Registration number:
Mobile Systems International Solutions Ltd
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Brebners
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Mobile Systems International Solutions Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Mobile Systems International Solutions Ltd
Company Information
Director |
F Al Faisal |
Registered office |
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Auditor |
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Mobile Systems International Solutions Ltd
Statement of Financial Position as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
(135,028) |
114,760 |
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Shareholders' (deficit)/funds |
(135,027) |
114,761 |
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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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F Al Faisal
Director
Company registration number: 07406079
Mobile Systems International Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of software development.
Audit Report |
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
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.
Going concern
The company made a loss for the year ended 31 March 2023 and had net liabilities of £135,027 at that date.
At 31 March 2023 an amount of £240,556 was due to group undertakings.
The company is actively negotiating terms on several projects which the director is hopeful will lead to future profitability. The group has committed to supporting the company for a period of at least 12 months from the approval of the financial statements and to not call for repayment until such time as the company has sufficient working capital.
Based on the above, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis has been adopted in preparing the financial statements.
Mobile Systems International Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for thee 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 based upon the contracted stage of completion once the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.
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 statement of financial position 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 |
Furniture, fittings and equipment |
25-30% straight line |
Mobile Systems International Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
Intangible assets
Software development costs that relate to capitalised salary costs are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
In particular salary costs are capitalised as an intangible asset only when all of the following criteria are met:
• It is technically feasible to complete the intangible asset so that it will be available for use or sale;
• There is the intention to complete the intangible asset and use or sell it;
• There is the ability to use or sell the intangible asset;
• The use or sale of the intangible asset will generate probable future economic benefits;
• There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
• The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
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. Amortisation is provided from the point at which the intangible assets are brought into useful economic life and start to generate revenue.
Asset class |
Amortisation method and rate |
Software Development costs |
25% straight line |
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.
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.
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.
Staff numbers |
The average number of persons employed by the company during the year, was
Mobile Systems International Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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Amortisation charge |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Mobile Systems International Solutions Ltd
Notes to the Financial Statements for the Year Ended 31 March 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Debtors |
2023 |
2022 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Related party transactions |
In accordance with FRS102 paragraph 1AC.35, exemption is taken not to disclose transactions in the year or amounts falling due between wholly owned undertakings.