Registered number
01240335
Microshade Business Consultants Limited
Filleted Accounts
31 March 2024
Microshade Business Consultants Limited
Registered number: 01240335
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 113,351 123,095
Current assets
Stocks 2,400 2,400
Debtors 4 78,385 63,469
Cash at bank and in hand 75,243 52,081
156,028 117,950
Creditors: amounts falling due within one year 5 (95,142) (106,864)
Net current assets 60,886 11,086
Total assets less current liabilities 174,237 134,181
Creditors: amounts falling due after more than one year 6 (20,833) -
Provisions for liabilities (21,537) (21,710)
Net assets 131,867 112,471
Capital and reserves
Called up share capital 2,000 2,000
Revaluation reserve 7 20,000 20,000
Profit and loss account 109,867 90,471
Shareholders' funds 131,867 112,471
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.
J P Wilbur
Director
Approved by the board on 1 November 2024
Microshade Business Consultants Limited
Notes to the Accounts
for the year ended 31 March 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 over 5 years
File server development costs over the lifespan of the asset
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.
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 6 5
3 Tangible fixed assets
File server development costs Plant and machinery etc Total
£ £ £
Cost or valuation
At 1 April 2023 107,940 144,919 252,859
Additions - 7,989 7,989
At 31 March 2024 107,940 152,908 260,848
Depreciation
At 1 April 2023 49,940 79,824 129,764
Charge for the year - 17,733 17,733
At 31 March 2024 49,940 97,557 147,497
Net book value
At 31 March 2024 58,000 55,351 113,351
At 31 March 2023 58,000 65,095 123,095
File server development costs 2024 2023
£ £
Historical cost 126,604 126,604
Cumulative depreciation based on historical cost 67,021 67,021
59,583 59,583
4 Debtors 2024 2023
£ £
Trade debtors 26,999 26,820
Other debtors 51,386 36,649
78,385 63,469
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,548 30,658
Trade creditors 49,936 41,414
Taxation and social security costs 17,223 17,118
Other creditors 20,435 17,674
95,142 106,864
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,833 -
7 Revaluation reserve 2024 2023
£ £
At 1 April 2023 20,000 20,000
At 31 March 2024 20,000 20,000
8 Related party transactions
During the year dividends totalling £2,650 were paid to shareholders who were directors in the company (2023: £2,700).
9 Controlling party
The company is controlled by S W J Wilbur.
10 Other information
Microshade Business Consultants Limited is a private company limited by shares and incorporated in England. Its registered office is:
11-13 Curzon Street, Calne, England, SN11 0DB
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