Company registration number 09253056 (England and Wales)
MASSIN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
MASSIN LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
MASSIN LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MASSIN LIMITED FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Massin Limited for the year ended 31 October 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Massin Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Massin Limited and state those matters that we have agreed to state to the Board of Directors of Massin Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Massin Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Massin Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Massin Limited. You consider that Massin Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Massin Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kirk Rice LLP
31 July 2024
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
MASSIN LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,625
10,599
Current assets
Debtors
4
38,122
71,427
Cash at bank and in hand
17,999
26,245
56,121
97,672
Creditors: amounts falling due within one year
5
(62,705)
(49,362)
Net current (liabilities)/assets
(6,584)
48,310
Total assets less current liabilities
(959)
58,909
Creditors: amounts falling due after more than one year
6
(23,387)
(40,086)
Net (liabilities)/assets
(24,346)
18,823
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(24,347)
18,822
Total equity
(24,346)
18,823
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 July 2024
Mr J G Perez
Director
Company registration number 09253056 (England and Wales)
MASSIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Massin Limited is a private company limited by shares incorporated in England and Wales. The registered office is 138 Westleigh Avenue, London, SW15 6UZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover relates to dentistry consultancy services provided and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised in line with the performance of these services.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on cost
Computer equipment
33.33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.
Debtors
Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
Creditors
Creditors are not interest bearing and are included at their nominal value.
MASSIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 November 2022
16,097
10,495
26,592
Additions
455
449
904
At 31 October 2023
16,552
10,944
27,496
Depreciation and impairment
At 1 November 2022
8,307
7,686
15,993
Depreciation charged in the year
4,091
1,787
5,878
At 31 October 2023
12,398
9,473
21,871
Carrying amount
At 31 October 2023
4,154
1,471
5,625
At 31 October 2022
7,790
2,809
10,599
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
31,056
25,669
Other debtors
7,066
45,758
38,122
71,427
MASSIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
16,698
16,100
Trade creditors
1,083
2,467
Taxation and social security
31,927
27,991
Other creditors
12,997
2,804
62,705
49,362
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,387
40,086