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Registration number: 07406079

Mobile Systems International Solutions Ltd

Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Mobile Systems International Solutions Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 7

 

Mobile Systems International Solutions Ltd

Company Information

Director

F Al Faisal

Registered office

1 Kensington Church Street
London
W8 4LB

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Mobile Systems International Solutions Ltd

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

161,580

392,876

Tangible assets

6

4,560

8,447

 

166,140

401,323

Current assets

 

Debtors

7

5,694

5,081

Cash at bank and in hand

 

18,220

16,565

 

23,914

21,646

Creditors: Amounts falling due within one year

8

(324,373)

(306,542)

Net current liabilities

 

(300,459)

(284,896)

Total assets less current liabilities

 

(134,319)

116,427

Provisions for liabilities

(708)

(1,666)

Net (liabilities)/assets

 

(135,027)

114,761

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(135,028)

114,760

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 director on 14 March 2024
 

.........................................

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

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:
1 Kensington Church Street
London
W8 4LB

The principal activity of the company is that of software development.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 14 March 2024 was Martin Widdowson, who signed for and on behalf of Brebners.

3

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

4

Staff numbers

The average number of persons employed by the company during the year, was 4 (2022 - 8).

 

Mobile Systems International Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2022

883,782

883,782

At 31 March 2023

883,782

883,782

Amortisation

At 1 April 2022

490,906

490,906

Amortisation charge

231,296

231,296

At 31 March 2023

722,202

722,202

Carrying amount

At 31 March 2023

161,580

161,580

At 31 March 2022

392,876

392,876

 

Mobile Systems International Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

32,454

32,454

At 31 March 2023

32,454

32,454

Depreciation

At 1 April 2022

24,007

24,007

Charge for the year

3,887

3,887

At 31 March 2023

27,894

27,894

Carrying amount

At 31 March 2023

4,560

4,560

At 31 March 2022

8,447

8,447

7

Debtors

2023
£

2022
£

Other debtors

5,694

5,081

5,694

5,081

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

283

798

Amounts owed to group undertakings

240,556

113,503

Taxation and social security

44,584

155,972

Other creditors

38,950

36,269

324,373

306,542

9

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.