Registered number
04401614
M S P RETAIL LIMITED
Filleted Accounts
30 April 2024
M S P RETAIL LIMITED
Registered number: 04401614
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 806,238 846,127
Current assets
Stocks 170,632 138,764
Debtors 5 370,139 -
Cash at bank and in hand 134,885 378,358
675,656 517,122
Creditors: amounts falling due within one year 6 (239,390) (153,800)
Net current assets 436,266 363,322
Total assets less current liabilities 1,242,504 1,209,449
Creditors: amounts falling due after more than one year 7 (463,924) (497,461)
Net assets 778,580 711,988
Capital and reserves
Called up share capital 100 100
Profit and loss account 778,480 711,888
Shareholders' funds 778,580 711,988
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jeyaseelan Thambirajah
Director
Approved by the board on 22 November 2024
M S P RETAIL LIMITED
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% Reducing Balance
Fixtures, fittings, tools and equipment 20% Reducing Balance
Building over 50 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 30 25
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 121,500
At 30 April 2024 121,500
Amortisation
At 1 May 2023 121,500
At 30 April 2024 121,500
Net book value
At 30 April 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 769,945 488,573 49,449 1,307,967
At 30 April 2024 769,945 488,573 49,449 1,307,967
Depreciation
At 1 May 2023 78,766 363,587 19,487 461,840
Charge for the year 10,398 24,997 4,494 39,889
At 30 April 2024 89,164 388,584 23,981 501,729
Net book value
At 30 April 2024 680,781 99,989 25,468 806,238
At 30 April 2023 691,179 124,986 29,962 846,127
5 Debtors 2024 2023
£ £
Other debtors & Prepayments (note-9) 370,139 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 146,444 110,248
Pension Liability 1,384 1,202
Corporation tax 66,139 25,208
Other taxes and social security costs 18,823 10,544
Other creditors 6,600 6,598
239,390 153,800
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 348,824 379,578
Obligations under finance lease and hire purchase contracts 19,920 29,135
Directors Loan Account. 95,180 88,748
463,924 497,461
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 379,578 379,578
Fixed Charge and floating Charge over the address 140-42 Elm Road Wisbech, 62 St Peters Road March and 39 Broadlands Kettering were given to natwest bank plc as Security for the bank loans.
9 Related party transactions
Other debtors inclued £370139 (nil-2023)inter company loan given to MSP Estate ltd which 100% own by Mr Jeyaseelan Thambirajah
10 Controlling party
100% control by Mr Jeyaseelan Thambirajah.
11 Other information
M S P RETAIL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
34-36 Leys Road
St. Neots
Cambridgeshire
PE19 1ES
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