Registered number
11032632
MSEL Services Limited
Filleted Accounts
31 October 2023
MSEL Services Limited
Registered number: 11032632
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 115,483 98,255
Current assets
Debtors 4 181,084 104,884
Cash at bank and in hand 55,993 64,879
237,077 169,763
Creditors: amounts falling due within one year 5 (143,061) (110,671)
Net current assets 94,016 59,092
Total assets less current liabilities 209,499 157,347
Creditors: amounts falling due after more than one year 6 (45,060) (10,649)
Provisions for liabilities (21,869) (18,668)
Net assets 142,570 128,030
Capital and reserves
Called up share capital 100 100
Profit and loss account 142,470 127,930
Shareholders' funds 142,570 128,030
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Boylin
Director
Approved by the board on 13 June 2024
MSEL Services Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance basis
Vehicles 25% reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 3,814 111,616 115,430
Additions 400 73,970 74,370
Disposals - (43,416) (43,416)
At 31 October 2023 4,214 142,170 146,384
Depreciation
At 1 November 2022 1,502 15,673 17,175
Charge for the year 595 23,081 23,676
On disposals - (9,950) (9,950)
At 31 October 2023 2,097 28,804 30,901
Net book value
At 31 October 2023 2,117 113,366 115,483
At 31 October 2022 2,312 95,943 98,255
4 Debtors 2023 2022
£ £
Trade debtors 175,923 104,324
Other debtors 5,161 560
181,084 104,884
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,259 4,259
Obligations under finance lease and hire purchase contracts 8,249 -
Trade creditors 25,723 4,394
Taxation and social security costs 100,191 56,133
Other creditors 4,639 45,885
143,061 110,671
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 6,717 10,649
Obligations under finance lease and hire purchase contracts 38,343 -
45,060 10,649
7 Other information
MSEL Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
27 Fontwell Gardens
Horton Heath
Eastleigh
Hampshire
SO50 7NL
MSEL Services Limited 11032632 false 2022-11-01 2023-10-31 2023-10-31 VT Final Accounts April 2024 M Boylin No description of principal activity 11032632 2021-11-01 2022-10-31 11032632 core:WithinOneYear 2022-10-31 11032632 core:AfterOneYear 2022-10-31 11032632 core:ShareCapital 2022-10-31 11032632 core:RetainedEarningsAccumulatedLosses 2022-10-31 11032632 2022-11-01 2023-10-31 11032632 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 11032632 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 11032632 bus:Director40 2022-11-01 2023-10-31 11032632 1 2022-11-01 2023-10-31 11032632 2 2022-11-01 2023-10-31 11032632 core:PlantMachinery 2022-11-01 2023-10-31 11032632 core:Vehicles 2022-11-01 2023-10-31 11032632 countries:England 2022-11-01 2023-10-31 11032632 bus:FRS102 2022-11-01 2023-10-31 11032632 bus:FilletedAccounts 2022-11-01 2023-10-31 11032632 2023-10-31 11032632 core:WithinOneYear 2023-10-31 11032632 core:AfterOneYear 2023-10-31 11032632 core:ShareCapital 2023-10-31 11032632 core:RetainedEarningsAccumulatedLosses 2023-10-31 11032632 core:PlantMachinery 2023-10-31 11032632 core:Vehicles 2023-10-31 11032632 2022-10-31 11032632 core:PlantMachinery 2022-10-31 11032632 core:Vehicles 2022-10-31 iso4217:GBP xbrli:pure