21 10 September 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 57,674 13,172 12,715 25,887 31,787 44,502 xbrli:pure xbrli:shares iso4217:GBP 06783784 2023-01-01 2023-12-31 06783784 2023-12-31 06783784 2022-12-31 06783784 2022-01-01 2022-12-31 06783784 2022-12-31 06783784 2021-12-31 06783784 core:FurnitureFittings 2023-01-01 2023-12-31 06783784 bus:Director4 2023-01-01 2023-12-31 06783784 core:FurnitureFittings 2022-12-31 06783784 core:FurnitureFittings 2023-12-31 06783784 core:WithinOneYear 2023-12-31 06783784 core:WithinOneYear 2022-12-31 06783784 core:ShareCapital 2023-12-31 06783784 core:ShareCapital 2022-12-31 06783784 core:RetainedEarningsAccumulatedLosses 2023-12-31 06783784 core:RetainedEarningsAccumulatedLosses 2022-12-31 06783784 core:BetweenOneFiveYears 2023-12-31 06783784 core:BetweenOneFiveYears 2022-12-31 06783784 core:FurnitureFittings 2022-12-31 06783784 bus:SmallEntities 2023-01-01 2023-12-31 06783784 bus:Audited 2023-01-01 2023-12-31 06783784 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06783784 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06783784 bus:FullAccounts 2023-01-01 2023-12-31 06783784 core:AllAssociates 2023-01-01 2023-12-31 06783784 1 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 06783784
Micro Systemation Limited
Filleted Financial Statements
31 December 2023
Micro Systemation Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
31,787
44,502
Current assets
Debtors
6
558,078
438,340
Cash at bank and in hand
2,062,624
1,461,390
------------
------------
2,620,702
1,899,730
Creditors: amounts falling due within one year
7
1,683,122
1,250,808
------------
------------
Net current assets
937,580
648,922
---------
---------
Total assets less current liabilities
969,367
693,424
---------
---------
Net assets
969,367
693,424
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
969,366
693,423
---------
---------
Shareholders funds
969,367
693,424
---------
---------
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 statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
P Gille
Director
Company registration number: 06783784
Micro Systemation Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2nd Floor East. Central Point, 25-31 London Street, Reading, Berkshire, RG1 4PS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 20 ).
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 January 2023 and 31 December 2023
57,674
57,674
--------
--------
Depreciation
At 1 January 2023
13,172
13,172
Charge for the year
12,715
12,715
--------
--------
At 31 December 2023
25,887
25,887
--------
--------
Carrying amount
At 31 December 2023
31,787
31,787
--------
--------
At 31 December 2022
44,502
44,502
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
522,478
399,372
Other debtors
35,600
38,968
---------
---------
558,078
438,340
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
518,516
451,529
Corporation tax
93,086
39,154
Social security and other taxes
185,574
124,269
Other creditors
885,946
635,856
------------
------------
1,683,122
1,250,808
------------
------------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
36,120
36,120
--------
--------
9. Summary audit opinion
The auditor's report dated 10 September 2024 was unqualified .
The senior statutory auditor was Mr S Moustafa, BA (Hons), FCA , for and on behalf of Hurshens Limited .
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed. The company has taken advantage of the provision under Financial Reporting Standard 102 not to disclose transactions with its ultimate holding company by virtue of its 100% holding.
11. Controlling party
The company's ultimate immediate parent company is Micro Systemation AB, a company located in Hornsbruksgatan 28, 117 34 Stockholm, Sweden. However, day to day control is exercised Mr P Gille , who is the sole director of the company.