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COMPANY REGISTRATION NUMBER: 05849995
MS Developments (Wales) Limited
Filleted Unaudited Abridged Financial Statements
30 June 2023
MS Developments (Wales) Limited
Abridged Financial Statements
Year ended 30 June 2023
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
MS Developments (Wales) Limited
Abridged Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Current assets
Stocks
211,264
211,264
Cash at bank and in hand
722
2,146
---------
---------
211,986
213,410
Creditors: amounts falling due within one year
106,512
106,740
---------
---------
Net current assets
105,474
106,670
---------
---------
Total assets less current liabilities
105,474
106,670
Creditors: amounts falling due after more than one year
Bank loans and overdrafts
169,428
172,293
---------
---------
Net liabilities
( 63,954)
( 65,623)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 63,956)
( 65,625)
--------
--------
Shareholders deficit
( 63,954)
( 65,623)
--------
--------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.
MS Developments (Wales) Limited
Abridged Statement of Financial Position (continued)
30 June 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 8 March 2024 , and are signed on behalf of the board by:
Mr M.G. Sawkins
Mr M.A. Stephens
Director
Director
Company registration number: 05849995
MS Developments (Wales) Limited
Notes to the Abridged Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, NP20 4SF.
2. Statement of compliance
These abridged 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 accounts have been prepared on the going concern basis. The directors have reviewed the financial position of the company including projections for future trading and obtained suitable assurances from the lenders.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Contingencies
A mortgage registered on 14th July 2006 by Monmouthshire Building Society provides a fixed charge over the company's property at 41 Stow Hill, Newport NP20 1JH on all monies due or to become due from the company to the chargee on any account whatsoever.
5. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr M.G. Sawkins
( 52,554)
144
( 52,410)
Mr M.A. Stephens
( 52,554)
144
( 52,410)
---------
----
---------
( 105,108)
288
( 104,820)
---------
----
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr M.G. Sawkins
( 52,296)
( 258)
( 52,554)
Mr M.A. Stephens
( 52,297)
( 257)
( 52,554)
---------
----
---------
( 104,593)
( 515)
( 105,108)
---------
----
---------
6. Related party transactions
The company was under the control of the directors throughout the period. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.