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Company Registration No. 03472193 (England and Wales)
Msoft E-solutions Limited Unaudited accounts for the year ended 30 June 2024
Msoft E-solutions Limited Unaudited accounts Contents
Page
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Msoft E-solutions Limited Company Information for the year ended 30 June 2024
Directors
Mr M P McAlister Mr P G McAlister
Secretary
Mrs L McAlister
Company Number
03472193 (England and Wales)
Registered Office
Msoft Esolutions Ltd Gateway House Old Hall Road, Bromborough Wirral Merseyside CH62 3NX England
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Msoft E-solutions Limited Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
1,595,810 
1,765,794 
Tangible assets
174,628 
179,343 
Investments
26,570 
26,570 
1,797,008 
1,971,707 
Current assets
Inventories
90,577 
90,577 
Debtors
553,077 
361,097 
Cash at bank and in hand
49,548 
1,650 
693,202 
453,324 
Creditors: amounts falling due within one year
(1,423,142)
(1,048,843)
Net current liabilities
(729,940)
(595,519)
Total assets less current liabilities
1,067,068 
1,376,188 
Creditors: amounts falling due after more than one year
(711,968)
(860,719)
Provisions for liabilities
Other provisions
(33,671)
(33,671)
Net assets
321,429 
481,798 
Capital and reserves
Called up share capital
139,617 
139,617 
Share premium
31,777 
31,777 
Profit and loss account
150,035 
310,404 
Shareholders' funds
321,429 
481,798 
For the year ending 30 June 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2024 and were signed on its behalf by
Mr P G McAlister Director Company Registration No. 03472193
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Msoft E-solutions Limited Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
Msoft E-solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 03472193. The registered office is Msoft Esolutions Ltd, Gateway House, Old Hall Road, Bromborough, Wirral, Merseyside, CH62 3NX, England.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Going concern
During 2023, the company entered into a Company Voluntary Arrangement (CVA). Elements of the arrangement are contingent on the future profitability of the business and are currently held at their full amount. A failure to adhere to the terms of the CVA could potentially result in the whole of the original debts becoming due. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Presentation currency
The accounts are presented in pounds sterling (GBP).
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Msoft E-solutions Limited Notes to the Accounts for the year ended 30 June 2024
Intangible fixed assets
Goodwill is being amortised evenly over its estimated useful life. In relation to business's acquired in 2005 and 2012 respectively, this is considered to be 10 years. In relation to a further acquisition in 2014 this is considered to be 5 years. Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Software 10% on reducing balance Other intangible assets Straight line over 10/20 years
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% on reducing balance
Computer equipment
20% on reducing balance
Other tangible fixed assets
20% on reducing balance
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. 1 Accounting policies (Continued) Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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Msoft E-solutions Limited Notes to the Accounts for the year ended 30 June 2024
Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
4
Intangible fixed assets
Goodwill 
Other 
Total 
£ 
£ 
£ 
Cost
At 1 July 2023
345,181 
2,636,168 
2,981,349 
At 30 June 2024
345,181 
2,636,168 
2,981,349 
Amortisation
At 1 July 2023
345,181 
870,374 
1,215,555 
Charge for the year
- 
169,984 
169,984 
At 30 June 2024
345,181 
1,040,358 
1,385,539 
Net book value
At 30 June 2024
- 
1,595,810 
1,595,810 
At 30 June 2023
- 
1,765,794 
1,765,794 
5
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 July 2023
758,088 
33,400 
791,488 
Additions
31,726 
- 
31,726 
At 30 June 2024
789,814 
33,400 
823,214 
Depreciation
At 1 July 2023
582,372 
29,773 
612,145 
Charge for the year
35,779 
662 
36,441 
At 30 June 2024
618,151 
30,435 
648,586 
Net book value
At 30 June 2024
171,663 
2,965 
174,628 
At 30 June 2023
175,716 
3,627 
179,343 
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Msoft E-solutions Limited Notes to the Accounts for the year ended 30 June 2024
6
Investments
Subsidiary undertakings 
£ 
Valuation at 1 July 2023
26,570 
Valuation at 30 June 2024
26,570 
7
Inventories
2024 
2023 
£ 
£ 
Finished goods
90,577 
90,577 
90,577 
90,577 
Stock is valued at the lower of cost and net realisable value.
8
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
409,090 
151,195 
Amounts due from group undertakings etc.
66,277 
29,625 
Other debtors
77,710 
180,277 
553,077 
361,097 
9
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
44,985 
83,639 
Taxes and social security
151,387 
77,035 
Other creditors
1,226,770 
888,169 
1,423,142 
1,048,843 
10
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Other creditors
711,968 
860,719 
11
Operating lease commitments
2024 
2023 
£ 
£ 
At 30 June 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
129,738 
181,633 
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Msoft E-solutions Limited Notes to the Accounts for the year ended 30 June 2024
12
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Loan 2 (4.5%)
11,705 
5,038 
71,217 
(54,474)
Loan 1 (4.5%)
16,771 
36,135 
76,901 
(23,995)
28,476 
41,173 
148,118 
(78,469)
Interest free loans have been granted by the company to its directors, which since was repaid. Further capital in the form of interest bearing loans was introduced by the directors to the company. The maximum amount of the loans owed by directors during the year was 16,771/ 11,705 (2023: 16,771/11,705). The loans are repayable on demand.
13
Transactions with related parties
Locatemythings.com Limited Controlled by close family members of the directors. There is an amount due from the related party at the balance sheet date in the sum of 1,787 (2023: 1,787). The amount is interest free and repayable on demand. Rescom Limited Subsidiary company. There is an amount due from the related party at the balance sheet date in the sum of 64,491 (Owed to the related party in 2023: 27,838). The amount is interest free and repayable on demand.
14
Average number of employees
During the year the average number of employees was 9 (2023: 9).
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