Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-03-01falseNo description of principal activity11true 09442879 2022-03-01 2023-02-28 09442879 2021-03-01 2022-02-28 09442879 2023-02-28 09442879 2022-02-28 09442879 c:Director1 2022-03-01 2023-02-28 09442879 d:MotorVehicles 2022-03-01 2023-02-28 09442879 d:MotorVehicles 2023-02-28 09442879 d:MotorVehicles 2022-02-28 09442879 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09442879 d:FurnitureFittings 2022-03-01 2023-02-28 09442879 d:FurnitureFittings 2023-02-28 09442879 d:FurnitureFittings 2022-02-28 09442879 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09442879 d:OfficeEquipment 2022-03-01 2023-02-28 09442879 d:OfficeEquipment 2023-02-28 09442879 d:OfficeEquipment 2022-02-28 09442879 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09442879 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09442879 d:CurrentFinancialInstruments 2023-02-28 09442879 d:CurrentFinancialInstruments 2022-02-28 09442879 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09442879 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 09442879 d:ShareCapital 2023-02-28 09442879 d:ShareCapital 2022-02-28 09442879 d:RetainedEarningsAccumulatedLosses 2023-02-28 09442879 d:RetainedEarningsAccumulatedLosses 2022-02-28 09442879 c:FRS102 2022-03-01 2023-02-28 09442879 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 09442879 c:FullAccounts 2022-03-01 2023-02-28 09442879 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 09442879










PIVOT MSL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
PIVOT MSL LIMITED
REGISTERED NUMBER: 09442879

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
50,871
31,550

  
50,871
31,550

Current assets
  

Stocks
  
42,436
-

Debtors: amounts falling due within one year
 6 
327,425
276,239

Cash at bank and in hand
  
378,168
313,286

  
748,029
589,525

Creditors: amounts falling due within one year
 7 
(103,524)
(81,102)

Net current assets
  
 
 
644,505
 
 
508,423

Total assets less current liabilities
  
695,376
539,973

Provisions for liabilities
  

Deferred tax
  
(9,973)
(4,228)

  
 
 
(9,973)
 
 
(4,228)

Net assets
  
685,403
535,745


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
685,402
535,744

  
685,403
535,745

Page 1

 
PIVOT MSL LIMITED
REGISTERED NUMBER: 09442879
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






H Kane
Director

Date: 22 November 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PIVOT MSL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Pivot MSL Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Clockhouse Ground Floor Office 2, Dogflud Way, Farnham, Surrey, GU9 7UD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
PIVOT MSL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
PIVOT MSL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.12

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
PIVOT MSL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


Page 6

 
PIVOT MSL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2022
-
20,187
29,124
49,311


Additions
31,495
165
208
31,868



At 28 February 2023

31,495
20,352
29,332
81,179



Depreciation


At 1 March 2022
-
5,549
12,212
17,761


Charge for the year on owned assets
4,593
3,684
4,270
12,547



At 28 February 2023

4,593
9,233
16,482
30,308



Net book value



At 28 February 2023
26,902
11,119
12,850
50,871



At 28 February 2022
-
14,638
16,912
31,550


5.


Stocks

2023
2022
£
£

Work in progress
42,436
-

42,436
-

Page 7

 
PIVOT MSL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Debtors

2023
2022
£
£


Trade debtors
222,933
119,676

Amounts owed by group undertakings
86,733
84,582

Other debtors
13,610
68,133

Prepayments and accrued income
4,149
3,848

327,425
276,239



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
19,708
19,137

Corporation tax
56,333
50,977

Other taxation and social security
16,278
5,145

Other creditors
8,134
2,772

Accruals and deferred income
3,071
3,071

103,524
81,102


 
Page 8