Registered number
07884266
Mobile Inventory Services Limited
Filleted Accounts
31 July 2023
Mobile Inventory Services Limited
Registered number: 07884266
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 22,052 6,631
Current assets
Debtors 4 1,044,976 854,996
Cash at bank and in hand 61,269 48,906
1,106,245 903,902
Creditors: amounts falling due within one year 5 (731,375) (713,783)
Net current assets 374,870 190,119
Total assets less current liabilities 396,922 196,750
Creditors: amounts falling due after more than one year 6 (36,573) (56,670)
Net assets 360,349 140,080
Capital and reserves
Called up share capital 2 2
Profit and loss account 360,347 140,078
Shareholders' funds 360,349 140,080
The directors are 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 directors acknowledge their 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.
Mr S McCormick
Director
Approved by the board on 27 January 2025
Mobile Inventory Services Limited
Notes to the Accounts
for the year ended 31 July 2023
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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 12,188 4,000 16,188
Additions 1,130 22,954 24,084
At 31 July 2023 13,318 26,954 40,272
Depreciation
At 1 August 2022 8,390 1,167 9,557
Charge for the year 1,925 6,738 8,663
At 31 July 2023 10,315 7,905 18,220
Net book value
At 31 July 2023 3,003 19,049 22,052
At 31 July 2022 3,798 2,833 6,631
4 Debtors 2023 2022
£ £
Trade debtors 214,309 187,383
Other debtors 830,667 667,613
1,044,976 854,996
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 20,004 20,004
Obligations under finance lease and hire purchase contracts 20,363 -
Trade creditors 137,548 113,531
Taxation and social security costs 306,805 310,036
Other creditors 246,655 270,212
731,375 713,783
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 36,573 56,670
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr S McCormick
DLA 297,095 111,082 - 408,177
Mr W Forbes
DLA 215,760 - (215,760) -
512,855 111,082 (215,760) 408,177
8 Related party transactions
During the year the company was related to a small number of other companies controlled by its directors. Amount owed to the company by related parties is £396,417 (2022: £134,152). Amount owed by the company to related parties is £34,675 (2022: £34,713)
9 Controlling party
The company was under the control of its two directors throughout both the current and previous year until Mobile Inventory Holdings Limited acquired the company on 11th July 2023.
10 Other information
Mobile Inventory Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Third Floor Suite A3 (3) Chester Stea Mill
Steam Mill Street
Chester
Cheshire
CH3 5AN
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