MAS Food Consultancy Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC528037 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR

MAS FOOD CONSULTANCY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M A Sim

SECRETARY:

Mrs S L Sim

REGISTERED OFFICE:

Kilronan

43 Greenbank Road

Fraserburgh

Aberdeenshire

AB43 7GA

REGISTERED NUMBER:

SC528037 (Scotland)

FIXED ASSETS

Tangible assets

5

6,558

7,506

CURRENT ASSETS

Debtors

6

14,202

13,036

Cash at bank

13,162

8,706

27,364

21,742

CREDITORS

Amounts falling due within one year

7

6,367

7,229

NET CURRENT ASSETS

20,997

14,513

TOTAL ASSETS LESS CURRENT LIABILITIES

27,555

22,019

CREDITORS

Amounts falling due after more than one year

8

-

(857

)

PROVISIONS FOR LIABILITIES

(709

)

(755

)

NET ASSETS

26,846

20,407

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

26,746

20,307

SHAREHOLDERS' FUNDS

26,846

20,407

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 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 8 January 2022 and were signed by:

M A Sim - Director

1.	STATUTORY INFORMATION

MAS Food Consultancy Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The director considers that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost and 20% on reducing balance

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2020

9,714

Additions

1,250

At 28 February 2021

10,964

DEPRECIATION

At 1 March 2020

2,208

Charge for year

2,198

At 28 February 2021

4,406

NET BOOK VALUE

At 28 February 2021

6,558

At 29 February 2020

7,506

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 March 2020

and 28 February 2021

2,215

DEPRECIATION

At 1 March 2020

92

Charge for year

554

At 28 February 2021

646

NET BOOK VALUE

At 28 February 2021

1,569

At 29 February 2020

2,123

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

4,620

-

Other debtors

9,582

13,036

14,202

13,036

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

857

1,715

Trade creditors

-

43

Taxation and social security

3,865

3,826

Other creditors

1,645

1,645

6,367

7,229

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

-

857

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

857

2,572

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2021 and 29 February 2020:

2021

2020

£

£

M A Sim

Balance outstanding at start of year

12,403

-

Amounts advanced

9,382

12,403

Amounts repaid

(12,403

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,382

12,403

The loan was repaid to the company post year-end.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is M A Sim.