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REGISTERED NUMBER: SC163023 (Scotland)















Abridged Unaudited Financial Statements for the Year Ended 30 June 2023

for

MSL (Scotland) Limited

MSL (Scotland) Limited (Registered number: SC163023)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


MSL (Scotland) Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: D R Sharp



SECRETARY: Mrs D L Sharp



REGISTERED OFFICE: 14 Rutland Square
Edinburgh
EH1 2BD



REGISTERED NUMBER: SC163023 (Scotland)



ACCOUNTANTS: Gibson McKerrell Brown LLP
Chartered Accountants
14 Rutland Square
Edinburgh
Midlothian
EH1 2BD



BANKERS: The Royal Bank of Scotland
68 East Main Street
Broxburn
EH52 5EG

MSL (Scotland) Limited (Registered number: SC163023)

Abridged Statement of Financial Position
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 271,972 255,521

CURRENT ASSETS
Stocks 10,460 4,166
Debtors 501,233 574,368
Cash at bank 149,416 268,245
661,109 846,779
CREDITORS
Amounts falling due within one year 288,944 367,913
NET CURRENT ASSETS 372,165 478,866
TOTAL ASSETS LESS CURRENT
LIABILITIES

644,137

734,387

CREDITORS
Amounts falling due after more than one
year

5

(95,960

)

(49,158

)

PROVISIONS FOR LIABILITIES 6 (52,669 ) (47,767 )
NET ASSETS 495,508 637,462

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 12,900 12,900
Capital redemption reserve 85 85
Retained earnings 482,423 624,377
SHAREHOLDERS' FUNDS 495,508 637,462

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MSL (Scotland) Limited (Registered number: SC163023)

Abridged Statement of Financial Position - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 January 2024 and were signed by:





D R Sharp - Director


MSL (Scotland) Limited (Registered number: SC163023)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

MSL (Scotland) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is attributable to the company's principal activity of haulage and handling services.

Tangible fixed assets
Tangible fixed assets are initially measured at cost. Cost includes the original purchase price and costs directly attributable to bringing the asset to its present location and into its present condition. After initial recognition, the assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. Freehold properties are subsequently measured at their revalued amount, being the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is provided by equal instalments at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. Land is not depreciated.

Motor vehicles -25% reducing balance
Plant and machinery -25% reducing balance

Depreciation and impairment losses are charged to the Income Statement within administrative expenses.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables, loans from banks and other third parties.

At the end of each reporting period, financial assets that are measured at cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows arising from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party.

Financial liabilities are measured at amortised cost less any accumulated impairment losses. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires


MSL (Scotland) Limited (Registered number: SC163023)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial Position as substantially all of the risks and rewards incidental to ownership have been transferred from the leasing company.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to Income Statement in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 22 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2022 988,981
Additions 114,875
Disposals (72,500 )
At 30 June 2023 1,031,356
DEPRECIATION
At 1 July 2022 733,460
Charge for year 65,289
Eliminated on disposal (39,365 )
At 30 June 2023 759,384
NET BOOK VALUE
At 30 June 2023 271,972
At 30 June 2022 255,521

MSL (Scotland) Limited (Registered number: SC163023)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 July 2022 471,490
Additions 114,875
Disposals (72,500 )
Transfer to ownership (255,000 )
At 30 June 2023 258,865
DEPRECIATION
At 1 July 2022 262,795
Charge for year 45,307
Eliminated on disposal (39,365 )
Transfer to ownership (190,287 )
At 30 June 2023 78,450
NET BOOK VALUE
At 30 June 2023 180,415
At 30 June 2022 208,695

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
30.6.23 30.6.22
£    £   

Repayable by instalments
Bank loans more 5 yr by instal - 494

6. PROVISIONS FOR LIABILITIES
30.6.23 30.6.22
£    £   
Deferred tax 52,669 47,767

Deferred
tax
£   
Balance at 1 July 2022 47,767
Provided during year 4,902
Accelerated capital allowances
Balance at 30 June 2023 52,669

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £27,000, (2022 - £2,000) were paid to the director.

During the year the company paid rent totalling £30,000 (2022 - £29,059) to Balgreen Motor Works Limited, of which D R Sharp is a director and minority shareholder.