Registered number
12432952
MSI Ceilings Ltd
Filleted Accounts
31 January 2024
MSI Ceilings Ltd
Registered number: 12432952
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,151 12,202
Current assets
Debtors 4 11,926 12,678
Cash at bank and in hand 26,927 17,925
38,853 30,603
Creditors: amounts falling due within one year 5 (23,436) (22,978)
Net current assets 15,417 7,625
Net assets 24,568 19,827
Capital and reserves
Called up share capital 1 1
Profit and loss account 24,567 19,826
Shareholder's funds 24,568 19,827
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 Scott
Director
Approved by the board on 23 October 2024
MSI Ceilings Ltd
Notes to the Accounts
for the year ended 31 January 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:
Plant and machinery 25% reducing balance
Motor vehicles 25% 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.
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 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 2,256 15,000 17,256
At 31 January 2024 2,256 15,000 17,256
Depreciation
At 1 February 2023 1,304 3,750 5,054
Charge for the year 238 2,813 3,051
At 31 January 2024 1,542 6,563 8,105
Net book value
At 31 January 2024 714 8,437 9,151
At 31 January 2023 952 11,250 12,202
4 Debtors 2024 2023
£ £
Trade debtors 7,115 9,710
Other debtors 4,811 2,968
11,926 12,678
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,050 1,000
Taxation and social security costs 3,000 5,481
Other creditors 19,386 16,497
23,436 22,978
6 Controlling party
The controlling party is Mr M Scott (director) by virtue of his ownership of 100% of the issued share capital.
7 Other information
MSI Ceilings Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Flat 41
Riverbank Tower
Bridgewater Street
Salford
M3 7JY
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