REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1ST SEPTEMBER 2021 TO 28TH FEBRUARY 2023 |
FOR |
M.S. TECHNOLOGIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1ST SEPTEMBER 2021 TO 28TH FEBRUARY 2023 |
FOR |
M.S. TECHNOLOGIES LIMITED |
M.S. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 02019317) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST SEPTEMBER 2021 TO 28TH FEBRUARY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
M.S. TECHNOLOGIES LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1ST SEPTEMBER 2021 TO 28TH FEBRUARY 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Portland House |
11-13 Station Road |
Kettering |
Northamptonshire |
NN15 7HH |
M.S. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 02019317) |
BALANCE SHEET |
28TH FEBRUARY 2023 |
2023 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
M.S. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 02019317) |
BALANCE SHEET - continued |
28TH FEBRUARY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
M.S. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 02019317) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST SEPTEMBER 2021 TO 28TH FEBRUARY 2023 |
1. | STATUTORY INFORMATION |
M.S. Technologies Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historic cost basis. |
The financial statements have been prepared on a going concern basis not withstanding that at 28 February 2023 the company had net current liabilities of £52,618. The director believes this basis to be appropriate and has agreed to provide funds as necessary to meet the day to day running costs of the business for the foreseeable future. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company is party to only basic financial instruments such as cash, trade debtors and creditors, and bank loans. Instruments such as trade debtors and creditors are initially recognised at their transaction cost and reviewed at the year end for impairment. Debt instruments not repayable on demand or due within one year, such as bank loans, are measured at amortised cost using the effective interest rate. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
M.S. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 02019317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST SEPTEMBER 2021 TO 28TH FEBRUARY 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
M.S. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 02019317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST SEPTEMBER 2021 TO 28TH FEBRUARY 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1st September 2021 |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
Revaluations |
At 28th February 2023 |
DEPRECIATION |
At 1st September 2021 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 28th February 2023 |
NET BOOK VALUE |
At 28th February 2023 |
At 31st August 2021 |
Cost or valuation at 28th February 2023 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2020 | 524,968 | - | - | 524,968 |
Valuation in 2021 | 250,000 | - | - | 250,000 |
Valuation in 2023 | 50,000 | - | - | 50,000 |
Cost | 225,032 | 4,650 | 63,841 | 293,523 |
1,050,000 | 4,650 | 63,841 | 1,118,491 |
Freehold land and buildings were valued on an open market basis on 28th February 2023 by the director . |
M.S. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 02019317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST SEPTEMBER 2021 TO 28TH FEBRUARY 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST OR VALUATION |
At 1st September 2021 |
Transfer to ownership | (15,960 | ) |
At 28th February 2023 |
DEPRECIATION |
Charge for period |
Transfer to ownership | (3,092 | ) |
At 28th February 2023 |
NET BOOK VALUE |
At 28th February 2023 |
At 31st August 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2021 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
M.S. TECHNOLOGIES LIMITED (REGISTERED NUMBER: 02019317) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST SEPTEMBER 2021 TO 28TH FEBRUARY 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2021 |
£ | £ |
Hire purchase contracts |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1st September 2021 |
Revaluation in year | 40,500 |
At 28th February 2023 |