Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 13201646 Mr Maksymilian Stabrawa Mrs Elise Stabrawa iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13201646 2023-02-28 13201646 2024-02-28 13201646 2023-03-01 2024-02-28 13201646 frs-core:CurrentFinancialInstruments 2024-02-28 13201646 frs-core:ComputerEquipment 2024-02-28 13201646 frs-core:ComputerEquipment 2023-03-01 2024-02-28 13201646 frs-core:ComputerEquipment 2023-02-28 13201646 frs-core:FurnitureFittings 2024-02-28 13201646 frs-core:FurnitureFittings 2023-03-01 2024-02-28 13201646 frs-core:FurnitureFittings 2023-02-28 13201646 frs-core:MotorVehicles 2024-02-28 13201646 frs-core:MotorVehicles 2023-03-01 2024-02-28 13201646 frs-core:MotorVehicles 2023-02-28 13201646 frs-core:PlantMachinery 2024-02-28 13201646 frs-core:PlantMachinery 2023-03-01 2024-02-28 13201646 frs-core:PlantMachinery 2023-02-28 13201646 frs-core:ShareCapital 2024-02-28 13201646 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 13201646 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 13201646 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 13201646 frs-bus:SmallEntities 2023-03-01 2024-02-28 13201646 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 13201646 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 13201646 frs-bus:Director1 2023-03-01 2024-02-28 13201646 frs-bus:Director2 2023-03-01 2024-02-28 13201646 frs-core:CurrentFinancialInstruments 1 2024-02-28 13201646 frs-core:CurrentFinancialInstruments 2 2024-02-28 13201646 frs-countries:EnglandWales 2023-03-01 2024-02-28 13201646 2022-02-28 13201646 2023-02-28 13201646 2022-03-01 2023-02-28 13201646 frs-core:CurrentFinancialInstruments 2023-02-28 13201646 frs-core:ShareCapital 2023-02-28 13201646 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 13201646 frs-core:CurrentFinancialInstruments 1 2023-02-28 13201646 frs-core:CurrentFinancialInstruments 2 2023-02-28
Registered number: 13201646
MSE International Freight Limited
Financial Statements
For The Year Ended 28 February 2024
Freshwater Accountancy Services Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13201646
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 97,029 49,684
97,029 49,684
CURRENT ASSETS
Debtors 5 67,095 94,986
Cash at bank and in hand 997,820 521,086
1,064,915 616,072
Creditors: Amounts Falling Due Within One Year 6 (558,099 ) (291,548 )
NET CURRENT ASSETS (LIABILITIES) 506,816 324,524
TOTAL ASSETS LESS CURRENT LIABILITIES 603,845 374,208
NET ASSETS 603,845 374,208
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 603,745 374,108
SHAREHOLDERS' FUNDS 603,845 374,208
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Maksymilian Stabrawa
Director
10th October 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
MSE International Freight Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13201646 . The registered office is 1 Coldbath Square, London, EC1R 5HL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 20% Reducing Balance
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 60,000 - - 2,463 62,463
Additions - 76,107 1,232 2,349 79,688
As at 28 February 2024 60,000 76,107 1,232 4,812 142,151
Depreciation
As at 1 March 2023 12,000 - - 779 12,779
Provided during the period 12,000 19,027 308 1,008 32,343
As at 28 February 2024 24,000 19,027 308 1,787 45,122
Net Book Value
As at 28 February 2024 36,000 57,080 924 3,025 97,029
As at 1 March 2023 48,000 - - 1,684 49,684
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 65,652 73,802
Prepayments and accrued income 1,443 15,197
Other debtors (2) - 5,987
67,095 94,986
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 250,393 88,765
Corporation tax 95,802 86,560
VAT 2,176 -
Other creditors (1) 157,232 53,232
Other creditors (2) 51,919 28,514
Accruals and deferred income 157 157
Directors' loan accounts 420 34,320
558,099 291,548
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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