Company registration number SC225941 (Scotland)
MI HOUSING SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
MI HOUSING SERVICES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MI HOUSING SERVICES LTD
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,325
438
Current assets
Debtors
4
1,236
4,845
Cash at bank and in hand
54,154
34,628
55,390
39,473
Creditors: amounts falling due within one year
5
(13,216)
(10,026)
Net current assets
42,174
29,447
Net assets
44,499
29,885
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
44,497
29,883
Total equity
44,499
29,885

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 August 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.

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.

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 November 2023 and are signed on its behalf by:
William Dickson
Director
Company Registration No. SC225941
MI HOUSING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information

MI Housing Services Ltd is a private company limited by shares incorporated in Scotland. The registered office is Tanera, Letters Way, Mid Letters, Strachur, Argyll, United Kingdom, PA27 8DP.

1.1
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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

1.2
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 shown inclusive of VAT and other sales related taxes. 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.

1.3
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:

Office equipment
20% 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.

1.4
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.

MI HOUSING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
2
Employees

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

2023
2022
Number
Number
2
2
3
Tangible fixed assets
Office equipment
£
Cost
At 1 September 2022
5,729
Additions
2,469
At 31 August 2023
8,198
Depreciation and impairment
At 1 September 2022
5,291
Depreciation charged in the year
582
At 31 August 2023
5,873
Carrying amount
At 31 August 2023
2,325
At 31 August 2022
438
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,171
615
Other debtors
65
4,230
1,236
4,845
MI HOUSING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
5,257
2,004
Other taxation and social security
-
0
52
Other creditors
6,803
6,725
Accruals and deferred income
1,156
1,245
13,216
10,026
6
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
7
Related party transactions

Dividends totalling £10,000 (2022 - £0) were paid in the year in respect of shares held by the company's directors.

 

Included within other creditors is a loan made to the company by the directors of £6,803 (2022: £2,496). The loan was made on an interest-free basis. The repayment terms have not yet been set.

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