Notes to the Financial Statements - continued |
| for the year ended 31 July 2022 |
| 2. | Accounting policies - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Operating leases |
| Rental applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on the straight line basis over the lease term. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Fixtures |
| and |
| Plant and | office | Motor |
| machinery | equipment | vehicles | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 August 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 July 2022 |
| Depreciation |
| At 1 August 2021 |
| Charge for year |
| At 31 July 2022 |
| Net book value |
| At 31 July 2022 |
| At 31 July 2021 |
| 5. | Debtors: amounts falling due within one year |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153) |
| Notes to the Financial Statements - continued |
| for the year ended 31 July 2022 |
| 6. | Creditors: amounts falling due within one year |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | Creditors: amounts falling due after more than one year |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| 8. | Leasing agreements |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2022 | 2021 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | Provisions for liabilities |
| 2022 | 2021 |
| £ | £ |
| Deferred tax | 9,257 | 6,379 |
| Deferred |
| tax |
| £ |
| Balance at 1 August 2021 |
| Charge to Statement of Income and Retained Earnings during year |
| Balance at 31 July 2022 |
| 10. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153) |
| Notes to the Financial Statements - continued |
| for the year ended 31 July 2022 |
| 11. | Director's advances, credits and guarantees |
| The following advances and credits to a director subsisted during the years ended 31 July 2022 and 31 July 2021: |
| 2022 | 2021 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |