Registered number
10789908
MSD COMMERCIAL LIMITED
Filleted Accounts
31 May 2024
MSD COMMERCIAL LIMITED
Registered number: 10789908
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 80,360 79,944
Current assets
Debtors 4 15,681 11,585
Cash at bank and in hand 47,339 52,782
63,020 64,367
Creditors: amounts falling due within one year 5 (93,703) (83,079)
Net current liabilities (30,683) (18,712)
Total assets less current liabilities 49,677 61,232
Creditors: amounts falling due after more than one year 6 (21,777) (44,300)
Provisions for liabilities (15,269) (15,189)
Net assets 12,631 1,743
Capital and reserves
Called up share capital 1 1
Profit and loss account 12,630 1,742
Shareholder's funds 12,631 1,743
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
M R Dawe
Director
Approved by the board on 16 August 2024
MSD COMMERCIAL LIMITED
Notes to the Accounts
for the year ended 31 May 2024
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:
Motor vehicles 25% reducing balance
Plant and machinery 25% reducing balance
Computer equipment 33% reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 3
3 Tangible fixed assets
Computer equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 2,945 145,555 28,266 176,766
Additions 1,776 13,397 - 15,173
At 31 May 2024 4,721 158,952 28,266 191,939
Depreciation
At 1 June 2023 1,445 75,400 19,977 96,822
Charge for the year 818 11,867 2,072 14,757
At 31 May 2024 2,263 87,267 22,049 111,579
Net book value
At 31 May 2024 2,458 71,685 6,217 80,360
At 31 May 2023 1,500 70,155 8,289 79,944
4 Debtors 2024 2023
£ £
Trade debtors 14,181 10,085
Other debtors 1,500 1,500
15,681 11,585
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,644 10,644
Obligations under finance lease and hire purchase contracts 12,060 12,060
Director's loan account 59,734 54,546
Taxation and social security costs 11,265 5,829
93,703 83,079
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,545 23,377
Obligations under finance lease and hire purchase contracts 8,232 20,923
21,777 44,300
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years - 6,204
8 Controlling party
The company is controlled by the director M R Dawe by virtue of his ownership of 100% of the issued share capital.
9 Other information
MSD COMMERCIAL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1 Stratford Road
Ash Vale
Aldershot
Hampshire
GU12 5PT
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