2023-04-012024-03-312024-03-31false08594307MSP TECHNOLOGIES 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MSP TECHNOLOGIES LIMITED

Registered Number
08594307
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

MSP TECHNOLOGIES LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

CONDREN, Samantha
HARRISON, Jolyon Leonard
PATTERSON, Simon John Valance
SCOTT, Christopher John
SHIELD, Michael

Registered Address

Unit 56 Elmsfield Park
Holme
Carnforth
LA6 1RJ

Registered Number

08594307 (England and Wales)
MSP TECHNOLOGIES LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets41,293,5491,401,010
Tangible assets5130,122154,537
1,423,6711,555,547
Current assets
Stocks6246,711370,346
Debtors71,078,6714,163,217
Cash at bank and on hand324,414486,543
1,649,7965,020,106
Creditors amounts falling due within one year8(2,988,880)(4,564,749)
Net current assets (liabilities)(1,339,084)455,357
Total assets less current liabilities84,5872,010,904
Creditors amounts falling due after one year9(5,592,513)(4,923,190)
Net assets(5,507,926)(2,912,286)
Capital and reserves
Called up share capital5,5005,500
Share premium998,666998,666
Profit and loss account(6,512,092)(3,916,452)
Shareholders' funds(5,507,926)(2,912,286)
The financial statements were approved and authorised for issue by the Board of Directors on 10 October 2024, and are signed on its behalf by:
HARRISON, Jolyon Leonard
Director
Registered Company No. 08594307
MSP TECHNOLOGIES LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Judgements and key sources of estimation uncertainty
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Turnover policy
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.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
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.
Current 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.
Deferred tax
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.
Intangible assets
Intangible fixed assets are stated at cost or valuation less amortisation. Amortisation is provided on all intangible fixed assets on a straight line basis over 10 years.
Research and development
Research and development costs are treated as intangible fixed assets and stated at cost or valuation less amortisation. Amortisation is provided on all intangible fixed assets on a straight line basis over 10 years.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery4
Fixtures and fittings5
Vehicles4
Office Equipment3
Stocks and work in progress
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.
2.Average number of employees

20242023
Average number of employees during the year2314
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 231,875,8401,875,840
Additions44,31544,315
At 31 March 241,920,1551,920,155
Amortisation and impairment
At 01 April 23474,830474,830
Charge for year151,776151,776
At 31 March 24626,606626,606
Net book value
At 31 March 241,293,5491,293,549
At 31 March 231,401,0101,401,010
5.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 April 2355,370109,37321,25120,316206,310
Additions-4,772-16,10120,873
At 31 March 2455,370114,14521,25136,417227,183
Depreciation and impairment
At 01 April 2316,61121,4691,32812,36551,773
Charge for year5,53726,3915,3138,04745,288
At 31 March 2422,14847,8606,64120,41297,061
Net book value
At 31 March 2433,22266,28514,61016,005130,122
At 31 March 2338,75987,90419,9237,951154,537
6.Stocks

2024

2023

££
Raw materials and consumables45,311223,137
Other stocks201,400147,209
Total246,711370,346
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables794,113233,481
Other debtors33,5683,709,595
Prepayments and accrued income90,39120,504
Deferred tax asset, debtors160,599160,599
Total1,078,6714,124,179
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables600,2463,840,346
Bank borrowings and overdrafts18,488147,500
Taxation and social security259,505342,608
Other creditors219,314171,173
Accrued liabilities and deferred income1,891,32763,122
Total2,988,8804,564,749
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.
9.Creditors: amounts due after one year

2024

2023

££
Amounts owed to related parties5,592,5134,923,190
Total5,592,5134,923,190
The company owed Jolyon Harrison a total of £5,283,290.40 as at 31 March 2024 this comprised: Shareholder's Loan £3,034,000.00 Shareholder's Loan Interest £2,249,290.40 The loans to the company from Jolyon Harrison are secured against an all assets debenture given by the company and comprising fixed and floating charges over the whole or substantially the whole of the business, assets and undertaking. The company owed Simon Patterson a total of £309,222.40 as at 31 March 2024 this comprised: Shareholder's Loan £115,961.73 Shareholder's Loan Interest £193,260.67 There are no set repayment terms for these loans and the timing of repayments is at the discretion of the shareholders as and when it can be afforded by the company.
10.Provisions for liabilities
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.