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Registration number: 03990895

Managed Operations AI Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Managed Operations AI Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Financial Statements

4 to 8

Share capital and reserves

8

Paragraph

8

 

Managed Operations AI Ltd

Company Information

Director

RH White

Company secretary

Banstead Registrars Limited

Registered office

Salatin House
19 Cedar Road
Sutton
England
SM2 5DA

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Managed Operations AI Ltd

(Registration number: 03990895)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Non-current assets

 

Property, plant and equipment

4

139,931

111,436

Current assets

 

Receivables

5

423,935

391,884

Cash at bank and in hand

 

333,556

389,587

 

757,491

781,471

Payables: Amounts falling due within one year

6

(242,451)

(225,913)

Net current assets

 

515,040

555,558

Total assets less current liabilities

 

654,971

666,994

Payables: Amounts falling due after more than one year

6

(281,973)

(369,313)

Provisions for liabilities

(34,982)

(21,172)

Net assets

 

338,016

276,509

Equity

 

Called up share capital

7

100

100

Retained earnings

337,916

276,409

Total equity

 

338,016

276,509

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income statement.

 

Managed Operations AI Ltd

(Registration number: 03990895)
Statement of Financial Position as at 31 March 2024 (continued)

The financial statements of Managed Operations AI Ltd were approved and authorised for issue by the director on 19 July 2024
 

.........................................

RH White
Director

 

Managed Operations AI Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

1

General information

Managed Operations AI Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus she continues to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pounds sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pounds sterling (£).

Judgements and key sources of estimation uncertainty

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities and is net of Value Added Tax.

Taxation

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Managed Operations AI Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on cost

Fixtures and fittings

20% on cost

Motor vehicles

20% on cost

Computer equipment

33.3% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank on hand and call deposits.

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Inventories

Stocks are valued at the lower of cost and estimated selling price, after making due allowance for obsolete and slow moving items.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Hire purchase and leasing commitments

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Managed Operations AI Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Property, plant and equipment

Fixtures and fittings
 £

Plant and machinery
£

Computer equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

3,698

13,999

4,948

184,315

206,960

Additions

1,533

2,438

-

69,230

73,201

Disposals

-

-

-

(24,800)

(24,800)

At 31 March 2024

5,231

16,437

4,948

228,745

255,361

Depreciation

At 1 April 2023

2,075

13,948

3,772

75,729

95,524

Charge for the year

846

539

715

37,646

39,746

Eliminated on disposal

-

-

-

(19,840)

(19,840)

At 31 March 2024

2,921

14,487

4,487

93,535

115,430

Carrying amount

At 31 March 2024

2,310

1,950

461

135,210

139,931

At 31 March 2023

1,623

51

1,176

108,586

111,436

 

Managed Operations AI Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

5

Receivables

2024
£

2023
£

Trade receivables

288,718

255,018

Other receivables

121,135

125,000

Prepayments

14,082

11,866

423,935

391,884

6

Payables

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

46,120

45,363

Trade payables

 

8,366

15,143

Social security and other taxes

 

-

3,472

Other payables

 

135,661

151,988

Accruals

 

1,650

1,580

Corporation tax

50,654

8,367

 

242,451

225,913

Due after one year

 

Loans and borrowings

85,229

63,028

Other non-current financial liabilities

 

196,744

306,285

 

281,973

369,313

Included in other payables is an amount due to Service Crew Ltd, a company under common control, of £nil (2023: £82,200).

 

Managed Operations AI Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024 (continued)

7

Share capital and reserves

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

The company has one class of share capital which carries no right to fixed income.

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.