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Registered number: 08525626
MSW Thames Valley Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Inchmead Accountants
100 Berkshire Place
Winnersh
Wokingham
RG41 5RD
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 08525626
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 22,831 35,547
Investment Properties 5 359,959 329,959
382,790 365,506
CURRENT ASSETS
Debtors 6 402,232 1,800
Cash at bank and in hand 537,877 554,735
940,109 556,535
Creditors: Amounts Falling Due Within One Year 7 (286,087 ) (131,295 )
NET CURRENT ASSETS (LIABILITIES) 654,022 425,240
TOTAL ASSETS LESS CURRENT LIABILITIES 1,036,812 790,746
NET ASSETS 1,036,812 790,746
CAPITAL AND RESERVES
Called up share capital 8 2,000 2,000
Profit and Loss Account 1,034,812 788,746
SHAREHOLDERS' FUNDS 1,036,812 790,746
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For the year ending 31 May 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Woodward
Director
20 January 2025
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 June 2022 2,000 746,637 748,637
Profit for the year and total comprehensive income - 392,109 392,109
Dividends paid - (350,000) (350,000)
As at 31 May 2023 and 1 June 2023 2,000 788,746 790,746
Profit for the year and total comprehensive income - 396,066 396,066
Dividends paid - (150,000) (150,000)
As at 31 May 2024 2,000 1,034,812 1,036,812
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Notes to the Financial Statements
1. General Information
MSW Thames Valley Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08525626 . The registered office is Inchmead Suite, 100 Berkshire Place, Winnersh, Wokingham, RG41 5RD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. Turnover includes revenue earned from the rendering of services and rental from investment property.
Rendering of services
Turnover from the rendering of services is recognised by reference to the time at which the company is entitled to invoice the client for
the services rendered under the engagement agreement.
Rental from investment property
Income from investment property holdings is recognised as revenue on a straight-line basis over the lease term.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% Straight line
Computer Equipment 33.33% Straight line
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost or Valuation
As at 1 June 2023 69,096 1,936 71,032
Additions - 2,623 2,623
As at 31 May 2024 69,096 4,559 73,655
Depreciation
As at 1 June 2023 34,500 985 35,485
Provided during the period 13,819 1,520 15,339
As at 31 May 2024 48,319 2,505 50,824
Net Book Value
As at 31 May 2024 20,777 2,054 22,831
As at 1 June 2023 34,596 951 35,547
5. Investment Property
2024
£
Fair Value
As at 1 June 2023 329,959
Revaluations 30,000
As at 31 May 2024 359,959
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 329,959 278,289
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 1,800
Prepayments and accrued income 982 -
Other debtors 300,000 -
300,982 1,800
...CONTINUED
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Due after more than one year
Other debtors 101,250 -
101,250 -
402,232 1,800
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (1 ) -
Corporation tax 229,147 82,378
Other taxes and social security 3,583 1,080
VAT 44,226 34,400
Other creditors 936 -
Directors' loan accounts 8,196 13,437
286,087 131,295
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,000 2,000
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr David Woodward 6,718 20,107 20,906 - 5,919
Mrs Charlotte Woodward 6,718 20,107 20,906 - 5,919
The above loan is unsecured, interest free and repayable on demand.
10. Ultimate Controlling Party
The company's ultimate controlling party is Mr and Mrs Woodward, who are related by marriage, by virtue of their ownership of 100% of the issued share capital in the company.
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