Registered number
10851270
Manasset Business Solutions Limited
Filleted Accounts
31 May 2024
Manasset Business Solutions Limited
Registered number: 10851270
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 487,643 461
Current assets
Debtors 4 (523) 110,370
Revolut Euro - 23,143
Cash at bank and in hand 210,447 355,637
209,924 489,150
Creditors: amounts falling due within one year 5 (30,326) (13,246)
Net current assets 179,598 475,904
Net assets 667,241 476,365
Capital and reserves
Called up share capital 7,350 6,550
Share premium 467,620 308,450
Profit and loss account 192,271 161,365
Shareholders' funds 667,241 476,365
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.
Ms Sukriye Derya Turkkorkmaz
Director
Approved by the board on 17 October 2024
Manasset Business Solutions Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 - 1,607 1,607
Additions 487,174 100 487,274
At 31 May 2024 487,174 1,707 488,881
Depreciation
At 1 June 2023 - 1,146 1,146
Charge for the year - 92 92
At 31 May 2024 - 1,238 1,238
Net book value
At 31 May 2024 487,174 469 487,643
At 31 May 2023 - 461 461
4 Debtors 2024 2023
£ £
PAYE and NI 54 70
Laurus Law Ltd - 97,000
Trade debtors (577) 13,257
Other debtors - 43
(523) 110,370
5 Creditors: amounts falling due within one year 2024 2023
£ £
Mehmet Oguz Akin Turkkorkmaz 916 16
Trade creditors 390 390
Taxation and social security costs 7,948 12,668
Other creditors 21,072 172
30,326 13,246
6 Other information
Manasset Business Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Crown House
27 Old Gloucester Street
London
WC1N 3AX
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