Maintenance Solutions (GB) Ltd 30/11/2017 iXBRL

Maintenance Solutions (GB) Ltd 30/11/2017 iXBRL

MAINTENANCE SOLUTIONS (GB) LTD - Company Information

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Company registration number: 06008774
Maintenance Solutions (GB) Ltd
Unaudited filleted financial statements
30 November 2017
Maintenance Solutions (GB) Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Maintenance Solutions (GB) Ltd
Directors and other information
Directors Mr Carl Jonathan Need
Secretary Stephanie Jane Need
Company number 06008774
Registered office Unit 5 block B
St. Michaels Industrial Estate
Oldgate
Widnes
WA8 8TL
Business address Unit 5 Block B
St.Michaels Industrial
Estate
Widnes
WA8 8TL
Accountants Hargreaves & Woods
Cholmondeley House
Dee Hills Park
Chester
Cheshire
CH3 5AR
Maintenance Solutions (GB) Ltd
Statement of financial position
30 November 2017
2017 2016
Note £ £ £ £
Fixed assets
Intangible assets 5 8,300 -
Tangible assets 6 16,094 7,430
_______ _______
24,394 7,430
Current assets
Stocks 1,100 500
Debtors 7 261,686 343,587
Cash at bank and in hand 46,588 42,930
_______ _______
309,374 387,017
Creditors: amounts falling due
within one year 8 ( 219,640) ( 280,801)
_______ _______
Net current assets 89,734 106,216
_______ _______
Total assets less current liabilities 114,128 113,646
_______ _______
Net assets 114,128 113,646
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 114,028 113,546
_______ _______
Shareholders funds 114,128 113,646
_______ _______
For the year ending 30 November 2017 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 August 2018 , and are signed on behalf of the board by:
Mr Carl Jonathan Need
Director
Company registration number: 06008774
Maintenance Solutions (GB) Ltd
Notes to the financial statements
Year ended 30 November 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 5 block B, St. Michaels Industrial Estate, Oldgate, Widnes, WA8 8TL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
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:
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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 20 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2016: Nil).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 December 2016 - -
Additions 8,300 8,300
_______ _______
At 30 November 2017 8,300 8,300
_______ _______
Amortisation
At 1 December 2016 and 30 November 2017 - -
_______ _______
Carrying amount
At 30 November 2017 8,300 8,300
_______ _______
At 30 November 2016 - -
_______ _______
6. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 December 2016 7,499 9,461 12,836 29,796
Additions - 2,311 10,600 12,911
Disposals - - ( 133) ( 133)
_______ _______ _______ _______
At 30 November 2017 7,499 11,772 23,303 42,574
_______ _______ _______ _______
Depreciation
At 1 December 2016 7,499 6,667 8,200 22,366
Charge for the year - 1,021 3,226 4,247
Disposals - - ( 133) ( 133)
_______ _______ _______ _______
At 30 November 2017 7,499 7,688 11,293 26,480
_______ _______ _______ _______
Carrying amount
At 30 November 2017 - 4,084 12,010 16,094
_______ _______ _______ _______
At 30 November 2016 - 2,794 4,636 7,430
_______ _______ _______ _______
7. Debtors
2017 2016
£ £
Trade debtors 183,246 270,687
Amounts owed by group undertakings and undertakings in which the company has a participating interest 68,325 68,325
Other debtors 10,115 4,575
_______ _______
261,686 343,587
_______ _______
8. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 71,200 61,058
Amounts owed to group undertakings and undertakings in which the company has a participating interest 16,047 16,047
Corporation tax 3,890 25,840
Social security and other taxes 6,110 11,155
Other creditors 122,393 166,701
_______ _______
219,640 280,801
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Carl Jonathan Need - 455 455
_______ _______ _______
2016
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Carl Jonathan Need - - -
_______ _______ _______
10. Controlling party
The company is the under control of Carl Jonathan Need.
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.