17 false false false false false false false false false false true false false false false false false No description of principal activity 2023-09-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP SC706311 2023-09-01 2024-08-31 SC706311 2024-08-31 SC706311 2023-08-31 SC706311 2022-09-01 2023-08-31 SC706311 2023-08-31 SC706311 2022-08-31 SC706311 core:PlantMachinery 2023-09-01 2024-08-31 SC706311 core:FurnitureFittings 2023-09-01 2024-08-31 SC706311 core:MotorVehicles 2023-09-01 2024-08-31 SC706311 bus:RegisteredOffice 2023-09-01 2024-08-31 SC706311 bus:LeadAgentIfApplicable 2023-09-01 2024-08-31 SC706311 bus:Director1 2023-09-01 2024-08-31 SC706311 bus:Director2 2023-09-01 2024-08-31 SC706311 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 SC706311 core:PlantMachinery 2023-08-31 SC706311 core:FurnitureFittings 2023-08-31 SC706311 core:MotorVehicles 2023-08-31 SC706311 core:LandBuildings core:OwnedOrFreeholdAssets 2024-08-31 SC706311 core:PlantMachinery 2024-08-31 SC706311 core:FurnitureFittings 2024-08-31 SC706311 core:MotorVehicles 2024-08-31 SC706311 core:WithinOneYear 2024-08-31 SC706311 core:WithinOneYear 2023-08-31 SC706311 core:ShareCapital 2024-08-31 SC706311 core:ShareCapital 2023-08-31 SC706311 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC706311 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC706311 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 SC706311 core:PlantMachinery 2023-08-31 SC706311 core:FurnitureFittings 2023-08-31 SC706311 core:MotorVehicles 2023-08-31 SC706311 bus:SmallEntities 2023-09-01 2024-08-31 SC706311 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 SC706311 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 SC706311 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC706311 bus:FullAccounts 2023-09-01 2024-08-31 SC706311 core:OfficeEquipment 2023-09-01 2024-08-31 SC706311 core:OfficeEquipment 2023-08-31 SC706311 core:OfficeEquipment 2024-08-31
COMPANY REGISTRATION NUMBER: SC706311
MS & RK LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2024
MS & RK LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
Contents
Page
Officers and professional advisers
1
Report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
MS & RK LTD
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr M Morrison
Mrs S Morrison
Registered office
26-30 Marine Place
Buckie
Moray
AB56 1UT
Accountants
Ritsons
Chartered accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
MS & RK LTD
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MS & RK LTD
YEAR ENDED 31 AUGUST 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MS & RK Ltd for the year ended 31 August 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of MS & RK Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of MS & RK Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MS & RK Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that MS & RK Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of MS & RK Ltd. You consider that MS & RK Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of MS & RK Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered accountants
26-30 Marine Place Buckie Moray AB56 1UT
20 March 2025
MS & RK LTD
STATEMENT OF FINANCIAL POSITION
31 August 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
409,953
358,770
CURRENT ASSETS
Stocks
6,000
5,500
Debtors
6
8,240
8,117
Cash at bank and in hand
86,490
83,312
---------
--------
100,730
96,929
CREDITORS: amounts falling due within one year
7
523,932
448,731
---------
---------
NET CURRENT LIABILITIES
423,202
351,802
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 13,249)
6,968
--------
-------
NET (LIABILITIES)/ASSETS
( 13,249)
6,968
--------
-------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 13,349)
6,868
--------
-------
SHAREHOLDERS (DEFICIT)/FUNDS
( 13,249)
6,968
--------
-------
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 income statement has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MS & RK LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
Mr M Morrison
Mrs S Morrison
Director
Director
Company registration number: SC706311
MS & RK LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, Moray, AB56 1UT.
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.
Turnover
The turnover shown in the detailed income statement represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Tangible assets
Tangible assets are initially recorded at cost less any depreciation and impairment.
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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 17 (2023: 11 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Sep 2023
333,362
23,797
346
8,750
1,086
367,341
Additions
6,714
2,414
67,210
777
77,115
Disposals
( 5,750)
( 5,750)
---------
--------
-------
--------
-------
---------
At 31 Aug 2024
333,362
30,511
2,760
70,210
1,863
438,706
---------
--------
-------
--------
-------
---------
Depreciation
At 1 Sep 2023
5,491
96
2,751
233
8,571
Charge for the year
3,750
400
17,225
245
21,620
Disposals
( 1,438)
( 1,438)
---------
--------
-------
--------
-------
---------
At 31 Aug 2024
9,241
496
18,538
478
28,753
---------
--------
-------
--------
-------
---------
Carrying amount
At 31 Aug 2024
333,362
21,270
2,264
51,672
1,385
409,953
---------
--------
-------
--------
-------
---------
At 31 Aug 2023
333,362
18,306
250
5,999
853
358,770
---------
--------
-------
--------
-------
---------
6. Debtors
2024
2023
£
£
Other debtors
8,240
8,117
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,448
24,266
Amounts owed to group undertakings and undertakings in which the company has a participating interest
351,809
263,323
Social security and other taxes
21,515
17,746
Other creditors
147,160
143,396
---------
---------
523,932
448,731
---------
---------
8. Related party transactions
As at 31 August 2024, the company owed the directors £145,310 (2023 £141,966) by way of a director's loan account.