Registered number
04075163
Microsolv Systems Limited
Filleted Accounts
31 August 2023
Microsolv Systems Limited
Registered number: 04075163
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,030 1,545
Current assets
Stocks 20,936 11,967
Debtors 4 64,985 43,448
Cash at bank and in hand 82,696 79,040
168,617 134,455
Creditors: amounts falling due within one year 5 (154,462) (97,120)
Net current assets 14,155 37,335
Net assets 15,185 38,880
Capital and reserves
Called up share capital 170 170
Share premium 14,964 14,964
Profit and loss account 51 23,746
Shareholders' funds 15,185 38,880
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C. Bartles-Smith
Director
Approved by the board on 11 October 2023
Microsolv Systems Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment Over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022 49,256
At 31 August 2023 49,256
Depreciation
At 1 September 2022 47,711
Charge for the year 515
At 31 August 2023 48,226
Net book value
At 31 August 2023 1,030
At 31 August 2022 1,545
4 Debtors 2023 2022
£ £
Trade debtors 53,518 32,939
Other debtors 11,467 10,509
64,985 43,448
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 45,680 39,644
Taxation and social security costs 37,576 34,558
Other creditors 71,206 22,918
154,462 97,120
Lloyds Bank PLC has a debenture to secure an overdraft facility.
6 Controlling party
The PSCs of the Company are Cherry Bartles-Smith and Mark Hofert
7 Other information
Microsolv Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
Old School House,
The Lanterns Bridge Lane,
London,
SW11 3AD
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