1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 44,700 44,700 44,700 44,700 xbrli:pure xbrli:shares iso4217:GBP 10233805 2023-07-01 2024-06-30 10233805 2024-06-30 10233805 2023-06-30 10233805 2022-07-01 2023-06-30 10233805 2023-06-30 10233805 2022-06-30 10233805 core:MotorVehicles 2023-07-01 2024-06-30 10233805 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 10233805 bus:Director1 2023-07-01 2024-06-30 10233805 core:MotorVehicles 2023-06-30 10233805 core:WithinOneYear 2024-06-30 10233805 core:WithinOneYear 2023-06-30 10233805 core:ShareCapital 2024-06-30 10233805 core:ShareCapital 2023-06-30 10233805 core:RetainedEarningsAccumulatedLosses 2024-06-30 10233805 core:RetainedEarningsAccumulatedLosses 2023-06-30 10233805 bus:SmallEntities 2023-07-01 2024-06-30 10233805 bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 10233805 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 10233805 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10233805 bus:FullAccounts 2023-07-01 2024-06-30 10233805 bus:OrdinaryShareClass1 2024-06-30 10233805 bus:OrdinaryShareClass1 2023-06-30
COMPANY REGISTRATION NUMBER: 10233805
MSG 1881 LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2024
MSG 1881 LIMITED
BALANCE SHEET
30 June 2024
2024
2023
Note
£
£
£
£
Current assets
Debtors
6
600,047
691,728
Cash at bank and in hand
11,884
91,662
--------
--------
611,931
783,390
Creditors: amounts falling due within one year
7
( 1,142)
( 98,591)
--------
--------
Net current assets
610,789
684,799
--------
--------
Total assets less current liabilities
610,789
684,799
--------
--------
Net assets
610,789
684,799
--------
--------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
610,787
684,797
--------
--------
Shareholder funds
610,789
684,799
--------
--------
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 profit and loss account has not been delivered.
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.
Director's responsibilities:
- The member has 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 were approved by the board of directors and authorised for issue on 7 March 2025 , and are signed on behalf of the board by:
M S Grewal
Director
Company registration number: 10233805
MSG 1881 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 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 12 North Bar, Banbury, OX16 0TB, England.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied 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.
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:
Motor vehicles
-
25% straight line
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.
Financial instruments
Basic financial assets, which include trade, other receivables and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Tangible assets
Motor vehicles
Total
£
£
Cost
At 1 July 2023
44,700
44,700
Disposals
( 44,700)
( 44,700)
-------
-------
At 30 June 2024
-------
-------
Depreciation
At 1 July 2023
44,700
44,700
Disposals
( 44,700)
( 44,700)
-------
-------
At 30 June 2024
-------
-------
Carrying amount
At 30 June 2024
-------
-------
At 30 June 2023
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
91,728
Other debtors
600,047
600,000
--------
--------
600,047
691,728
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
142
11,556
Corporation tax
19,761
Social security and other taxes
66,274
Other creditors
1,000
1,000
------
-------
1,142
98,591
------
-------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----