ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true2022-04-01falseNo description of principal activity12trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02206536 2022-04-01 2023-03-31 02206536 2021-04-01 2022-03-31 02206536 2023-03-31 02206536 2022-03-31 02206536 c:Director1 2022-04-01 2023-03-31 02206536 c:RegisteredOffice 2022-04-01 2023-03-31 02206536 d:CurrentFinancialInstruments 2023-03-31 02206536 d:CurrentFinancialInstruments 2022-03-31 02206536 d:Non-currentFinancialInstruments 2023-03-31 02206536 d:Non-currentFinancialInstruments 2022-03-31 02206536 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02206536 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02206536 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02206536 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 02206536 d:ShareCapital 2023-03-31 02206536 d:ShareCapital 2022-03-31 02206536 d:RetainedEarningsAccumulatedLosses 2023-03-31 02206536 d:RetainedEarningsAccumulatedLosses 2022-03-31 02206536 c:OrdinaryShareClass1 2022-04-01 2023-03-31 02206536 c:OrdinaryShareClass1 2023-03-31 02206536 c:OrdinaryShareClass1 2022-03-31 02206536 c:FRS102 2022-04-01 2023-03-31 02206536 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02206536 c:FullAccounts 2022-04-01 2023-03-31 02206536 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02206536

MMASS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

MMASS LIMITED

COMPANY INFORMATION

Director	Mr W I Henderson


Registered number	02206536


Registered office	Orbis Energy
	Wilde Street
	Lowestoft
	Suffolk
	NR32 1XH


Trading Address	Neo House
	Riverside Drive
	Aberdeen
	AB11 7LH



Accountants	EQ Accountants LLP
	Chartered Accountants
	14 City Quay
	Dundee
	DD1 3JA

MMASS LIMITED

REGISTERED NUMBER: 02206536

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

		2023		2022
		£		£


Current assets
Stocks		507		507
Debtors: amounts falling due within one year	4	-		40
Bank and cash balances		964		1,400
		1,471		1,947
Creditors: amounts falling due within one year	5	(4,814)		(4,933)
Net current liabilities			(3,343)		(2,986)
Total assets less current liabilities			(3,343)		(2,986)
Creditors: amounts falling due after more than one year	6		(11,798)		(15,553)

Net liabilities			(15,141)		(18,539)

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(15,241)	(18,639)
		(15,141)	(18,539)

The director considers 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 director acknowledges his 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 15 September 2023.

Mr W I Henderson

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

MMASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

MMASS Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbis Energy, Wilde Street, Lowestoft, Suffolk, NR32 1XH.

2.Accounting policies

2.1

Basis of preparation of financial statements

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.

2.2

Going concern

At the time of approving the financial statements, the directors have a reasoble expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3

Revenue recognition

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.

2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

MMASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2.8

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.

2.9

Creditors

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.

2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 2).

Page 3

MMASS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Debtors

					2023	2022
					£	£


Prepayments and accrued income	-	40
	-	40

5.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Bank overdrafts	3,964	3,819
Other taxation and social security	-	239
Other creditors	-	25
Accruals and deferred income	850	850
	4,814	4,933

6.	Creditors: Amounts falling due after more than one year
		2023	2022
		£	£

Bank loans	11,798	15,553
	11,798	15,553

7.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

100 (2022 - 100) Ordinary shares of £1.00 each	100	100

8.	Controlling party

MMASS Limited is a wholly owned subsidiary of Kaizah Limited, a company registered in Scotland , with a registered office of 14 City Quay, Dundee, Tayside, United Kingdom, DD1 3JA..

Page 4