MSR Developments Ltd 05286785 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property development. Digita Accounts Production Advanced 6.30.9574.0 true true 05286785 2023-04-01 2024-03-31 05286785 2024-03-31 05286785 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-03-31 05286785 core:CurrentFinancialInstruments 2024-03-31 05286785 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05286785 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05286785 bus:SmallEntities 2023-04-01 2024-03-31 05286785 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05286785 bus:FilletedAccounts 2023-04-01 2024-03-31 05286785 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05286785 bus:RegisteredOffice 2023-04-01 2024-03-31 05286785 bus:Director2 2023-04-01 2024-03-31 05286785 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-04-01 2024-03-31 05286785 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05286785 core:MotorVehicles 2023-04-01 2024-03-31 05286785 countries:England 2023-04-01 2024-03-31 05286785 2022-04-01 2023-03-31 05286785 2023-03-31 05286785 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-03-31 05286785 core:CurrentFinancialInstruments 2023-03-31 05286785 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05286785 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05286785

MSR Developments Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

MSR Developments Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

MSR Developments Ltd

(Registration number: 05286785)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Stocks

1,050,000

1,050,000

Debtors

-

450

Cash at bank and in hand

 

3,805

6,609

 

1,053,805

1,057,059

Creditors: Amounts falling due within one year

4.1

(554,527)

(554,947)

Total assets less current liabilities

 

499,278

502,112

Creditors: Amounts falling due after more than one year

4.2

(341,735)

(355,613)

Accruals and deferred income

 

(10,525)

(10,525)

Net assets

 

147,018

135,974

Capital and reserves

 

Called up share capital

5

3

3

Retained earnings

147,015

135,971

Shareholders' funds

 

147,018

135,974

 

MSR Developments Ltd

(Registration number: 05286785)
Abridged Balance Sheet as at 31 March 2024

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.

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 Profit and Loss Account.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 19 August 2024
 

.........................................
Mr M S Tariq
Director

 

MSR Developments Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Ryding Gate
Ilkley Road
Riddlesden
Keighley
West Yorkshire
BD20 5RE

These financial statements were authorised for issue by the director on 19 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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.

The current 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.

 

MSR Developments Ltd

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

Depreciation

Asset class

Depreciation method and rate

Motor vehicles

25% pa reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

MSR Developments Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts which are secured of £15,742 (2023 - £15,635).

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts which are secured of £341,735 (2023 - £355,613).

Creditors include bank loans repayable by instalments of £269,686 (2023 - £288,010) due after more than five years.

 

MSR Developments Ltd

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

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3