Registered number
SC200786
M.M.S. Scotland Limited
Filleted Accounts
31 October 2023
M.M.S. Scotland Limited
Registered number: SC200786
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 9,210 11,872
Current assets
Stocks 4,500 80,387
Debtors 4 158,657 111,376
Cash at bank and in hand 833,786 753,678
996,943 945,441
Creditors: amounts falling due within one year 5 (111,103) (125,465)
Net current assets 885,840 819,976
Total assets less current liabilities 895,050 831,848
Creditors: amounts falling due after more than one year 6 (2,348) (3,200)
Provisions for liabilities (2,302) -
Net assets 890,400 828,648
Capital and reserves
Called up share capital 2 2
Profit and loss account 890,398 828,646
Shareholders' funds 890,400 828,648
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 members have 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.
R Reid
Director
Approved by the board on 31 October 2024
M.M.S. Scotland Limited
Notes to the Accounts
for the year ended 31 October 2023
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 rendering of services. 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 over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles 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.
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.
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 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 7,440 33,533 25,457 66,430
At 31 October 2023 7,440 33,533 25,457 66,430
Depreciation
At 1 November 2022 7,440 27,427 19,691 54,558
Charge for the year - 1,221 1,441 2,662
At 31 October 2023 7,440 28,648 21,132 57,220
Net book value
At 31 October 2023 - 4,885 4,325 9,210
At 31 October 2022 - 6,106 5,766 11,872
4 Debtors 2023 2022
£ £
Trade debtors 125,862 67,899
Other debtors 32,795 43,477
158,657 111,376
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,125 1,300
Trade creditors 32,264 49,663
Taxation and social security costs 11,504 22,184
Other creditors 66,210 52,318
111,103 125,465
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,348 3,200
7 Related party transactions
No dividends were paid to the Directors during the year (2022 : £4,000).
8 Controlling party
The company is controlled by R Reid whom, together with his spouse, owns the whole issued share capital of the company.
9 Other information
M.M.S. Scotland Limited is a private company limited by shares and incorporated in Scotand. Its registered office is:
12 Barony Court
Ardrossan
North Ayrshire
KA22 8DZ
M.M.S. Scotland Limited SC200786 false 2022-11-01 2023-10-31 2023-10-31 VT Final Accounts October 2023 release 2 R Reid No description of principal activity SC200786 2021-11-01 2022-10-31 SC200786 core:WithinOneYear 2022-10-31 SC200786 core:AfterOneYear 2022-10-31 SC200786 core:ShareCapital 2022-10-31 SC200786 core:RetainedEarningsAccumulatedLosses 2022-10-31 SC200786 2022-11-01 2023-10-31 SC200786 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC200786 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 SC200786 bus:Director40 2022-11-01 2023-10-31 SC200786 1 2022-11-01 2023-10-31 SC200786 2 2022-11-01 2023-10-31 SC200786 core:LandBuildings 2022-11-01 2023-10-31 SC200786 core:PlantMachinery 2022-11-01 2023-10-31 SC200786 core:Vehicles 2022-11-01 2023-10-31 SC200786 countries:England 2022-11-01 2023-10-31 SC200786 bus:FRS102 2022-11-01 2023-10-31 SC200786 bus:FullAccounts 2022-11-01 2023-10-31 SC200786 2023-10-31 SC200786 core:WithinOneYear 2023-10-31 SC200786 core:AfterOneYear 2023-10-31 SC200786 core:ShareCapital 2023-10-31 SC200786 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC200786 core:LandBuildings 2023-10-31 SC200786 core:PlantMachinery 2023-10-31 SC200786 core:Vehicles 2023-10-31 SC200786 2022-10-31 SC200786 core:LandBuildings 2022-10-31 SC200786 core:PlantMachinery 2022-10-31 SC200786 core:Vehicles 2022-10-31 iso4217:GBP xbrli:pure