IRIS Accounts Production v24.3.0.553 03795153 director 1.8.23 31.7.24 31.7.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh037951532023-07-31037951532024-07-31037951532023-08-012024-07-31037951532022-07-31037951532022-08-012023-07-31037951532023-07-3103795153ns15:EnglandWales2023-08-012024-07-3103795153ns14:PoundSterling2023-08-012024-07-3103795153ns10:Director12023-08-012024-07-3103795153ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3103795153ns10:SmallEntities2023-08-012024-07-3103795153ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-3103795153ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3103795153ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3103795153ns10:FullAccounts2023-08-012024-07-3103795153ns10:OrdinaryShareClass12023-08-012024-07-3103795153ns10:CompanySecretary12023-08-012024-07-3103795153ns10:RegisteredOffice2023-08-012024-07-3103795153ns5:CurrentFinancialInstruments2024-07-3103795153ns5:CurrentFinancialInstruments2023-07-3103795153ns5:ShareCapital2024-07-3103795153ns5:ShareCapital2023-07-3103795153ns5:RetainedEarningsAccumulatedLosses2024-07-3103795153ns5:RetainedEarningsAccumulatedLosses2023-07-3103795153ns5:PlantMachinery2023-08-012024-07-3103795153ns5:FurnitureFittings2023-08-012024-07-3103795153ns5:MotorVehicles2023-08-012024-07-3103795153ns5:PlantMachinery2023-07-3103795153ns5:FurnitureFittings2023-07-3103795153ns5:MotorVehicles2023-07-3103795153ns5:PlantMachinery2024-07-3103795153ns5:FurnitureFittings2024-07-3103795153ns5:MotorVehicles2024-07-3103795153ns5:PlantMachinery2023-07-3103795153ns5:FurnitureFittings2023-07-3103795153ns5:MotorVehicles2023-07-3103795153ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-07-3103795153ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3103795153ns5:WithinOneYear2024-07-3103795153ns5:WithinOneYear2023-07-3103795153ns5:BetweenOneFiveYears2024-07-3103795153ns5:BetweenOneFiveYears2023-07-3103795153ns5:AllPeriods2024-07-3103795153ns5:AllPeriods2023-07-3103795153ns5:DeferredTaxation2023-07-3103795153ns5:DeferredTaxation2023-08-012024-07-3103795153ns5:DeferredTaxation2024-07-3103795153ns10:OrdinaryShareClass12024-07-31037951531ns10:Director12023-07-31037951531ns10:Director12022-07-31037951531ns10:Director12023-08-012024-07-31037951531ns10:Director12022-08-012023-07-31037951531ns10:Director12024-07-31037951531ns10:Director12023-07-31
REGISTERED NUMBER: 03795153 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 July 2024

for

MSG CONTRACTS LIMITED

MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153)

Contents of the Financial Statements
for the year ended 31 July 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


MSG CONTRACTS LIMITED

Company Information
for the year ended 31 July 2024







Director: Mr R T Wilson





Secretary: Mrs S M Wilson





Registered office: Unit 2/3 Zone D
Chelmsford Road Industrial Estate
Great Dunmow
Essex
CM6 1HD





Registered number: 03795153 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153)

Statement of Financial Position
31 July 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 4 101,904 99,002

Current assets
Stocks 3,500 3,500
Debtors 5 227,806 240,593
Cash at bank 258,020 215,724
489,326 459,817
Creditors
Amounts falling due within one year 6 173,244 173,517
Net current assets 316,082 286,300
Total assets less current liabilities 417,986 385,302

Provisions for liabilities 8 20,573 13,292
Net assets 397,413 372,010

Capital and reserves
Called up share capital 9 100 100
Retained earnings 397,313 371,910
Shareholders' funds 397,413 372,010

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 October 2024 and were signed by:





Mr R T Wilson - Director


MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153)

Notes to the Financial Statements
for the year ended 31 July 2024


1. Statutory information

MSG Contracts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods & services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and office equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases
Rental applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on the straight line basis over the lease term.

3. Employees and directors

The average number of employees during the year was 264 (2023 - 270 ) .

4. Tangible fixed assets
Fixtures
Plant and and office Motor
machinery equipment vehicles Totals
£ £ £ £
Cost
At 1 August 2023 50,424 16,935 130,866 198,225
Additions 3,298 1,284 32,995 37,577
Disposals - - (12,815 ) (12,815 )
At 31 July 2024 53,722 18,219 151,046 222,987
Depreciation
At 1 August 2023 33,474 9,388 56,361 99,223
Charge for year 4,049 1,766 26,213 32,028
Eliminated on disposal - - (10,168 ) (10,168 )
At 31 July 2024 37,523 11,154 72,406 121,083
Net book value
At 31 July 2024 16,199 7,065 78,640 101,904
At 31 July 2023 16,950 7,547 74,505 99,002

5. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 213,017 200,839
Other debtors 14,789 39,754
227,806 240,593

MSG CONTRACTS LIMITED (REGISTERED NUMBER: 03795153)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 61,157 65,055
Taxation and social security 102,785 98,017
Other creditors 9,302 10,445
173,244 173,517

7. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 6,854 14,691
Between one and five years - 6,854
6,854 21,545

8. Provisions for liabilities
2024 2023
£ £
Deferred tax 20,573 13,292

Deferred tax
£
Balance at 1 August 2023 13,292
Provided during year 7,281
Balance at 31 July 2024 20,573

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

10. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£ £
Mr R T Wilson
Balance outstanding at start of year 39,754 (88 )
Amounts advanced 61,035 117,342
Amounts repaid (86,000 ) (77,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,789 39,754