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COMPANY REGISTRATION NUMBER: 03580807
M.S.M. Holdings Limited
Filleted Financial Statements
31 July 2024
M.S.M. Holdings Limited
Financial Statements
Year ended 31 July 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
M.S.M. Holdings Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
2,500
2,500
Tangible assets
6
2,392,139
2,392,365
Investments
7
8,850
8,850
------------
------------
2,403,489
2,403,715
Current assets
Debtors
8
2,627
2,240
Cash at bank and in hand
343,244
458,586
---------
---------
345,871
460,826
Creditors: amounts falling due within one year
9
1,134,096
382,471
------------
---------
Net current (liabilities)/assets
( 788,225)
78,355
------------
------------
Total assets less current liabilities
1,615,264
2,482,070
Provisions
Taxation including deferred tax
325,243
325,243
------------
------------
Net assets
1,290,021
2,156,827
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,289,921
2,156,727
------------
------------
Shareholder funds
1,290,021
2,156,827
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
M.S.M. Holdings Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 10 January 2025 , and are signed on behalf of the board by:
M S A El-Mahrouki
Director
Company registration number: 03580807
M.S.M. Holdings Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent provided and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Land and Property and Classic Cars held as tangible assets are not depreciated.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Intangible assets
Number plates
£
Cost
At 1 August 2023 and 31 July 2024
2,500
-------
Amortisation
At 1 August 2023 and 31 July 2024
-------
Carrying amount
At 31 July 2024
2,500
-------
At 31 July 2023
2,500
-------
6. Tangible assets
Land and buildings
Equipment
Classic cars
Total
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
2,345,986
677
45,959
2,392,622
------------
----
--------
------------
Depreciation
At 1 August 2023
257
257
Charge for the year
226
226
------------
----
--------
------------
At 31 July 2024
483
483
------------
----
--------
------------
Carrying amount
At 31 July 2024
2,345,986
194
45,959
2,392,139
------------
----
--------
------------
At 31 July 2023
2,345,986
420
45,959
2,392,365
------------
----
--------
------------
The valuation for the investment properties have been reviewed, with the last professional valuation in 2016. The directors have determined the fair value of the investment properties based on the current market and the lease in place and have revalued the portfolio based in their knowledge of the market. The values have been based on recent transactions of similar properties, and where such comparator does not exist the value has been based upon the lease rental return. No depreciation is accounted for on investment property in accordance with the FRS102. Within tangible assets, there is a value of £2,345,986 (2023: £2,345,986) which is held in respect of investment properties which have been included at fair value.
7. Investments
Other investments other than loans
£
Cost
At 1 August 2023 and 31 July 2024
8,850
-------
Impairment
At 1 August 2023 and 31 July 2024
-------
Carrying amount
At 31 July 2024
8,850
-------
At 31 July 2023
8,850
-------
The investment in the EIA Partnership Limited totalling £8,850 represents a shareholding of 9.5%.EIA Partnership Limited is a company registered in England and Wales.
8. Debtors
2024
2023
£
£
Other debtors
2,627
2,240
-------
-------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,482
1,789
Corporation tax
2,881
1,885
Social security and other taxes
5,317
Other creditors
1,124,416
378,797
------------
---------
1,134,096
382,471
------------
---------
The bank loans and overdrafts within other creditors are secured by way of a fixed charge and debenture.
10. Summary audit opinion
The auditor's report dated 14 January 2025 was unqualified .
The senior statutory auditor was Kenton May , for and on behalf of Burgess Hodgson LLP .
11. Related party transactions
Dividends of £880,000 (2023: £nil) were paid to a director during the year. At the year end, the company owed a director £1,095,799 (2023: the company owed £351,450). No other amounts were due to or from any other directors.