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COMPANY REGISTRATION NUMBER: SC317233
MHSL Services Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2023
MHSL Services Limited
Financial Statements
Year ended 31 May 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
MHSL Services Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
5,755
5,967
Current assets
Debtors
6
1,081,045
685,006
Cash at bank and in hand
490,347
1,009,865
------------
------------
1,571,392
1,694,871
Creditors: amounts falling due within one year
7
781,752
981,440
------------
------------
Net current assets
789,640
713,431
---------
---------
Total assets less current liabilities
795,395
719,398
Creditors: amounts falling due after more than one year
8
20,169
32,725
Provisions
1,091
1,134
---------
---------
Net assets
774,135
685,539
---------
---------
MHSL Services Limited
Statement of Financial Position (continued)
31 May 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
75
75
Capital redemption reserve
164
164
Profit and loss account
773,896
685,300
---------
---------
Shareholders funds
774,135
685,539
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 January 2024 , and are signed on behalf of the board by:
Mrs F McCulloch
Director
Company registration number: SC317233
MHSL Services Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Abbey Mill Business Centre, Mile End Mill, Suite 4015, 12 Seedhill Road, Paisley, PA1 1JS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
30% straight line
Motor Vehicle
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 15 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 June 2022
10,024
8,250
18,274
Additions
1,422
1,422
--------
-------
--------
At 31 May 2023
11,446
8,250
19,696
--------
-------
--------
Depreciation
At 1 June 2022
10,024
2,283
12,307
Charge for the year
142
1,492
1,634
--------
-------
--------
At 31 May 2023
10,166
3,775
13,941
--------
-------
--------
Carrying amount
At 31 May 2023
1,280
4,475
5,755
--------
-------
--------
At 31 May 2022
5,967
5,967
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
1,019,638
505,072
Other debtors
61,407
179,934
------------
---------
1,081,045
685,006
------------
---------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
100,000
----
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
9,111
Trade creditors
473,606
500,275
Corporation tax
23,028
45,891
Social security and other taxes
11,086
14,779
Other creditors
264,032
411,384
---------
---------
781,752
981,440
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,169
32,725
--------
--------
9. Related party transactions
The company was under the control of the directors during the current and previous year. Dividends of £5,000 (2022 - £60,000) were paid to the directors in the year.