Company Registration No. 03742225 (England and Wales)
MSOFT360.CLOUD LIMITED
Unaudited accounts
for the year ended 30 June 2024
MSOFT360.CLOUD LIMITED
Unaudited accounts
Contents
MSOFT360.CLOUD LIMITED
Company Information
for the year ended 30 June 2024
Directors
Mr P G McAlister
Mr M P McAlister
Company Number
03742225 (England and Wales)
Registered Office
Gateway House
Old Hall Road
Bromborough
Wirral
Merseyside
CH62 3NX
England
MSOFT360.CLOUD LIMITED
Statement of financial position
as at 30 June 2024
Cash at bank and in hand
88,870
50,207
Creditors: amounts falling due within one year
(81,332)
(39,534)
Net current assets
7,538
10,673
Total assets less current liabilities
7,538
10,673
Creditors: amounts falling due after more than one year
(4,404)
(8,128)
Called up share capital
200
200
Profit and loss account
2,934
2,345
Shareholders' funds
3,134
2,545
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 6 February 2025 and were signed on its behalf by
Mr P G McAlister
Director
Company Registration No. 03742225
MSOFT360.CLOUD LIMITED
Notes to the Accounts
for the year ended 30 June 2024
MSOFT360.CLOUD LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03742225. The registered office is Gateway House, Old Hall Road, Bromborough, Wirral, Merseyside, CH62 3NX, England.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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.
The accounts are presented in £ sterling.
Turnover represents net invoiced sales of services and goods, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.
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:
Plant & machinery
20% on cost
Computer equipment
33% on cost
MSOFT360.CLOUD LIMITED
Notes to the Accounts
for the year ended 30 June 2024
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
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.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Tangible fixed assets
Plant & machinery
MSOFT360.CLOUD LIMITED
Notes to the Accounts
for the year ended 30 June 2024
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
3,727
3,477
Amounts owed to group undertakings and other participating interests
64,491
27,838
Taxes and social security
-
551
Other creditors
13,114
7,668
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Creditors: amounts falling due after more than one year
2024
2023
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Transactions with related parties
The amount owed to the parent company, MSoft E-Solutions Limited, at the balance sheet date was £64,491 (Owed to the parent company in 2023: £27,838). The amount is interest free and repayable on demand.
There is a fixed and floating charge over all assets of the company held by the bank on behalf of the parent company.
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Post balance sheet events
The company changed its name from Rescom Systems Limited to MSOFT360.Cloud Limited as of 11th July 2024.
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Average number of employees
During the year the average number of employees was 0 (2023: 0).