Company Registration No. 09065017 (England and Wales)
MSE Cartech Limited
Unaudited accounts
for the year ended 31 May 2023
MSE Cartech Limited
Unaudited accounts
Contents
MSE Cartech Limited
Company Information
for the year ended 31 May 2023
Directors
Mr. S. Essery
Mr. M. Stallwood
Company Number
09065017 (England and Wales)
Registered Office
Heartoak House
21a Totteridge Lane
High Wycombe
HP13 7QD
Accountants
The Straightener Limited
83 Ducie Street
Manchester
M1 2JQ
MSE Cartech Limited
Statement of financial position
as at 31 May 2023
Tangible assets
12,717
22,339
Cash at bank and in hand
72,687
30,385
Creditors: amounts falling due within one year
(63,231)
(46,312)
Net current assets
24,815
5,697
Total assets less current liabilities
37,532
28,036
Creditors: amounts falling due after more than one year
(15,776)
(23,512)
Provisions for liabilities
Deferred tax
(2,417)
(4,245)
Called up share capital
4
4
Profit and loss account
19,335
275
Shareholders' funds
19,339
279
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2024 and were signed on its behalf by
Mr. S. Essery
Director
Company Registration No. 09065017
MSE Cartech Limited
Notes to the Accounts
for the year ended 31 May 2023
MSE Cartech Limited is a private company, limited by shares, registered in England and Wales, registration number 09065017. The registered office is Heartoak House, 21a Totteridge Lane, High Wycombe, HP13 7QD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% per annum straight line
Motor vehicles
20% per annum straight line
Computer equipment
20% per annum straight line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
MSE Cartech Limited
Notes to the Accounts
for the year ended 31 May 2023
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2022
54,049
57,805
5,463
117,317
Additions
9,565
500
-
10,065
Disposals
-
(53,738)
-
(53,738)
At 31 May 2023
63,614
4,567
5,463
73,644
At 1 June 2022
50,208
41,959
2,811
94,978
Charge for the year
3,000
417
823
4,240
On disposals
-
(38,291)
-
(38,291)
At 31 May 2023
53,208
4,085
3,634
60,927
At 31 May 2023
10,406
482
1,829
12,717
At 31 May 2022
3,841
15,846
2,652
22,339
Amounts falling due within one year
Trade debtors
5,392
12,528
Accrued income and prepayments
895
596
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
8,580
8,760
Trade creditors
8,630
7,518
Taxes and social security
24,573
19,351
Loans from directors
19,098
8,883
7
Creditors: amounts falling due after more than one year
2023
2022
MSE Cartech Limited
Notes to the Accounts
for the year ended 31 May 2023
8
Operating lease commitments
2023
2022
At 31 May 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
24,696
24,696
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Amounts due to director
19,905
14,057
24,511
9,451
Amounts due (from)/to director
(11,022)
35,613
14,944
9,647
8,883
49,670
39,455
19,098
10
Average number of employees
During the year the average number of employees was 3 (2022: 4).