Company registration number 08349760 (England and Wales)
WIRRAL MSK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
WIRRAL MSK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WIRRAL MSK LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,321
1,761
Current assets
Debtors
5
8,045
25,311
Cash at bank and in hand
690
16,309
8,735
41,620
Creditors: amounts falling due within one year
6
(1,140)
(7,730)
Net current assets
7,595
33,890
Total assets less current liabilities
8,916
35,651
Provisions for liabilities
-
0
(335)
Net assets
8,916
35,316
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
8,906
35,306
Total equity
8,916
35,316

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 October 2023 and are signed on its behalf by:
D Price
K Price
Director
Director
Company registration number 08349760 (England and Wales)
WIRRAL MSK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Wirral MSK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Abbots Quay, Monks Ferry, Birkenhead, Wirral, CH41 5LH.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is except from value added tax. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

2.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

WIRRAL MSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2
Accounting policies
(Continued)
- 3 -
2.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

2.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

WIRRAL MSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
2
Accounting policies
(Continued)
- 4 -
2.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
WIRRAL MSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
4
Tangible fixed assets
Computers
£
Cost
At 1 February 2022 and 31 January 2023
5,762
Depreciation and impairment
At 1 February 2022
4,001
Depreciation charged in the year
440
At 31 January 2023
4,441
Carrying amount
At 31 January 2023
1,321
At 31 January 2022
1,761
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
735
Other debtors
7,687
24,576
7,687
25,311
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note )
358
-
0
Total debtors
8,045
25,311
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
-
0
5,090
Other creditors
1,140
2,640
1,140
7,730
WIRRAL MSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
7
Directors' transactions

All advances are unsecured, interest free and there is no formal loan repayment schedule.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's Loan Accounts
-
24,576
13,321
(30,028)
7,869
24,576
13,321
(30,028)
7,869
2023-01-31 2022-02-01 false 03 October 2023 CCH Software CCH Accounts Production 2023.200 No description of principal activity D Price K Price K Price 08349760 2022-02-01 2023-01-31 08349760 2023-01-31 08349760 2022-01-31 08349760 core:ComputerEquipment 2023-01-31 08349760 core:ComputerEquipment 2022-01-31 08349760 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 08349760 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 08349760 core:CurrentFinancialInstruments 2023-01-31 08349760 core:CurrentFinancialInstruments 2022-01-31 08349760 core:ShareCapital 2023-01-31 08349760 core:ShareCapital 2022-01-31 08349760 core:RetainedEarningsAccumulatedLosses 2023-01-31 08349760 core:RetainedEarningsAccumulatedLosses 2022-01-31 08349760 bus:Director1 2022-02-01 2023-01-31 08349760 bus:CompanySecretaryDirector1 2022-02-01 2023-01-31 08349760 core:ComputerEquipment 2022-02-01 2023-01-31 08349760 2021-02-01 2022-01-31 08349760 core:ComputerEquipment 2022-01-31 08349760 core:Non-currentFinancialInstruments 2023-01-31 08349760 core:Non-currentFinancialInstruments 2022-01-31 08349760 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 08349760 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 08349760 bus:FRS102 2022-02-01 2023-01-31 08349760 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 08349760 bus:Director2 2022-02-01 2023-01-31 08349760 bus:CompanySecretary1 2022-02-01 2023-01-31 08349760 bus:FullAccounts 2022-02-01 2023-01-31 xbrli:pure xbrli:shares iso4217:GBP