Registered number
04075163
Microsolv Systems Limited
Filleted Accounts
31 August 2024
Microsolv Systems Limited
Registered number: 04075163
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,415 1,030
Current assets
Stocks 20,517 20,936
Debtors 4 35,428 64,985
Cash at bank and in hand 150,629 82,696
206,574 168,617
Creditors: amounts falling due within one year 5 (188,077) (154,462)
Net current assets 18,497 14,155
Net assets 19,912 15,185
Capital and reserves
Called up share capital 170 170
Share premium 14,964 14,964
Profit and loss account 4,778 51
Shareholders' funds 19,912 15,185
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.
C. Bartles-Smith
Director
Approved by the board on 2 October 2024
Microsolv Systems Limited
Notes to the Accounts
for the year ended 31 August 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:
Fixtures, fittings, tools and equipment Over 4 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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.
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 5 7
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023 49,256
Additions 1,200
At 31 August 2024 50,456
Depreciation
At 1 September 2023 48,226
Charge for the year 815
At 31 August 2024 49,041
Net book value
At 31 August 2024 1,415
At 31 August 2023 1,030
4 Debtors 2024 2023
£ £
Trade debtors 24,521 53,518
Other debtors 10,907 11,467
35,428 64,985
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 61,318 45,680
Taxation and social security costs 45,471 37,576
Other creditors 81,288 71,206
188,077 154,462
Lloyds Bank PLC has a debenture to secure an overdraft facility.
6 Related party transactions
The Company receives services from Bitronis in Romania. Bitronis is a Company operated by Mr I Chitic who has shares in Microsolv.
7 Controlling party
The PSCs of the Company are Cherry Bartles-Smith and Mark Hofert
8 Other information
Microsolv Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
Old School House,
The Lanterns Bridge Lane,
London,
SW11 3AD
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