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Registration number: 11463718

MSC Naturally Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

MSC Naturally Limited
(Registration number: 11463718)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

MSC Naturally Limited
(Registration number: 11463718)

Company Information

Directors

Mr Malcolm S Carrington

Mrs Margaret Carrington

Registered office

2 Market Hill
Chatteris
Cambridgeshire
PE16 6BA

Registered number

11463718

 

MSC Naturally Limited
(Registration number: 11463718)

Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed Assets

 

Intangible assets

4

-

778

Tangible Assets

5

112,547

94,972

 

112,547

95,750

Current assets

 

Stocks

6

10,825

8,788

Debtors

7

676

1,869

 

11,501

10,657

Creditors: Amounts falling due within one year

8

(66,351)

(51,256)

Net current liabilities

 

(54,850)

(40,599)

Total assets less current liabilities

 

57,697

55,151

Creditors: Amounts falling due after more than one year

8

(285,634)

(252,423)

Net liabilities

 

(227,937)

(197,272)

Capital and Reserves

 

Called up share capital

100

100

Retained Earnings

(228,037)

(197,372)

Shareholders' deficit

 

(227,937)

(197,272)

 

MSC Naturally Limited
(Registration number: 11463718)

Balance Sheet as at 31 July 2024

For the financial year ending 31 July 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

.........................................
Mr Malcolm S Carrington
Director

.........................................
Mrs Margaret Carrington
Director

 

MSC Naturally Limited
(Registration number: 11463718)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
2 Market Hill
Chatteris
Cambridgeshire
PE16 6BA
England

These financial statements were authorised for issue by the Board on 3 October 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 been prepared on a going concern basis.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

MSC Naturally Limited
(Registration number: 11463718)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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

Plant and machinery

10% reducing balance

Motor vehicles

25% reducing balance

Office equipment

15% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets

33% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

MSC Naturally Limited
(Registration number: 11463718)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 3).

4

Intangible assets

Website Costs
 £

Total
£

Cost or valuation

At 1 August 2023

1,750

1,750

At 31 July 2024

1,750

1,750

Amortisation

At 1 August 2023

972

972

Amortisation charge

778

778

At 31 July 2024

1,750

1,750

Carrying amount

At 31 July 2024

-

-

At 31 July 2023

778

778

 

MSC Naturally Limited
(Registration number: 11463718)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2023

2,880

12,500

148,527

163,907

Additions

-

-

30,647

30,647

At 31 July 2024

2,880

12,500

179,174

194,554

Depreciation

At 1 August 2023

1,580

9,534

57,821

68,935

Charge for the year

195

742

12,135

13,072

At 31 July 2024

1,775

10,276

69,956

82,007

Carrying amount

At 31 July 2024

1,105

2,224

109,218

112,547

At 31 July 2023

1,300

2,966

90,706

94,972

6

Stocks

2024
£

2023
£

Other inventories

10,825

8,788

7

Debtors

Current

2024
£

2023
£

Trade Debtors

248

-

Other debtors

428

1,869

 

676

1,869

 

MSC Naturally Limited
(Registration number: 11463718)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

39,986

28,998

Trade Creditors

 

3,550

6,480

Taxation and social security

 

7,414

5,219

Accruals and deferred income

 

9,431

8,771

Other creditors

 

5,970

1,788

 

66,351

51,256

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

285,634

252,423