Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false152023-01-01falseNo description of principal activity15trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01666905 2023-01-01 2023-12-31 01666905 2022-01-01 2022-12-31 01666905 2023-12-31 01666905 2022-12-31 01666905 2022-01-01 01666905 c:Director1 2023-01-01 2023-12-31 01666905 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 01666905 d:Buildings d:ShortLeaseholdAssets 2023-12-31 01666905 d:Buildings d:ShortLeaseholdAssets 2022-12-31 01666905 d:PlantMachinery 2023-01-01 2023-12-31 01666905 d:PlantMachinery 2023-12-31 01666905 d:PlantMachinery 2022-12-31 01666905 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01666905 d:MotorVehicles 2023-01-01 2023-12-31 01666905 d:MotorVehicles 2023-12-31 01666905 d:MotorVehicles 2022-12-31 01666905 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01666905 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01666905 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 01666905 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 01666905 d:CurrentFinancialInstruments 2023-12-31 01666905 d:CurrentFinancialInstruments 2022-12-31 01666905 d:Non-currentFinancialInstruments 2023-12-31 01666905 d:Non-currentFinancialInstruments 2022-12-31 01666905 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01666905 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01666905 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 01666905 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 01666905 d:ShareCapital 2023-01-01 2023-12-31 01666905 d:ShareCapital 2023-12-31 01666905 d:ShareCapital 2022-01-01 2022-12-31 01666905 d:ShareCapital 2022-12-31 01666905 d:ShareCapital 2022-01-01 01666905 d:CapitalRedemptionReserve 2023-01-01 2023-12-31 01666905 d:CapitalRedemptionReserve 2023-12-31 01666905 d:CapitalRedemptionReserve 2022-01-01 2022-12-31 01666905 d:CapitalRedemptionReserve 2022-12-31 01666905 d:CapitalRedemptionReserve 2022-01-01 01666905 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01666905 d:RetainedEarningsAccumulatedLosses 2023-12-31 01666905 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 01666905 d:RetainedEarningsAccumulatedLosses 2022-12-31 01666905 d:RetainedEarningsAccumulatedLosses 2022-01-01 01666905 c:FRS102 2023-01-01 2023-12-31 01666905 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01666905 c:FullAccounts 2023-01-01 2023-12-31 01666905 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01666905 2 2023-01-01 2023-12-31 01666905 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01666905 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01666905 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 01666905









MMS 360 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MMS 360 LIMITED
REGISTERED NUMBER: 01666905

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
2,208
4,100

Tangible assets
 5 
71,685
88,078

  
73,893
92,178

Current assets
  

Work in progress
  
15,000
24,500

Debtors: amounts falling due within one year
 6 
1,541,978
2,204,795

Cash at bank and in hand
 7 
7,296
91,780

  
1,564,274
2,321,075

Creditors: amounts falling due within one year
 8 
(1,554,214)
(2,308,587)

Net current assets
  
 
 
10,060
 
 
12,488

Total assets less current liabilities
  
83,953
104,666

Creditors: amounts falling due after more than one year
 9 
(71,424)
(104,045)

  

Net assets
  
12,529
621


Capital and reserves
  

Called up share capital 
  
7,200
7,200

Capital redemption reserve
  
5,000
5,000

Profit and loss account
  
329
(11,579)

  
12,529
621

Page 1

 
MMS 360 LIMITED
REGISTERED NUMBER: 01666905
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 April 2024.

A King
Director

The notes on pages 5 to 15 form part of these financial statements.
Page 2

 
MMS 360 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
7,200
5,000
(11,579)
621


Comprehensive income for the year

Profit for the year

-
-
31,608
31,608


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
31,608
31,608

Dividends: Equity capital
-
-
(19,700)
(19,700)


Total transactions with owners
-
-
(19,700)
(19,700)


At 31 December 2023
7,200
5,000
329
12,529


The notes on pages 5 to 15 form part of these financial statements.
Page 3

 
MMS 360 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
7,200
5,000
(24,887)
(12,687)


Comprehensive income for the year

Profit for the year

-
-
13,308
13,308


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
13,308
13,308


Total transactions with owners
-
-
-
-


At 31 December 2022
7,200
5,000
(11,579)
621


The notes on pages 5 to 15 form part of these financial statements.
Page 4

 
MMS 360 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

MMS 360 Limited is a private company limited by shares and incorporated in England. Its registered office is: 4 Park Court, Pyrford Road, West Byfleet, Surrey, KT14 6SD.       

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
MMS 360 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
MMS 360 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 7

 
MMS 360 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 8

 
MMS 360 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Motor vehicles
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Work in Progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, Work in progress are assessed for impairment. If Work in progress is 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 9

 
MMS 360 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Page 10

 
MMS 360 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 15).

As restated
2023
2022
£
£



Average monthly number of employees during the year
15
15


4.


Intangible assets

The intangible assets include the website development costs, which is being written off in equal annual instalments over its estimated economic life of 3 years.




Development expenditure

£



Cost


At 1 January 2023
5,677



At 31 December 2023

5,677



Amortisation


At 1 January 2023
1,577


Charge for the year on owned assets
1,892



At 31 December 2023

3,469



Net book value



At 31 December 2023
2,208



At 31 December 2022
4,100



Page 11

 
MMS 360 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2023
10,445
38,204
172,890
221,539


Additions
-
1,326
-
1,326



At 31 December 2023

10,445
39,530
172,890
222,865



Depreciation


At 1 January 2023
10,445
15,071
107,945
133,461


Charge for the year on owned assets
-
4,729
12,990
17,719



At 31 December 2023

10,445
19,800
120,935
151,180



Net book value



At 31 December 2023
-
19,730
51,955
71,685



At 31 December 2022
-
23,133
64,945
88,078

Page 12

 
MMS 360 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
721,674
941,705

Other debtors
812,293
1,256,643

Deferred taxation
8,011
6,447

1,541,978
2,204,795



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
7,296
91,780

7,296
91,780



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loan - Funding Circle
30,493
66,493

Trade creditors
861,177
771,244

Corporation tax
12,354
-

Other taxation and social security
40,340
56,770

Other creditors
609,850
1,414,080

1,554,214
2,308,587


Page 13

 
MMS 360 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan - Funding Circle
18,554
-

Other creditors
52,870
104,045

71,424
104,045


The above bank loan is a government-backed Coronavirus Business Interruption Loan Support Scheme ('CBILS') loans. The loan from Funding Circle is due be repaid through 48 monthly instalments ending in September 2025. The applicable interest rate will be fixed at 10.10%. The loan benefits from a Business Interruption Payment ("BIP") made by the UK Government on behalf of the Company to cover interest arising on the CBILS Loan for the first 12 months.

Page 14

 
MMS 360 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
6,447


Utilised in year
1,564



At end of year
8,011

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
8,011
6,447

8,011
6,447


11.


Related party transactions

Jango Communications Limited:
The director and shareholder, Mr A King, is also the ultimate majority shareholder and a director of Jango Communications Limited. Loan from Jango Communications Limited that is unsecured, interest free and with no fixed repayment date is included within other creditors.
Amount due to/(from)  the related parties: £52,870 (2022: £55,000).
During the the year MMS 360 Limited cross charged £56,000 (2022: £69,391) of management charges.
Red Gravity Limited:
The director and shareholder, Mr A King, is also the majority shareholder and a director of Red Gravity Limited. Loan from MMS 360 Limited that is unsecured, interest free and with no fixed repayment date is included within other debtors.
Amount due from  the related parties: £Nil (2022: £Nil).
MMS360 International Limited:
The director and shareholder, Mr A King, is also the majority shareholder and a director of MMS360
International Limited. Loan from MMS 360 Limited that is unsecured, interest free and with no fixed
repayment date is included within other debtors.
Amount due from the related parties: £Nil (2022: £Nil).
MMS 360 Group Limited:
The director and shareholder, Mr A King, is also the majority shareholder and a director of MMS360 Group Limited. Loan from MMS 360 Limited that is unsecured, interest free and with no fixed repayment date is included within other debtors.
Amount due from  the related parties: £200,042 (2022: £200,042).
    

 
Page 15