Registered number
10550438
MSP Global Trading Ltd
Unaudited Filleted Accounts
30 June 2024
MSP Global Trading Ltd
Registered number: 10550438
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 1,298
Tangible assets 4 404,979 312,940
404,979 314,238
Current assets
Debtors 5 387,895 440,872
Cash at bank and in hand 197,227 306,044
585,122 746,916
Creditors: amounts falling due within one year 6 (369,909) (524,194)
Net current assets 215,213 222,722
Total assets less current liabilities 620,192 536,960
Creditors: amounts falling due after more than one year 7 (67,656) (82,455)
Net assets 552,536 454,505
Capital and reserves
Called up share capital 103 103
Profit and loss account 552,433 454,402
Shareholders' funds 552,536 454,505
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.
L Richards
Director
Approved by the board on 19 March 2025
MSP Global Trading Ltd
Notes to the Accounts
for the year ended 30 June 2024
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Motor vehicles 25% reducing balance
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
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.
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 2024 2023
Number Number
Average number of persons employed by the company 18 18
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 6,490
At 30 June 2024 6,490
Amortisation
At 1 July 2023 5,192
Provided during the year 1,298
At 30 June 2024 6,490
Net book value
At 30 June 2024 -
At 30 June 2023 1,298
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 677,192 42,500 719,692
Additions 114,888 51,642 166,530
At 30 June 2024 792,080 94,142 886,222
Depreciation
At 1 July 2023 364,252 42,500 406,752
Charge for the year 68,346 6,145 74,491
At 30 June 2024 432,598 48,645 481,243
Net book value
At 30 June 2024 359,482 45,497 404,979
At 30 June 2023 312,940 - 312,940
5 Debtors 2024 2023
£ £
Trade debtors 201,798 254,317
Other debtors 186,097 186,555
387,895 440,872
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 48,795 48,795
Obligations under finance lease and hire purchase contracts 11,436 -
Trade creditors 180,754 125,961
Taxation and social security costs 105,614 244,735
Other creditors 23,310 104,703
369,909 524,194
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 39,220 82,455
Obligations under finance lease and hire purchase contracts 28,436 -
67,656 82,455
8 Related party transactions
At 30 June 2024 the company was owed £164,909 (2023 - £111,416) by Stock X AV Ltd (was MSP Group Holdings Ltd). Both companies being under the direct control of the directors C Reader and L Richards.
9 Other information
MSP Global Trading Ltd is a private company limited by shares and incorporated in England. Its registered office is:
300 St Mary's Road
Garston
Liverpool
Merseyside
L19 0NQ
MSP Global Trading Ltd 10550438 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts April 2024 L Richards No description of principal activity 10550438 2022-07-01 2023-06-30 10550438 core:WithinOneYear 2023-06-30 10550438 core:AfterOneYear 2023-06-30 10550438 core:ShareCapital 2023-06-30 10550438 core:RetainedEarningsAccumulatedLosses 2023-06-30 10550438 2023-07-01 2024-06-30 10550438 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10550438 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10550438 bus:Director40 2023-07-01 2024-06-30 10550438 1 2023-07-01 2024-06-30 10550438 2 2023-07-01 2024-06-30 10550438 core:Goodwill 2023-07-01 2024-06-30 10550438 core:PlantMachinery 2023-07-01 2024-06-30 10550438 core:Vehicles 2023-07-01 2024-06-30 10550438 countries:England 2023-07-01 2024-06-30 10550438 bus:FRS102 2023-07-01 2024-06-30 10550438 bus:FilletedAccounts 2023-07-01 2024-06-30 10550438 2024-06-30 10550438 core:WithinOneYear 2024-06-30 10550438 core:AfterOneYear 2024-06-30 10550438 core:ShareCapital 2024-06-30 10550438 core:RetainedEarningsAccumulatedLosses 2024-06-30 10550438 core:Goodwill 2024-06-30 10550438 core:PlantMachinery 2024-06-30 10550438 core:Vehicles 2024-06-30 10550438 2023-06-30 10550438 core:Goodwill 2023-06-30 10550438 core:PlantMachinery 2023-06-30 10550438 core:Vehicles 2023-06-30 iso4217:GBP xbrli:pure