MS (Distribution) UK Limited - Period Ending 2014-05-31

Registration number: 4455490

MS (Distribution) UK Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2014
 

MS (Distribution) UK Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

  Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
  MS (Distribution) UK Limited
  for the Year Ended 31 May 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MS (Distribution) UK Limited for the year ended 31 May 2014 set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of MS (Distribution) UK Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of MS (Distribution) UK Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MS (Distribution) UK Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MS (Distribution) UK Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MS (Distribution) UK Limited. You consider that MS (Distribution) UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of MS (Distribution) UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

 
  ...........................................................................................
 
  Phipps Henson McAllister
  4 South Bar Street
  Banbury
  Oxfordshire
  OX16 9AA

16 December 2014

Page 1

MS (Distribution) UK Limited
(Registration number: 4455490)
Abbreviated Balance Sheet at 31 May 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					40,874			4,785
Investments					20,074			-
					60,948			4,785
Current assets
Stocks					472,619			143,768
Debtors					877,766			235,961
Cash at bank and in hand					61,059			65,945
					1,411,444			445,674
Creditors: Amounts falling due within one year					(1,156,098)			(307,831)
Net current assets					255,346			137,843
Total assets less current liabilities					316,294			142,628
Creditors: Amounts falling due after more than one year					(75,030)			-
Provisions for liabilities					(8,175)			-
Net assets					233,089			142,628
Capital and reserves
Called up share capital		3			3			3
Profit and loss account					233,086			142,625
Shareholders' funds					233,089			142,628

For the year ending 31 May 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

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

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

MS (Distribution) UK Limited
(Registration number: 4455490)
Abbreviated Balance Sheet at 31 May 2014
......... continued

Approved by the Board on 18 December 2014 and signed on its behalf by:

.........................................
Mr I Bushrod
Director

.........................................
Mr D Austin
Director

.........................................
Mr G Jones
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

MS (Distribution) UK Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% reducing balance
Fixtures, fittings and equipment	25% reducing balance
Office Equipment	25% reducing balance
Plant and machinery	25% reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

MS (Distribution) UK Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 June 2013		7,633			-			7,633
Additions		49,715			20,074			69,789
At 31 May 2014		57,348			20,074			77,422
Depreciation
At 1 June 2013		2,848			-			2,848
Charge for the year		13,626			-			13,626
At 31 May 2014		16,474			-			16,474
Net book value
At 31 May 2014		40,874			20,074			60,948
At 31 May 2013		4,785			-			4,785

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings
Lighteningsoft Limited	Ordinary	75%	Computer installation in events management

The profit for the financial period of Lighteningsoft Limited was £40,488 and the aggregate amount of capital and reserves at the end of the period was £50,143.

Page 5

MS (Distribution) UK Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
ordinary shares of £1 each		3			3			3			3

4	Related party transactions

Directors' advances and credits
 
 Included within Creditors: Amounts falling due within one year are directors' loans as follows: Mr G Jones £45,495 (2013: £9,176), Mr I Bushrod £2,873 (2013: £5,574) and Mr D Austin £71 (2013: £14,252)

The company has also advanced a loan to Lighteningsoft Limited of £23,166 (2013: £ Nil). The loan is interest free and there is no fixed term of repayment.

Page 6