Mharsanta Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC624878 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Mharsanta Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Derek Hugh Mallon

REGISTERED OFFICE:

Upper Floor

Unit 1

82 Muir Street

Hamilton

ML3 6BJ

REGISTERED NUMBER:

SC624878 (Scotland)

ACCOUNTANTS:

Accountants Plus

Chartered Certified Accountants

Unit 1 Cadzow Park

82 Muir Street

Hamilton

ML3 6BJ

FIXED ASSETS

Tangible assets

4

95,223

102,321

CURRENT ASSETS

Stocks

12,776

19,758

Debtors

5

35,405

13,285

Cash at bank and in hand

36,124

43,739

84,305

76,782

CREDITORS

Amounts falling due within one year

6

99,027

30,466

NET CURRENT (LIABILITIES)/ASSETS

(14,722

)

46,316

TOTAL ASSETS LESS CURRENT LIABILITIES

80,501

148,637

CREDITORS

Amounts falling due after more than one year

7

58,241

86,951

NET ASSETS

22,260

61,686

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

22,160

61,586

22,260

61,686

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 25 August 2023 and were signed by:

Derek Hugh Mallon - Director

1.	STATUTORY INFORMATION

Mharsanta 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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.

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Debtors

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.

Creditors

Short term creditors are measured at transaction price, less any impairment. 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.

Cash and bank balances

Cash and bank balances are measured at the transaction price.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2022

83,225

49,175

132,400

Additions

3,483

-

3,483

At 31 March 2023

86,708

49,175

135,883

DEPRECIATION

At 1 April 2022

21,933

8,146

30,079

Charge for year

6,478

4,103

10,581

At 31 March 2023

28,411

12,249

40,660

NET BOOK VALUE

At 31 March 2023

58,297

36,926

95,223

At 31 March 2022

61,292

41,029

102,321

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

21,277

2,134

Other debtors

7,995

11,151

Directors' current accounts

6,133

-

35,405

13,285

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

10,000

-

Trade creditors

20,971

14,962

Social security and other taxes

9,736

5,189

VAT

35,335

8,820

Other creditors

9,487

-

Accrued expenses

13,498

1,495

99,027

30,466

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans - 2-5 years

22,379

42,086

Amounts owed to participating interests

35,862

44,865

58,241

86,951