M S A Systems Limited Small abridged accounts
M S A Systems Limited Small abridged accounts
Statement of Consent to Prepare Abridged Financial Statements |
COMPANY REGISTRATION NUMBER:
3438448
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Abridged Financial Statements |
Year ended 31st May 2017
Contents |
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Officers and professional advisers |
1 |
Accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements |
2 |
Abridged statement of financial position |
3 |
Notes to the abridged financial statements |
5 |
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Officers and Professional Advisers |
The Board of Directors |
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Company Secretary |
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Registered Office |
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Accountants |
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Accountants |
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The White House |
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Station Road |
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West Hagley |
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Stourbridge |
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West Midlands |
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DY9 0NU |
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Bankers |
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1 Great Cornbow |
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Halesowen |
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West Midlands |
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B63 3AD |
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Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
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Year ended 31st May 2017
The White House
Station Road
West Hagley
Stourbridge
West Midlands
DY9 0NU
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Abridged Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Intangible assets |
6 |
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Tangible assets |
7 |
– |
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--------- |
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Current assets
Stocks |
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Debtors |
8 |
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Cash at bank and in hand |
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--------- |
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Creditors: amounts falling due within one year |
9 |
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Net current liabilities |
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--------- |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
– |
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-------- |
-------- |
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Net assets |
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-------- |
-------- |
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Abridged Statement of Financial Position (continued) |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Capital and reserves
Called up share capital |
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Profit and loss account |
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-------- |
-------- |
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Shareholders funds |
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-------- |
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In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
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These abridged financial statements were approved by the
board of directors
and authorised for issue on
28 February 2018
, and are signed on behalf of the board by:
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Director |
Company registration number:
3438448
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Notes to the Abridged Financial Statements |
Year ended 31st May 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chemix Building, Dudley Road, Halesowen, West Midlands, B63 3LL.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1st June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Revenue recognition
Income tax
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixture and Fittings |
- |
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Motor Vehicles |
- |
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Equipment |
- |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Finance leases and hire purchase contracts
Provisions
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.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2016:
7
).
5.
Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2017 |
2016 |
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£ |
£ |
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Equity dividends on ordinary shares |
100,000
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100,000
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6.
Intangible assets
Goodwill |
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£ |
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Cost |
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At 1st June 2016 and 31st May 2017 |
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--------- |
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Amortisation |
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At 1st June 2016 |
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Charge for the year |
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--------- |
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At 31st May 2017 |
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Carrying amount |
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At 31st May 2017 |
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At 31st May 2016 |
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7.
Tangible assets
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1st June 2016 |
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Disposals |
– |
(
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– |
(
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------- |
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At 31st May 2017 |
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– |
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------- |
-------- |
------- |
-------- |
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Depreciation |
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At 1st June 2016 |
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Disposals |
– |
(
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– |
(
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------- |
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------- |
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At 31st May 2017 |
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– |
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------- |
-------- |
------- |
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Carrying amount |
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At 31st May 2017 |
– |
– |
– |
– |
------- |
-------- |
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-------- |
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At 31st May 2016 |
– |
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– |
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------- |
-------- |
------- |
-------- |
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8.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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9.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Bank loans and overdrafts |
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Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
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Obligations under finance leases and hire purchase contracts |
– |
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The bank borrowing is secured by a debenture registered on 15th June 2000.
10.
Directors' advances, credits and guarantees
The directors' combined overdrawn loan accounts at the year end were £66,562 (£84,649 - 2016).
11.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st June 2015.
No transitional adjustments were required in equity or profit or loss for the year.