25 01/01/2023 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI045084 2023-01-01 2023-12-31 NI045084 2023-12-31 NI045084 2022-12-31 NI045084 2022-01-01 2022-12-31 NI045084 2022-12-31 NI045084 2021-12-31 NI045084 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 NI045084 core:PlantMachinery 2023-01-01 2023-12-31 NI045084 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI045084 core:MotorVehicles 2023-01-01 2023-12-31 NI045084 bus:RegisteredOffice 2023-01-01 2023-12-31 NI045084 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 NI045084 bus:Director1 2023-01-01 2023-12-31 NI045084 bus:CompanySecretary1 2023-01-01 2023-12-31 NI045084 core:WithinOneYear 2023-12-31 NI045084 core:WithinOneYear 2022-12-31 NI045084 core:ShareCapital 2023-12-31 NI045084 core:ShareCapital 2022-12-31 NI045084 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI045084 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI045084 bus:SmallEntities 2023-01-01 2023-12-31 NI045084 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI045084 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI045084 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI045084 bus:AbridgedAccounts 2023-01-01 2023-12-31
Company registration number: NI045084
MMS NI LTD
Unaudited filleted abridged financial statements
31 December 2023
MMS NI LTD
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
MMS NI LTD
Directors and other information
Director Mark McSwiggan
Secretary Lisa McSwiggan
Company number NI045084
Registered office 6 Creagh Industrial Park
Hillhead Road
Toomebridge
Co Antrim
BT41 3UF
Accountants ASM (D) Ltd
79 Cunninghams Lane
Dungannon
Co Tyrone
BT71 6BX
Bankers Danske Bank
Ballymena Finance Centre
18 Ballymoney Road
Ballymena
BT43 5BY
Solicitors Collins Solicitors
9a Broad Street
Magherafelt
MMS NI LTD
Report to the director on the preparation of the
unaudited statutory financial statements of MMS NI LTD
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MMS NI LTD for the year ended 31 December 2023 as set out on pages 5 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of MMS NI LTD, as a body, in accordance with the terms of our engagement letter dated 5 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of MMS NI LTD and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland, as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MMS NI LTD and its director as a body for our work or for this report.
It is your duty to ensure that MMS NI LTD 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 MMS NI LTD. You consider that MMS NI LTD 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 MMS NI LTD. 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.
ASM (D) Ltd
Chartered Accountants
79 Cunninghams Lane
Dungannon
Co Tyrone
BT71 6BX
26 April 2024
MMS NI LTD
Abridged statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 5,653 -
Tangible assets 6 521,902 332,410
________ ________
527,555 332,410
Current assets
Stocks 1,307,656 1,124,153
Debtors 2,544,020 1,412,109
Cash at bank and in hand 629 -
________ ________
3,852,305 2,536,262
Creditors: amounts falling due
within one year 7 ( 1,923,725) ( 601,829)
________ ________
Net current assets 1,928,580 1,934,433
________ ________
Total assets less current liabilities 2,456,135 2,266,843
Provisions for liabilities ( 114,192) ( 83,103)
Accruals and deferred income - -
________ ________
Net assets 2,341,943 2,183,740
________ ________
Capital and reserves
Called up share capital 10 10
Profit and loss account 2,341,933 2,183,730
________ ________
Shareholders funds 2,341,943 2,183,740
________ ________
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.
All of the members have consented to the preparation of the abridged income statement and the abridged statement of financial position for the current year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 26 April 2024 , and are signed on behalf of the board by:
Mark McSwiggan
Director
Company registration number: NI045084
MMS NI LTD
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in N Ireland. The address of the registered office is 6 Creagh Industrial Park, Hillhead Road, Toomebridge, Co Antrim, BT41 3UF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant,tools and office equipment - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2022: 22 ).
5. Intangible assets
£
Cost
At 1 January 2023 -
Additions 5,653
________
At 31 December 2023 5,653
________
Amortisation
At 1 January 2023 and 31 December 2023 -
________
Carrying amount
At 31 December 2023 5,653
________
At 31 December 2022 -
________
6. Tangible assets
£
Cost
At 1 January 2023 1,123,056
Additions 316,862
________
At 31 December 2023 1,439,918
________
Depreciation
At 1 January 2023 790,646
Charge for the year 127,370
________
At 31 December 2023 918,016
________
Carrying amount
At 31 December 2023 521,902
________
At 31 December 2022 332,410
________
7. Creditors: amounts falling due within one year
Bank loans and overdrafts of £402,346 (2022 : £78,355) are secured by a fixed charge over the book debts of the company and a floating charge over the assets of the company.