Company Registration No. SC617593 (Scotland)
MOBILE STEAM SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 6 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MOBILE STEAM SERVICES LIMITED
CONTENTS
Page
Balance sheet
3
Notes to the financial statements
4 - 6
MOBILE STEAM SERVICES LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 6 NOVEMBER 2023
- 1 -
The director presents his annual report and financial statements for the period 6 November 2023.
Principal activities
The principal activity of the company was that of design engineering services and specialised cleaning services.
The company ceased trading on 1 July 2022.
Director
The director who held office during the period 6 November 2023 and up to the date of signature of the financial statements was as follows:
Mr A Simionov
Director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr A Simionov
Director
8 March 2024
MOBILE STEAM SERVICES LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF MOBILE STEAM SERVICES LIMITED
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mobile Steam Services Limited for the period 6 November 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Mobile Steam Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Mobile Steam Services Limited and state those matters that we have agreed to state to the Board of Directors of Mobile Steam Services Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mobile Steam Services Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Mobile Steam Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mobile Steam Services Limited. You consider that Mobile Steam Services Limited is exempt from the statutory audit requirement for the period 6 November 2023.
We have not been instructed to carry out an audit or a review of the financial statements of Mobile Steam Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
M&S Accountancy and Taxation Ltd
Chartered Tax Advisers and Accountants
Unit 26
Dunfermline Business Centre
Dunfermline
Fife
KY11 3BZ
8 March 2024
MOBILE STEAM SERVICES LIMITED
BALANCE SHEET
AS AT
6 NOVEMBER 2023
06 November 2023
- 3 -
6 November 2023
31 January 2023
Notes
£
£
£
£
Current assets
Debtors
8,698
31,361
Cash at bank and in hand
15
1,596
8,713
32,957
Creditors: amounts falling due within one year
(2,410)
(16,455)
Net current assets
6,303
16,502
Capital and reserves
Called up share capital
4
100
100
Profit and loss reserves
6,203
16,402
Total equity
6,303
16,502
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period 6 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 period 6 November 2023 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 and signed by the director and authorised for issue on 8 March 2024
Mr A Simionov
Director
Company registration number SC617593 (Scotland)
MOBILE STEAM SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
Mobile Steam Services Limited is a private company limited by shares incorporated in Scotland. The registered office is 4 Stephens Park, Inverkeithing, Fife, Scotland, KY11 1FB.
1.1
Reporting period
The company has shortened its year end to 6 November 2023, as it has ceased trading.
As the comparative figures presented in the financial statements cover a 12 month period these are not directly comparable with those for the final period of trading.
1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.3
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
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 net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue is recognised when the company has entitlement to the income in exchange for provision of services.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
MOBILE STEAM SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.7
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period 6 November 2023 was:
2023
2023
Number
Number
Total
2
3
MOBILE STEAM SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 NOVEMBER 2023
- 6 -
3
Taxation
2023
2023
£
£
Current tax
UK corporation tax on profits for the current period
446
4,012
4
Called up share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
80
80
80
80
B Ordinary of £1 each
20
20
20
20
100
100
100
100