Maintenance Solutions (GB) Ltd 30/11/2020 iXBRL

Maintenance Solutions (GB) Ltd 30/11/2020 iXBRL

MAINTENANCE SOLUTIONS (GB) LTD - Company Information

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Company registration number: 06008774
Maintenance Solutions (GB) Ltd
Unaudited filleted financial statements
30 November 2020
Maintenance Solutions (GB) Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Maintenance Solutions (GB) Ltd
Directors and other information
Directors Mr Carl Jonathan Need
Secretary Stephanie Jane Need
Company number 06008774
Registered office Cholmondeley House
Dee Hills Park
Chester
CH3 5AR
Business address Soteria House
51 Haydock Street
Bewsey & Whitecross
Warrington
WA2 7UW
Accountants Hargreaves & Woods
Cholmondeley House
Dee Hills Park
Chester
Cheshire
CH3 5AR
Maintenance Solutions (GB) Ltd
Statement of financial position
30 November 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 8,300 8,300
Tangible assets 6 11,456 10,600
Investments 7 16,200 16,200
_______ _______
35,956 35,100
Current assets
Stocks 1,100 1,100
Debtors 8 158,241 105,902
Cash at bank and in hand 105,396 42,896
_______ _______
264,737 149,898
Creditors: amounts falling due
within one year 9 ( 131,552) ( 65,666)
_______ _______
Net current assets 133,185 84,232
_______ _______
Total assets less current liabilities 169,141 119,332
Creditors: amounts falling due
after more than one year 10 ( 50,000) -
_______ _______
Net assets 119,141 119,332
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 119,041 119,232
_______ _______
Shareholders funds 119,141 119,332
_______ _______
For the year ending 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 August 2021 , and are signed on behalf of the board by:
Mr Carl Jonathan Need
Director
Company registration number: 06008774
Maintenance Solutions (GB) Ltd
Notes to the financial statements
Year ended 30 November 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Cholmondeley House, Dee Hills Park, Chester, CH3 5AR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2019: 9 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 December 2019 and 30 November 2020 8,300 8,300
_______ _______
Amortisation
At 1 December 2019 and 30 November 2020 - -
_______ _______
Carrying amount
At 30 November 2020 8,300 8,300
_______ _______
At 30 November 2019 8,300 8,300
_______ _______
6. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 December 2019 7,499 12,524 23,303 43,326
Additions - 719 3,000 3,719
_______ _______ _______ _______
At 30 November 2020 7,499 13,243 26,303 47,045
_______ _______ _______ _______
Depreciation
At 1 December 2019 7,499 9,426 15,801 32,726
Charge for the year - 763 2,100 2,863
_______ _______ _______ _______
At 30 November 2020 7,499 10,189 17,901 35,589
_______ _______ _______ _______
Carrying amount
At 30 November 2020 - 3,054 8,402 11,456
_______ _______ _______ _______
At 30 November 2019 - 3,098 7,502 10,600
_______ _______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 December 2019 and 30 November 2020 16,200 16,200
_______ _______
Impairment
At 1 December 2019 and 30 November 2020 - -
_______ _______
Carrying amount
At 30 November 2020 16,200 16,200
_______ _______
At 30 November 2019 16,200 16,200
_______ _______
8. Debtors
2020 2019
£ £
Trade debtors 58,660 79,101
Amounts owed by group undertakings and undertakings in which the company has a participating interest 66,325 18,325
Other debtors 33,256 8,476
_______ _______
158,241 105,902
_______ _______
9. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 72,475 30,012
Amounts owed to group undertakings and undertakings in which the company has a participating interest 16,047 16,047
Corporation tax 3,227 3,227
Social security and other taxes 25,525 5,016
Other creditors 14,278 11,364
_______ _______
131,552 65,666
_______ _______
10. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 50,000 -
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Carl Jonathan Need ( 9) 33,118 - 33,109
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Carl Jonathan Need 3,760 2,630 ( 6,399) ( 9)
_______ _______ _______ _______
12. Controlling party
The company is the under control of Carl Jonathan Need.