MSG Contracts Limited - Accounts to registrar (filleted) - small 17.3
MSG Contracts Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 July 2017 |
| for |
| MSG CONTRACTS LIMITED |
| MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153) |
| Contents of the Financial Statements |
| for the year ended 31 July 2017 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| MSG CONTRACTS LIMITED |
| Company Information |
| for the year ended 31 July 2017 |
| Director: |
| Registered office: |
| Registered number: |
| Accountants: |
| Chartered Accountants |
| Coopers House |
| 65a Wingletye Lane |
| Hornchurch |
| Essex |
| RM11 3AT |
| MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153) |
| Statement of Financial Position |
| 31 July 2017 |
| 31.7.17 | 31.7.16 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities | 8 |
| Net assets |
| Capital and reserves |
| Called up share capital | 9 |
| Retained earnings |
| Shareholders' funds |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the director on |
| MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153) |
| Notes to the Financial Statements |
| for the year ended 31 July 2017 |
| 1. | Statutory information |
| MSG Contracts Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| This is the first year in which the financial statements have been prepared under FRS 102. Transition to FRS |
| 102 has not resulted in any changes in accounting policies, amounts stated in the Statement of Comprehensive |
| Income or balances held in equity. |
| Turnover |
| Turnover represents net invoiced sales of goods & services, excluding value added tax. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and office equipment | - |
| Motor vehicles | - |
| Stocks and work in progress |
| Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and |
| slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable |
| overheads. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
| 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. |
| 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. |
| Operating leases |
| Rental applicable to operating leases where substantially all of the benefits and risks of ownership remain with |
| the lessor are charged to the profit and loss account on the straight line basis over the lease term. |
| MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153) |
| Notes to the Financial Statements - continued |
| for the year ended 31 July 2017 |
| 2. | Accounting policies - continued |
| Hire purchase and finance leases |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. |
| Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. |
| Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where |
| substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such |
| agreements are included in creditors net of the finance charge allocated to future periods. The finance element |
| of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of |
| charge on the net obligation outstanding in each period. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Fixtures |
| and |
| Plant and | office | Motor |
| machinery | equipment | vehicles | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 August 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 July 2017 |
| Depreciation |
| At 1 August 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 July 2017 |
| Net book value |
| At 31 July 2017 |
| At 31 July 2016 |
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as |
| follows: |
| 2017 | 2016 |
| £ | £ |
| Motor vehicles | - | 4,776 |
| 5. | Debtors: amounts falling due within one year |
| 31.7.17 | 31.7.16 |
| £ | £ |
| Trade debtors |
| Other debtors |
| MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153) |
| Notes to the Financial Statements - continued |
| for the year ended 31 July 2017 |
| 6. | Creditors: amounts falling due within one year |
| 31.7.17 | 31.7.16 |
| £ | £ |
| Hire purchase contracts (see note 7) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | Leasing agreements |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 31.7.17 | 31.7.16 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Non-cancellable |
| operating leases |
| 31.7.17 | 31.7.16 |
| £ | £ |
| Within one year |
| Between one and five years |
| 8. | Provisions for liabilities |
| 31.7.17 | 31.7.16 |
| £ | £ |
| Deferred tax | 8,689 | 7,031 |
| Deferred |
| tax |
| £ |
| Balance at 1 August 2016 |
| Provided during year |
| Balance at 31 July 2017 |
| 9. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.7.17 | 31.7.16 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |