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MA Commercial Services Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2024

Registration number: 07707219

 

MA Commercial Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

MA Commercial Services Limited

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

6,658

12,001

Current assets

 

Debtors

6

397,657

381,848

Cash at bank and in hand

 

91,604

67,056

 

489,261

448,904

Creditors: Amounts falling due within one year

7

(88,943)

(59,068)

Net current assets

 

400,318

389,836

Total assets less current liabilities

 

406,976

401,837

Provisions for liabilities

-

(1,979)

Net assets

 

406,976

399,858

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

406,975

399,857

Shareholders' funds

 

406,976

399,858

 

MA Commercial Services Limited

Balance Sheet

30 June 2024

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................
J H Maples
Director

.........................................
D R Williams
Director

Company Registration Number: 07707219

 

MA Commercial Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
14 High Cross
Truro
Cornwall
TR1 2AJ

These financial statements were authorised for issue by the Board on 20 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 incorporating Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have not been prepared on a going concern basis as the company ceased to trade on 5 July 2024 and the Directors' intend to enter voluntary liquidation on 30 September 2024. The trade and employment contracts of the company have transferred to the associated entity Murrell Associates LLP. The assets of the company will transfer to Murrell Associates LLP upon liquidation.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

 

MA Commercial Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Computer equipment

25% reducing balance

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, has been amortised evenly over its estimated useful life of eight years.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions payable to the compay's pension scheme are charged to the profit or loss in the period to which they relate.

 

MA Commercial Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

 

MA Commercial Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 18).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

250,000

250,000

Disposals

(250,000)

(250,000)

At 30 June 2024

-

-

Amortisation

At 1 July 2023

250,000

250,000

Amortisation eliminated on disposals

(250,000)

(250,000)

At 30 June 2024

-

-

Carrying amount

At 30 June 2024

-

-

 

MA Commercial Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

5

Tangible assets

Office equipment
£

Computer equipment
£

Total
£

Cost or valuation

At 1 July 2023

18,833

52,142

70,975

Disposals

(4,860)

(4,652)

(9,512)

At 30 June 2024

13,973

47,490

61,463

Depreciation

At 1 July 2023

14,965

44,009

58,974

Charge for the year

635

1,584

2,219

Eliminated on disposal

(3,531)

(2,857)

(6,388)

At 30 June 2024

12,069

42,736

54,805

Carrying amount

At 30 June 2024

1,904

4,754

6,658

At 30 June 2023

3,868

8,133

12,001

6

Debtors

2024
£

2023
£

Prepayments

30

6,875

Other debtors

397,627

374,973

397,657

381,848

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

44

925

Taxation and social security

17,499

15,700

Accruals and deferred income

71,400

39,330

Other creditors

-

3,113

88,943

59,068

 

MA Commercial Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

8

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £Nil) per ordinary share

-

-

Interim dividend of £5,000 (2023 - £4,000) per ordinary share

5,000

4,000

5,000

4,000

 

 

9

Related party transactions

Income and receivables from related parties

2024

Parent
£

Amounts receivable from related party

124,186

2023

Parent
£

Amounts receivable from related party

126,457

Loans to related parties

2024

Parent
£

Total
£

At start of period

110,000

110,000

At end of period

110,000

110,000

2023

Parent
£

Total
£

At start of period

110,000

110,000

At end of period

110,000

110,000

10

Parent and ultimate parent undertaking

The company's immediate parent is Murrell Associates LLP, incorporated in England and Wales.

 The ultimate controlling party is Murrell Associates LLP.