Company Registration No. 08726967 (England and Wales)
M Squared Control Systems Ltd
Unaudited accounts
for the year ended 31 December 2022
M Squared Control Systems Ltd
Unaudited accounts
Contents
M Squared Control Systems Ltd
Company Information
for the year ended 31 December 2022
Directors
M Mamczur
F Mamczur
Company Number
08726967 (England and Wales)
Registered Office
UNIT 5 REGENTS TRADE PARK
BARWELL LANE
GOSPORT
HAMPSHIRE
PO13 0EQ
M Squared Control Systems Ltd
Statement of financial position
as at 31 December 2022
Tangible assets
5,476
7,036
Cash at bank and in hand
68,999
37,832
Creditors: amounts falling due within one year
(71,678)
(54,875)
Net current assets
76,337
59,347
Total assets less current liabilities
81,813
66,383
Creditors: amounts falling due after more than one year
(24,481)
(33,920)
Provisions for liabilities
Called up share capital
150
100
Profit and loss account
54,805
32,363
Shareholders' funds
54,955
32,463
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2023 and were signed on its behalf by
M Mamczur
Director
Company Registration No. 08726967
M Squared Control Systems Ltd
Notes to the Accounts
for the year ended 31 December 2022
M Squared Control Systems Ltd is a private company, limited by shares, registered in England and Wales, registration number 08726967. The registered office is UNIT 5 REGENTS TRADE PARK, BARWELL LANE, GOSPORT, HAMPSHIRE, PO13 0EQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 December 2022 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2021.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Expenditure on research and development is written off in the year in which it is incurred.
M Squared Control Systems Ltd
Notes to the Accounts
for the year ended 31 December 2022
4
Tangible fixed assets
Plant & machinery
At 31 December 2022
23,195
At 31 December 2022
17,719
Amounts falling due within one year
Trade debtors
1,370
31,126
Amounts due from group undertakings etc.
26,143
2,532
Other debtors
34,683
27,732
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
10,000
10,500
Trade creditors
12,794
1,389
Amounts owed to group undertakings and other participating interests
34,044
34,985
Taxes and social security
1,340
713
7
Creditors: amounts falling due after more than one year
2022
2021
M Squared Control Systems Ltd
Notes to the Accounts
for the year ended 31 December 2022
8
Deferred taxation
2022
2021
Accelerated capital allowances
2,377
-
Charged to the profit and loss account
2,377
-
Provision at end of year
2,377
-
The director received an interest free advance of £9,569 at the reporting date which is interest free and repayable on demand.
10
Average number of employees
During the year the average number of employees was 5 (2021: 5).
