M S A Systems Limited Small abbreviated accounts

M S A SYSTEMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 3438448

M S A SYSTEMS LIMITED

ABBREVIATED ACCOUNTS

31 May 2016

M S A SYSTEMS LIMITED

ACCOUNTANTS' REPORT TO THE DIRECTORS OF M S A SYSTEMS

LIMITED

YEAR ENDED 31ST MAY 2016

As described on the balance sheet, the directors of the company are responsible for the preparation of the abbreviated accounts for the year ended 31st May 2016.

You consider that the company is exempt from an audit under the Companies Act 2006.

In accordance with your instructions we have compiled these unaudited abbreviated accounts in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

WH AUDIT LIMITED Accountants

The White House Station Road West Hagley Stourbridge West Midlands DY9 0NU

24 May 2017

M S A SYSTEMS LIMITED

ABBREVIATED BALANCE SHEET

31 May 2016

		2016		2015
Note		£	£	£
FIXED ASSETS	2
Intangible assets			161,500	179,150
Tangible assets			7,172	10,696
			----------	----------
			168,672	189,846
			----------	----------

CURRENT ASSETS

Stocks	1,000		1,000
Debtors	177,125		191,531
Cash at bank and in hand	190		190
	----------		----------
	178,315		192,721
CREDITORS: Amounts falling due within one year	264,736		272,814
	----------		----------
NET CURRENT LIABILITIES		( 86,421)	( 80,093)
		----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES		82,251	109,753

CREDITORS: Amounts falling due after more than one year		-	9,145

PROVISIONS FOR LIABILITIES	1,291	1,925
	---------	----------
	80,960	98,683
	---------	----------

CAPITAL AND RESERVES

Called up equity share capital	4	100	100
Profit and loss account		80,860	98,583
		---------	---------
SHAREHOLDERS' FUNDS		80,960	98,683
		---------	---------

For the year ended 31st May 2016 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 accounts for the year in question in accordance with section 476; and

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 24 May 2017 , and are signed on their behalf by:

Mr M. Smith Director

Company Registration Number: 3438448

M S A SYSTEMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 31ST MAY 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill-over 20 years

Fixed assets

All fixed assets are initially recorded at cost .

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings-Over 3 years

Motor Vehicles-25% reducing balance

Equipment-Over 3 years

Stocks

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

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs

The company operates a defined contribution pension scheme for directors. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2. FIXED ASSETS

Intangible Assets	Tangible Assets	Total
£	£	£

COST

At 1st June 2015 and 31st May 2016	353,000	34,127	387,127
	----------	---------	----------

DEPRECIATION

At 1st June 2015	173,850	23,431	197,281
Charge for year	17,650	3,524	21,174
	----------	---------	----------
At 31st May 2016	191,500	26,955	218,455
	----------	---------	----------

NET BOOK VALUE

At 31st May 2016	161,500	7,172	168,672
	----------	-------	----------

At 31st May 2015	179,150	10,696	189,846
	----------	---------	----------

3. RELATED PARTY TRANSACTIONS

The company was under the common control of the directors throughout the current and previous year, due to their individual and beneficial shareholdings. The company traded with a partnership operated by the directors and their wives. All transactions are conducted at arms length.

4. SHARE CAPITAL

Authorised share capital:

	2016	2015
	£	£
1,000 Ordinary shares of £ 1 each	1,000	1,000
	-------	-------

Allotted, called up and fully paid:

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----