Registered number
07436009
MIS North East Limited
Filleted Accounts
31 December 2023
MIS North East Limited
Registered number: 07436009
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 103,122 87,497
Current assets
Stocks 30,500 30,500
Debtors 4 297,128 365,005
Cash at bank and in hand 64,152 24,842
391,780 420,347
Creditors: amounts falling due within one year 5 (358,319) (348,197)
Net current assets 33,461 72,150
Total assets less current liabilities 136,583 159,647
Creditors: amounts falling due after more than one year 6 (97,763) (121,502)
Provisions for liabilities (34,010) (21,874)
Net assets 4,810 16,271
Capital and reserves
Called up share capital 3 3
Profit and loss account 4,807 16,268
Shareholders' funds 4,810 16,271
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S P McDonnell
Director
Approved by the board on 17 September 2024
MIS North East Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 12
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 416,428
Additions 48,000
At 31 December 2023 464,428
Depreciation
At 1 January 2023 328,931
Charge for the year 32,375
At 31 December 2023 361,306
Net book value
At 31 December 2023 103,122
At 31 December 2022 87,497
4 Debtors 2023 2022
£ £
Trade debtors 290,947 358,824
Other debtors 6,181 6,181
297,128 365,005
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 34,800 43,716
Obligations under finance lease and hire purchase contracts 19,971 13,333
Trade creditors 151,912 156,990
Taxation and social security costs 151,636 134,158
358,319 348,197
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 66,700 101,500
Obligations under finance lease and hire purchase contracts 31,063 20,002
97,763 121,502
7 Loans 2023 2022
£ £
Creditors include:
Secured loans 17,699 8,000
The hire purchase creditors are secured on the assets to which they relate.
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 113,344 202,074
9 Controlling party
In the opinion of the directors there is no ultimate controlling party.
10 Other information
MIS North East Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2, Part 5/5a Mill Hill
Northwest Industrial Estate
Peterlee
Co Durham
SR8 2HR
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