Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29No description of principal activitytrue2023-03-01false33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09442879 2023-03-01 2024-02-29 09442879 2022-03-01 2023-02-28 09442879 2024-02-29 09442879 2023-02-28 09442879 c:Director1 2023-03-01 2024-02-29 09442879 d:MotorVehicles 2023-03-01 2024-02-29 09442879 d:MotorVehicles 2024-02-29 09442879 d:MotorVehicles 2023-02-28 09442879 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09442879 d:FurnitureFittings 2023-03-01 2024-02-29 09442879 d:FurnitureFittings 2024-02-29 09442879 d:FurnitureFittings 2023-02-28 09442879 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09442879 d:OfficeEquipment 2023-03-01 2024-02-29 09442879 d:OfficeEquipment 2024-02-29 09442879 d:OfficeEquipment 2023-02-28 09442879 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09442879 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 09442879 d:CurrentFinancialInstruments 2024-02-29 09442879 d:CurrentFinancialInstruments 2023-02-28 09442879 d:Non-currentFinancialInstruments 2024-02-29 09442879 d:Non-currentFinancialInstruments 2023-02-28 09442879 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 09442879 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09442879 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 09442879 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 09442879 d:ShareCapital 2024-02-29 09442879 d:ShareCapital 2023-02-28 09442879 d:RetainedEarningsAccumulatedLosses 2024-02-29 09442879 d:RetainedEarningsAccumulatedLosses 2023-02-28 09442879 c:FRS102 2023-03-01 2024-02-29 09442879 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 09442879 c:FullAccounts 2023-03-01 2024-02-29 09442879 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09442879 d:HirePurchaseContracts d:WithinOneYear 2024-02-29 09442879 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 09442879 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-02-29 09442879 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 09442879 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 09442879










PIVOT MSL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
PIVOT MSL LIMITED
REGISTERED NUMBER: 09442879

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
63,040
50,871

  
63,040
50,871

Current assets
  

Stocks
 5 
54,757
42,436

Debtors: amounts falling due within one year
 6 
307,553
327,425

Cash at bank and in hand
  
624,969
378,168

  
987,279
748,029

Creditors: amounts falling due within one year
 7 
(167,708)
(103,524)

Net current assets
  
 
 
819,571
 
 
644,505

Total assets less current liabilities
  
882,611
695,376

Creditors: amounts falling due after more than one year
 8 
(16,409)
-

Provisions for liabilities
  

Deferred tax
  
(13,702)
(9,973)

  
 
 
(13,702)
 
 
(9,973)

Net assets
  
852,500
685,403


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
852,499
685,402

  
852,500
685,403


Page 1

 
PIVOT MSL LIMITED
REGISTERED NUMBER: 09442879
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






H Kane
Director

Date: 26 November 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
PIVOT MSL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Pivot MSL Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Clockhouse Ground Floor Office 2, Dogflud Way, Farnham, Surrey, GU9 7UD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
PIVOT MSL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
PIVOT MSL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.12

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
PIVOT MSL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 6

 
PIVOT MSL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
31,495
20,352
29,332
81,179


Additions
48,090
1,458
1,920
51,468


Disposals
(31,495)
-
-
(31,495)



At 29 February 2024

48,090
21,810
31,252
101,152



Depreciation


At 1 March 2023
4,593
9,233
16,482
30,308


Charge for the year on owned assets
6,011
2,901
3,485
12,397


Disposals
(4,593)
-
-
(4,593)



At 29 February 2024

6,011
12,134
19,967
38,112



Net book value



At 29 February 2024
42,079
9,676
11,285
63,040



At 28 February 2023
26,902
11,119
12,850
50,871

Page 7

 
PIVOT MSL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Stocks

29 February
28 February
2024
2023
£
£

Work in progress
54,757
42,436

54,757
42,436


Page 8

 
PIVOT MSL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
201,536
222,933

Amounts owed by group undertakings
93,803
86,733

Other debtors
1,613
13,610

Prepayments and accrued income
10,601
4,149

307,553
327,425



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
53,098
19,708

Corporation tax
83,288
56,333

Other taxation and social security
6,480
16,278

Obligations under finance lease and hire purchase contracts
10,363
-

Other creditors
11,689
8,134

Accruals and deferred income
2,790
3,071

167,708
103,524



8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
16,409
-

16,409
-


Page 9

 
PIVOT MSL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

29 February
28 February
2024
2023
£
£


Within one year
10,363
-

Between 1-5 years
16,409
-

26,772
-

 
Page 10