Mobile Systems International Consultancy Ltd - Period Ending 2023-03-31

Mobile Systems International Consultancy Ltd

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 7

Mobile Systems International Consultancy Ltd

Company Information

Director

F Al Faisal

Registered office

1 Kensington Church Street London W8 4LB

Auditor

Brebners Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR

Mobile Systems International Consultancy Ltd

Statement of Financial Position as at 31 March 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	6	190,001	334,923
Current assets
Debtors	7	5,316,287	4,371,486
Cash at bank and in hand		1,533	12,068
		5,317,820	4,383,554
Creditors: Amounts falling due within one year	8	(1,694,370)	(2,102,778)
Net current assets		3,623,450	2,280,776
Total assets less current liabilities		3,813,451	2,615,699
Provisions for liabilities		-	(10,960)
Net assets		3,813,451	2,604,739
Capital and reserves
Called up share capital		20,000	20,000
Retained earnings		3,793,451	2,584,739
Shareholders' funds		3,813,451	2,604,739

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 14 March 2024
 

.........................................

F Al Faisal

Director

Company registration number: 07378348

Mobile Systems International Consultancy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Kensington Church Street
London
W8 4LB

The principal activity of the company is that of consultancy services.

2	Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 14 March 2024 was Martin Widdowson, who signed for and on behalf of Brebners.

3	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 31 March 2023 and had net assets at that date of £3,813,451.

Turnover has continued subsequent to 31 March 2023 with the renewal of existing projects in the UK, as well as additional projects being won. The management accounts to date show that the company has continued to trade profitably.

Based on the above, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis has been adopted in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue from consultancy services based upon the stage of contractual completion.

Mobile Systems International Consultancy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the
company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively
enacted by the reporting date.

The carrying amounts of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount is equal to the greatest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	15 - 33% reducing balance
Motor Vehicles	50% straight line

Mobile Systems International Consultancy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

4	Staff numbers

The average number of persons employed by the company during the year, was 15 (2022 - 17).

5	Auditor's remuneration

	2023 £	2022 £
Audit of the financial statements	18,000	19,500

 

Mobile Systems International Consultancy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

6	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2022	242,673	324,103	566,776
Additions	-	44,500	44,500
At 31 March 2023	242,673	368,603	611,276
Depreciation
At 1 April 2022	74,703	157,150	231,853
Charge for the year	65,944	123,478	189,422
At 31 March 2023	140,647	280,628	421,275
Carrying amount
At 31 March 2023	102,026	87,975	190,001
At 31 March 2022	167,970	166,953	334,923

7

Debtors

	2023 £	2022 £
Trade debtors	1,497,035	2,820,788
Amounts owed by group undertakings	3,247,587	900,369
Other debtors	571,665	650,329
	5,316,287	4,371,486

Mobile Systems International Consultancy Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Trade creditors	413,796	648,568
Taxation and social security	723,683	564,812
Other creditors	556,891	889,398
	1,694,370	2,102,778

9	Commitments, Guarantees and Contingencies

The total of future minimum lease payments not reflected in the statement of financial position amounts to £32,813 (2022: £59,063).
 

10	Related party transactions

In accordance with FRS102 paragraph 1AC.35, exemption is taken not to disclose transactions in the year or amounts falling due between companies wholly owned within the group.