MSG Commercial Limited Filleted accounts for Companies House (small and micro)

MSG COMMERCIAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 2829272

MSG COMMERCIAL LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

28 March 2021

MSG COMMERCIAL LIMITED

BALANCE SHEET

28 March 2021

	28 Mar 21		31 Mar 20
Note	£	£	£	£

Fixed assets

Investments	5		88,018		79,009

Current assets

Debtors: due within one year	6	17,026,098	19,034,473
Debtors: due after more than one year	6	–	15,678,696
Cash at bank and in hand		131,008	147,811
		-------------	-------------
		17,157,106	34,860,980

Creditors: amounts falling due within one year	7	( 8,730,405)		( 24,344,300)
		-------------		-------------
Net current assets			8,426,701		10,516,680
			------------		-------------
Total assets less current liabilities			8,514,719		10,595,689
			------------		-------------
Net assets			8,514,719		10,595,689
			------------		-------------

Capital and reserves

Called up share capital	8	94,984	94,984
Profit and loss account		8,419,735	10,500,705
		------------	-------------
Total shareholders' funds		8,514,719	10,595,689
		------------	-------------

These 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 Section 1A of 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 profit and loss account has not been delivered.

For the period ending 28 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 10 March 2022 , and are signed on behalf of the board by:

M S Grewal
Director

Company registration number: 2829272

MSG COMMERCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

PERIOD FROM 1 APRIL 2020 TO 28 MARCH 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 North Bar, Banbury, OX16 0TB.

2. Statement of compliance

These 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 financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

Investments

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Other investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

Basic financial assets, which include trade and other receivables, loans to related parties and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables and loans from and loans from other related entities, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 1 (2020: 1 ).

5. Investments

	Listed investments	Other investments	Total
	£	£	£
Cost or valuation
At 1 April 2020	36,075	577,736	613,811
Fair value adjustment	9,009	–	9,009
	--------	---------	---------
At 28 March 2021	45,084	577,736	622,820
	--------	---------	---------
Impairment
At 1 April 2020 and 28 March 2021	–	534,802	534,802
	--------	---------	---------

Carrying amount
At 28 March 2021	45,084	42,934	88,018
	--------	---------	---------
At 31 March 2020	36,075	42,934	79,009
	--------	---------	---------

6. Debtors

Debtors falling due within one year are as follows:

	28 Mar 21	31 Mar 20
	£	£
Trade debtors	10,728	815
Other debtors	17,015,370	19,033,658
	-------------	-------------
	17,026,098	19,034,473
	-------------	-------------

Debtors falling due after one year are as follows:

	28 Mar 21	31 Mar 20
	£	£
Other debtors	–	15,678,696
	----	-------------

Included in other debtors is £14,892,511 (2020: £31,539,188) due from other related entities.

7. Creditors: amounts falling due within one year

	28 Mar 21	31 Mar 20
	£	£
Trade creditors	–	25,530
Amounts owed to other related entities	8,620,673	24,148,651
Other creditors	109,732	170,119
	------------	-------------
	8,730,405	24,344,300
	------------	-------------

8. Called up share capital

Issued, called up and fully paid

	28 Mar 21		31 Mar 20
	No.	£	No.	£
Ordinary shares of £ 1 each	94,984	94,984	94,984	94,984
	--------	--------	--------	--------