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REGISTERED NUMBER: SC185715 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MICROSYS SOLUTIONS LIMITED

MICROSYS SOLUTIONS LIMITED (REGISTERED NUMBER: SC185715)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MICROSYS SOLUTIONS LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: N A Stark
Mrs J M Stark



SECRETARY: Mrs J M Stark



REGISTERED OFFICE: 5 Grange Road
Edinburgh
Midlothian
EH9 1UH



REGISTERED NUMBER: SC185715 (Scotland)



ACCOUNTANTS: Mitchell Edwards
Chartered Certified Accountants
24A Ainslie Place
Edinburgh
EH3 6AJ



BANKERS: Royal Bank of Scotland
206 Bruntsfield Place
Edinburgh
EH10 4DF

MICROSYS SOLUTIONS LIMITED (REGISTERED NUMBER: SC185715)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,906 16,919

CURRENT ASSETS
Stocks 5 2,500 2,000
Debtors 6 181,396 188,087
Cash at bank and in hand 203,613 161,476
387,509 351,563
CREDITORS
Amounts falling due within one year 7 178,700 152,103
NET CURRENT ASSETS 208,809 199,460
TOTAL ASSETS LESS CURRENT
LIABILITIES

223,715

216,379

CREDITORS
Amounts falling due after more than one year 8 (12,593 ) (22,019 )

PROVISIONS FOR LIABILITIES (2,832 ) (4,539 )
NET ASSETS 208,290 189,821

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 207,290 188,821
SHAREHOLDERS' FUNDS 208,290 189,821

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:





N A Stark - Director


MICROSYS SOLUTIONS LIMITED (REGISTERED NUMBER: SC185715)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

Microsys Solutions 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.

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 cost
Motor vehicles - 25% on cost

Heritable property is maintained in a good state of repair and the directors consider the realizable value of the property at the balance sheet date to exceed costs, therefore any depreciation charge would be immaterial.

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
Bank and other loans are shown at amortised cost, with interest and up front charges in connection with the loans being allocated to accounting periods by applying the effective interest rate method.

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 material 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.

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 8 (2023 - 8 ) .

MICROSYS SOLUTIONS LIMITED (REGISTERED NUMBER: SC185715)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 45,915 21,255 67,170
Additions 8,672 - 8,672
Disposals (2,140 ) - (2,140 )
At 31 March 2024 52,447 21,255 73,702
DEPRECIATION
At 1 April 2023 28,996 21,255 50,251
Charge for year 10,685 - 10,685
Eliminated on disposal (2,140 ) - (2,140 )
At 31 March 2024 37,541 21,255 58,796
NET BOOK VALUE
At 31 March 2024 14,906 - 14,906
At 31 March 2023 16,919 - 16,919

5. STOCKS
2024 2023
£    £   
Stocks 2,500 2,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 80,744 74,971
Other debtors 100,652 113,116
181,396 188,087

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans 10,648 10,648
Trade creditors 50,607 40,763
Taxation and social security 68,727 54,136
Other creditors 48,718 46,556
178,700 152,103

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 12,593 22,019

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 12,593 22,019

MICROSYS SOLUTIONS LIMITED (REGISTERED NUMBER: SC185715)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


9. RELATED PARTY DISCLOSURES

Included in Other debtors at 31 March 2024 is a loan due from a company under common control amounting to £85,000 (2023: £96,000). The loan is unsecured, interest free and repayable on demand.

10. BOUNCE BACK LOAN SCHEME

The company borrowed £50,000 under the Governments Bounce Back Loan Scheme. Under the scheme the Government provides the bank with a guarantee that the loan will be repaid in full. Interest is charged at the rate of 2.5% and the loan is repayable by installments as detailed below.

2024 2023
£    £   
< 1 year 10,648 10,648
2-5 years 12,593 22,019
> 5 years - -
23,241 32,667