Company registration number SC225941 (Scotland)
MI HOUSING SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
MI HOUSING SERVICES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MI HOUSING SERVICES LTD
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,860
2,325
Current assets
Debtors
4
1,236
Cash at bank and in hand
46,791
54,154
46,791
55,390
Creditors: amounts falling due within one year
5
(5,189)
(13,216)
Net current assets
41,602
42,174
Net assets
43,462
44,499
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
43,460
44,497
Total equity
43,462
44,499
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 December 2024 and are signed on its behalf by:
William Dickson
Director
Company Registration No. SC225941
MI HOUSING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
MI Housing Services Ltd is a private company limited by shares incorporated in Scotland. The registered office is Tanera, Letters Way, Mid Letters, Strachur, Argyll, United Kingdom, PA27 8DP.
1.1
Accounting convention
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.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown inclusive of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Office equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MI HOUSING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
2
2
3
Tangible fixed assets
Office equipment
£
Cost
At 1 September 2023 and 31 August 2024
8,198
Depreciation and impairment
At 1 September 2023
5,873
Depreciation charged in the year
465
At 31 August 2024
6,338
Carrying amount
At 31 August 2024
1,860
At 31 August 2023
2,325
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,171
Other debtors
65
1,236
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,240
5,257
Other taxation and social security
1,073
Other creditors
624
6,803
Accruals and deferred income
1,252
1,156
5,189
13,216
MI HOUSING SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
6
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2