Company registration number 07673279 (England and Wales)
MOBILE SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
MOBILE SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MOBILE SOLUTIONS LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,766
3,729
Current assets
Debtors
6
239,432
204,765
Cash at bank and in hand
69,699
114,543
309,131
319,308
Creditors: amounts falling due within one year
7
(139,570)
(151,357)
Net current assets
169,561
167,951
Total assets less current liabilities
173,327
171,680
Creditors: amounts falling due after more than one year
8
(25,007)
(20,943)
Net assets
148,320
150,737
Capital and reserves
Called up share capital
9
186,450
186,450
Profit and loss reserves
(38,130)
(35,713)
Total equity
148,320
150,737

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 year ended 31 July 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 year 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.

MOBILE SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 April 2024
Mr I M Kenny
Director
Company Registration No. 07673279
MOBILE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Mobile Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Haldane Centre, Halesfield 2, Telford, Shropshire, TF7 4QH.

1.1
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.

1.2
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.

1.3
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
MOBILE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and bank only.

1.7
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade debtors, corporation tax recoverable, other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 bank loans, trade creditors, corporation tax, other taxation and social security, other creditors, and deferred taxation, 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

MOBILE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.9
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MOBILE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
6
4
Director's remuneration
2023
2022
£
£
Remuneration paid to directors
66,100
97,313
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022
16,268
Additions
1,157
At 31 July 2023
17,425
Depreciation and impairment
At 1 August 2022
12,539
Depreciation charged in the year
1,120
At 31 July 2023
13,659
Carrying amount
At 31 July 2023
3,766
At 31 July 2022
3,729
MOBILE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
100,152
83,463
Corporation tax recoverable
20,186
15,447
Other debtors
97,311
83,167
217,649
182,077
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
21,783
22,688
Total debtors
239,432
204,765
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
22,885
47,891
Trade creditors
5,700
5,197
Corporation tax
4,739
-
0
Other taxation and social security
30,447
30,115
Other creditors
75,799
68,154
139,570
151,357
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
25,007
20,943
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
450
450
450
450
Ordinary A shares of £1000 each
150
150
150,000
150,000
Ordinary B shares of £750 each
48
48
36,000
36,000
648
648
186,450
186,450
MOBILE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
10
Related party transactions

During the year, the company incurred consultancy costs of £12,500 (2022 - £28,000) which were invoiced by a director and shareholder of the company.

11
Directors' transactions

The directors loan below is unsecured and repayable on demand.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' loan
-
82,516
70,552
(56,512)
96,556
82,516
70,552
(56,512)
96,556
2023-07-312022-08-01false22 April 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr I M Kennyfalsefalse076732792022-08-012023-07-31076732792023-07-31076732792022-07-3107673279core:OtherPropertyPlantEquipment2023-07-3107673279core:OtherPropertyPlantEquipment2022-07-3107673279core:ShareCapital2023-07-3107673279core:ShareCapital2022-07-3107673279core:RetainedEarningsAccumulatedLosses2023-07-3107673279core:RetainedEarningsAccumulatedLosses2022-07-3107673279core:ShareCapitalOrdinaryShares2023-07-3107673279core:ShareCapitalOrdinaryShares2022-07-3107673279bus:Director12022-08-012023-07-3107673279core:PlantMachinery2022-08-012023-07-3107673279core:FurnitureFittings2022-08-012023-07-3107673279core:ComputerEquipment2022-08-012023-07-31076732792021-08-012022-07-3107673279core:OtherPropertyPlantEquipment2022-07-3107673279core:OtherPropertyPlantEquipment2022-08-012023-07-3107673279core:CurrentFinancialInstruments2023-07-3107673279core:CurrentFinancialInstruments2022-07-3107673279core:WithinOneYear2023-07-3107673279core:WithinOneYear2022-07-3107673279core:AfterOneYear2023-07-3107673279core:AfterOneYear2022-07-3107673279core:Non-currentFinancialInstruments2023-07-3107673279core:Non-currentFinancialInstruments2022-07-3107673279bus:PrivateLimitedCompanyLtd2022-08-012023-07-3107673279bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3107673279bus:FRS1022022-08-012023-07-3107673279bus:AuditExemptWithAccountantsReport2022-08-012023-07-3107673279bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP