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Registration number: 04910652

MS Ventilation Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

MS Ventilation Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

MS Ventilation Limited

Company Information

Directors

N G Kinsman

J A Nutt

Registered office

2340-2440
The Quadrant
Aztec West
Almondsbury
Bristol
BS32 4AQ

Accountants

Newsham Hanson Accountants Limited
Accountants and Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

MS Ventilation Limited

(Registration number: 04910652)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

45,672

82,410

Current assets

 

Stocks

6

50,000

43,300

Debtors

7

874,150

726,539

Cash at bank and in hand

 

1,169

1,169

 

925,319

771,008

Creditors: Amounts falling due within one year

8

(738,377)

(562,515)

Net current assets

 

186,942

208,493

Total assets less current liabilities

 

232,614

290,903

Creditors: Amounts falling due after more than one year

8

(77,765)

(82,333)

Provisions for liabilities

(11,418)

(15,658)

Net assets

 

143,431

192,912

Capital and reserves

 

Called up share capital

9

20,000

20,000

Retained earnings

123,431

172,912

Shareholders' funds

 

143,431

192,912

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

 

MS Ventilation Limited

(Registration number: 04910652)
Balance Sheet as at 30 September 2023

.........................................
N G Kinsman
Director

.........................................
J A Nutt
Director

 

MS Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2340-2440
The Quadrant
Aztec West
Almondsbury
Bristol
BS32 4AQ

These financial statements were authorised for issue by the Board on 21 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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 taxable income.

 

MS Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% reducing balance basis

Fixtures & Fittings

25% reducing balance basis

Motor Vehicles

25% reducing balance basis

Office equipment

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over 15 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

MS Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

MS Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 13).

 

MS Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 October 2022

50,000

2,500

52,500

At 30 September 2023

50,000

2,500

52,500

Amortisation

At 1 October 2022

50,000

2,500

52,500

At 30 September 2023

50,000

2,500

52,500

Carrying amount

At 30 September 2023

-

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

136,961

107,109

244,070

Additions

665

-

665

Disposals

(82,931)

-

(82,931)

At 30 September 2023

54,695

107,109

161,804

Depreciation

At 1 October 2022

105,493

56,167

161,660

Charge for the year

2,537

12,736

15,273

Eliminated on disposal

(60,801)

-

(60,801)

At 30 September 2023

47,229

68,903

116,132

Carrying amount

At 30 September 2023

7,466

38,206

45,672

At 30 September 2022

31,468

50,942

82,410

Included within the net book value of tangible assets is £35,286 (2022 - £59,423) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £11,762 (2022 - £19,808).

 

MS Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Stocks

2023
£

2022
£

Work in progress

50,000

35,800

Other inventories

-

7,500

50,000

43,300

7

Debtors

Current

2023
£

2022
£

Trade debtors

575,203

450,547

Other debtors

298,947

275,992

 

874,150

726,539

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

97,668

99,234

trade creditors

 

564,306

420,228

Amounts owed to related parties

13,646

10,832

Taxation and social security

 

16,472

12,942

Other creditors

 

46,285

19,279

 

738,377

562,515

Due after one year

 

Loans and borrowings

10

77,765

82,333

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

77,765

82,333

 

MS Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

20,000

20,000

20,000

20,000

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

36,944

32,630

Hire purchase contracts

40,821

49,703

77,765

82,333

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

10,000

Bank overdrafts

88,786

80,352

Hire purchase contracts

8,882

8,882

97,668

99,234