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Registered number: 08702516
MSC Dover Limited
Unaudited
Financial statements
For the year ended 30 September 2020
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MSC Dover Limited
Company Information
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MSC Dover Limited
Contents
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Notes to the financial statements
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MSC Dover Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of MSC Dover Limited for the year ended 30 September 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MSC Dover Limited for the year ended 30 September 2020 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of directors of MSC Dover Limited, as a body, in accordance with the terms of our engagement letter dated 4 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of MSC Dover Limited and state those matters that we have agreed to state to the Board of directors of MSC Dover Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MSC Dover Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that MSC Dover Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of MSC Dover Limited. You consider that MSC Dover Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of MSC Dover Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Canterbury
28 June 2021
Page 1
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MSC Dover Limited
Registered number: 08702516
Balance sheet
As at 30 September 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 June 2021.
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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MSC Dover Limited
Notes to the financial statements
For the year ended 30 September 2020
MSC Dover Limited is a private limited company limited by shares and is incorporated in England with registration number 08702516. The registered office address of the company is 37 St Margarets Street, Canterbury, Kent, CT1 2TU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statement are rounded to the nearest pound.
The company's functional and presentational currency is Pounds Sterling.
The following principal accounting policies have been applied:
The company is continuing to encounter challenging trading conditions and has reported an operating loss for the year. The directors continue to closely monitor the company's cash flow the ensure that its obligations can be met as they fall due.
While the impact of COVID-19 pandemic has been assessed by the directors so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate the potential outcomes on the company's operations with certainty.
Notwithstanding these factors, after making enquiries and considering the uncertainties, the directors have formed a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 3
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MSC Dover Limited
Notes to the financial statements
For the year ended 30 September 2020
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was 2 (2019 - 9).
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Page 4
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MSC Dover Limited
Notes to the financial statements
For the year ended 30 September 2020
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Charge for the year on owned assets
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 5
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MSC Dover Limited
Notes to the financial statements
For the year ended 30 September 2020
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Allotted, called up and fully paid
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100 (2019 - 100) Ordinary shares of £1.00 each
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £464 (2019 - £957) . Contributions totalling of NIL (2019 - £225) were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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All related party transactions during the current and prior periods, including key management personnel compensation, were made under normal market conditions.
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In the opinion of the directors, there is no ultimate controlling party.
Page 6
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