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Registered Number: 07375692
England and Wales

 

 

 

MSP ASSOCIATES (LONDON) LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2023

End date: 29 February 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3   363 
Investments 4 47,729   
47,729    363 
Current assets      
Cash at bank and in hand 83,910    74,891 
Creditors: amount falling due within one year 5 (39,422)   (9,783)
Net current assets 44,488    65,108 
 
Total assets less current liabilities 92,217    65,471 
Creditors: amount falling due after more than one year 6 (32,817)   (32,253)
Net assets 59,400    33,218 
 

Capital and reserves
     
Called up share capital 7 3    3 
Profit and loss account 59,397    33,215 
Shareholders' funds 59,400    33,218 
 


For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 25 November 2024 and were signed on its behalf by:


-------------------------------
Umar Arif Patel
Director
1
General Information
MSP ASSOCIATES (LONDON) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07375692, registration address 10 CAMERON ROAD , GROUND FLOOR FRONT, SEVEN KINGS, IG3 8LA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Website cost
Planning and operating costs for the company's website are charged to the profit and loss account as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 4 Years - Straight Line
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2.

Average number of employees

Average number of employees during the year was 3 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 March 2023 3,309    3,309 
Additions  
Disposals  
At 29 February 2024 3,309    3,309 
Depreciation
At 01 March 2023 2,946    2,946 
Charge for year 363    363 
On disposals  
At 29 February 2024 3,309    3,309 
Net book values
Closing balance as at 29 February 2024  
Opening balance as at 01 March 2023 363    363 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 March 2023  
Additions 47,729    47,729 
Transfer to/from tangible fixed assets  
Disposals  
At 29 February 2024 47,729    47,729 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors   2,366 
Corporation Tax 6,226    4,525 
Accrued Expenses 2,003   
Directors' Current Accounts 24,745    2,892 
VAT 6,448   
39,422    9,783 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 21,607    32,253 
Accrued Expenses 11,210   
32,817    32,253 

7.

Share Capital

Authorised
3 Class A shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
3 Class A shares of £1.00 each  
 

2