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REGISTERED NUMBER: 07375292















MSP Automotive Ltd

Unaudited Financial Statements for the Year Ended 30 September 2023






MSP Automotive Ltd (Registered number: 07375292)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MSP Automotive Ltd

Company Information
for the Year Ended 30 September 2023







DIRECTOR: M Sweeney





SECRETARY:





REGISTERED OFFICE: 608 Newark Road
South Hykeham
Lincoln
Lincolnshire
LN6 9NP





REGISTERED NUMBER: 07375292





ACCOUNTANTS: M.D. Cobb F.M.A.A.T.
Cobb & Co Accountants Limited
30 Sleaford Road
Bracebridge Heath
Lincoln
Lincolnshire
LN4 2ND

MSP Automotive Ltd (Registered number: 07375292)

Balance Sheet
30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,938 9,037

CURRENT ASSETS
Debtors 5 3,718 8,958
Cash at bank 66,568 50,919
70,286 59,877
CREDITORS
Amounts falling due within one year 6 55,270 59,534
NET CURRENT ASSETS 15,016 343
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,954

9,380

PROVISIONS FOR LIABILITIES 1,195 1,081
NET ASSETS 22,759 8,299

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 22,758 8,298
22,759 8,299

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

MSP Automotive Ltd (Registered number: 07375292)

Balance Sheet - continued
30 September 2023


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

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 7 March 2024 and were signed by:





M Sweeney - Director


MSP Automotive Ltd (Registered number: 07375292)

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

1. STATUTORY INFORMATION

MSP Automotive Ltd is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 3 ) .

MSP Automotive Ltd (Registered number: 07375292)

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

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2022 21,014 7,000 1,909 29,923
Additions - 23,200 249 23,449
Disposals - (25,000 ) - (25,000 )
At 30 September 2023 21,014 5,200 2,158 28,372
DEPRECIATION
At 1 October 2022 15,211 4,436 1,239 20,886
Charge for year 1,451 563 220 2,234
Eliminated on disposal - (3,686 ) - (3,686 )
At 30 September 2023 16,662 1,313 1,459 19,434
NET BOOK VALUE
At 30 September 2023 4,352 3,887 699 8,938
At 30 September 2022 5,803 2,564 670 9,037

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 3,628 8,958
Other debtors 90 -
3,718 8,958

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade creditors 10,557 14,105
Taxation and social security 18,817 17,015
Other creditors 25,896 28,414
55,270 59,534

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £37,000 (2022 - £61,000) were paid to the director .

8. ULTIMATE CONTROLLING PARTY

The director controls 100% of the issued share capital.