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COMPANY REGISTRATION NUMBER: 11985004
Mcrosy Consulting Limited
Unaudited Financial Statements
31 May 2024
Mcrosy Consulting Limited
Director's Report
Year ended 31 May 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 May 2024 .
Director
The director who served the company during the year was as follows:
M Aduafo
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 February 2025 and signed on behalf of the board by:
M Aduafo
Director
Registered office:
365 Basingstoke Road
Reading
England
RG2 0JA
Mcrosy Consulting Limited
Income Statement
Year ended 31 May 2024
2024
2023
Note
£
£
Turnover
4
25,110
26,178
Cost of sales
18,547
19,106
--------
--------
Gross profit
6,563
7,072
Administrative expenses
5,709
6,157
-------
-------
Operating profit
5
854
915
-------
-------
Profit before taxation
854
915
Tax on profit
6
225
174
----
----
Profit for the financial year
629
741
----
----
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Mcrosy Consulting Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
7
424
565
Current assets
Cash at bank and in hand
1,087
3,064
Creditors: amounts falling due within one year
8
975
3,722
-------
-------
Net current assets/(liabilities)
112
( 658)
----
----
Total assets less current liabilities
536
( 93)
----
----
Net assets/(liabilities)
536
( 93)
----
----
Mcrosy Consulting Limited
Statement of Financial Position (continued)
31 May 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
10
535
( 94)
----
----
Shareholders funds/(deficit)
536
( 93)
----
----
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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 27 February 2025 , and are signed on behalf of the board by:
M Aduafo
Director
Company registration number: 11985004
Mcrosy Consulting Limited
Statement of Cash Flows
Year ended 31 May 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
629
741
Adjustments for:
Depreciation of tangible assets
141
188
Tax on profit
225
174
Accrued income
( 837)
----
----
Cash generated from operations
995
266
Tax (paid)/received
( 1,977)
1,803
-------
-------
Net cash (used in)/from operating activities
( 982)
2,069
-------
-------
Cash flows from financing activities
Proceeds from borrowings
( 995)
995
-------
-------
Net cash (used in)/from financing activities
( 995)
995
-------
-------
Net (decrease)/increase in cash and cash equivalents
( 1,977)
3,064
Cash and cash equivalents at beginning of year
3,064
-------
-------
Cash and cash equivalents at end of year
1,087
3,064
-------
-------
Mcrosy Consulting Limited
Notes to the Financial Statements
Year ended 31 May 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 365 Basingstoke Road, Reading, RG2 0JA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with 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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
25% reducing balance
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
25,110
26,178
--------
--------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
141
188
----
----
6. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
189
174
Adjustments in respect of prior periods
36
----
----
Total current tax
225
174
----
----
----
----
Tax on profit
225
174
----
----
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: the same as) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
854
915
----
----
Profit on ordinary activities by rate of tax
162
174
Adjustment to tax charge in respect of prior periods
36
Effect of expenses not deductible for tax purposes
27
----
----
Tax on profit
225
174
----
----
7. Tangible assets
Equipment
£
Cost
At 1 June 2023 and 31 May 2024
1,785
-------
Depreciation
At 1 June 2023
1,220
Charge for the year
141
-------
At 31 May 2024
1,361
-------
Carrying amount
At 31 May 2024
424
-------
At 31 May 2023
565
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
750
750
Corporation tax
225
1,977
Director loan accounts
995
----
-------
975
3,722
----
-------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Analysis of changes in net debt
At 1 Jun 2023
Cash flows
At 31 May 2024
£
£
£
Cash at bank and in hand
3,064
(1,977)
1,087
Debt due within one year
(995)
995
-------
-------
-------
2,069
( 982)
1,087
-------
-------
-------
Mcrosy Consulting Limited
Notes to the Financial Statements (continued)
Year ended 31 May 2024
12. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
M Aduafo
( 995)
995
----
----
----
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
M Aduafo
( 995)
( 995)
----
----
----