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COMPANY REGISTRATION NUMBER: 13904394
Mselone Limited
Filleted Unaudited Financial Statements
28 February 2024
Mselone Limited
Financial Statements
Year ended 28 February 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 3
Mselone Limited
Statement of Financial Position
28 February 2024
2024
2023
Note
£
£
Current assets
Debtors
5
22,151
16,101
Cash at bank and in hand
1,879
149
--------
--------
24,030
16,250
Creditors: amounts falling due within one year
6
( 2,495)
( 3,405)
--------
--------
Net current assets
21,535
12,845
--------
--------
Total assets less current liabilities
21,535
12,845
--------
--------
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
21,435
12,745
--------
--------
Shareholders funds
21,535
12,845
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Miss E.I. Thomson
Director
Company registration number: 13904394
Mselone Limited
Notes to the Financial Statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hamilton House, 44 Hamilton Terrace, Milford Haven, Pembrokeshire, SA73 3JP, Wales.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tax on profit
Major components of tax expense
Period from
Year to
9 Feb 22 to
28 Feb 24
28 Feb 23
£
£
Current tax:
UK current tax expense
2,039
2,990
-------
-------
Tax on profit
2,039
2,990
-------
-------
5. Debtors
2024
2023
£
£
Other debtors
22,151
16,101
--------
--------
Other debtors include an amount of £Nil (2023 - Nil) falling due after more than one year.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,039
2,990
Other creditors
456
415
-------
-------
2,495
3,405
-------
-------
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
74
74
74
74
Ordinary A shares of £ 1 each
26
26
26
26
----
----
----
----
100
100
100
100
----
----
----
----
8. Related party transactions
The company was under the control of Mr M.V. Thomson during the current and previous year by virtue of his majority shareholding. As at the year end £22,151 (2023 - £16,101) was owed to the company by Mr M.V. Thomson.