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
Msoft E-solutions Limited
Company Information
for the year ended 30 June 2024
Directors
Mr M P McAlister
Mr P G McAlister
Company Number
03472193 (England and Wales)
Registered Office
Msoft Esolutions Ltd
Gateway House
Old Hall Road, Bromborough
Wirral
Merseyside
CH62 3NX
England
Msoft E-solutions Limited
Statement of financial position
as at 30 June 2024
Intangible assets
1,595,810
1,765,794
Tangible assets
174,628
179,343
Cash at bank and in hand
49,548
1,650
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
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
Msoft E-solutions Limited
Notes to the Accounts
for the year ended 30 June 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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.
The accounts are presented in pounds sterling (GBP).
Msoft E-solutions Limited
Notes to the Accounts
for the year ended 30 June 2024
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.
Msoft E-solutions Limited
Notes to the Accounts
for the year ended 30 June 2024
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
At 1 July 2023
345,181
2,636,168
2,981,349
At 30 June 2024
345,181
2,636,168
2,981,349
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
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
At 30 June 2024
789,814
33,400
823,214
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
At 30 June 2024
171,663
2,965
174,628
At 30 June 2023
175,716
3,627
179,343
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
Finished goods
90,577
90,577
Stock is valued at the lower of cost and net realisable value.
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
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
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
Msoft E-solutions Limited
Notes to the Accounts
for the year ended 30 June 2024
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).