Company Registration No. 02636196 (England and Wales)
MSA Engineering Systems Limited
Unaudited financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
MSA Engineering Systems Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
MSA Engineering Systems Limited
Statement of financial position
As at 31 December 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
34,267
37,344
Tangible assets
4
910,096
951,737
944,363
989,081
Current assets
Stocks
529,575
405,054
Debtors
5
155,537
133,351
Cash at bank and in hand
3,498,779
3,390,043
4,183,891
3,928,448
Creditors: amounts falling due within one year
6
(791,086)
(817,910)
Net current assets
3,392,805
3,110,538
Total assets less current liabilities
4,337,168
4,099,619
Provisions for liabilities
(88,938)
(93,910)
Net assets
4,248,230
4,005,709
Capital and reserves
Called up share capital
700,022
700,022
Share premium account
19,989
19,989
Profit and loss reserves
3,528,219
3,285,698
Total equity
4,248,230
4,005,709
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MSA Engineering Systems Limited
Statement of financial position (continued)
As at 31 December 2024
2
The financial statements were approved by the board of directors and authorised for issue on 1 April 2025 and are signed on its behalf by:
Morgan Jones
Director
Company Registration No. 02636196
MSA Engineering Systems Limited
Notes to the financial statements
For the year ended 31 December 2024
3
1
Accounting policies
Company information
MSA Engineering Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wainstalls Mill, Wainstalls, Halifax, West Yorkshire, HX2 7TJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Based on the cash position of the company and the expected trading results, the Directors have prepared the financial statements on the going concern basis. true
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Revenue is recognised when ownership of the goods is passed to the customer.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intellectual Property Rights
stated at cost less provision for any diminution in value
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
50 years
Land and buildings Leasehold
Over the basic lease period
Plant and machinery
10% on cost
Fixtures, fittings & equipment
15% on cost
Motor vehicles
25% - 33.3% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
MSA Engineering Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
4
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
MSA Engineering Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
5
1.10
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
10
MSA Engineering Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
6
3
Intangible fixed assets
Intellectual Property Rights
£
Cost
At 1 January 2024 and 31 December 2024
54,190
Amortisation and impairment
At 1 January 2024
16,846
Amortisation charged for the year
3,077
At 31 December 2024
19,923
Carrying amount
At 31 December 2024
34,267
At 31 December 2023
37,344
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
1,107,801
691,563
1,799,364
Disposals
(52,599)
(553,688)
(606,287)
At 31 December 2024
1,055,202
137,875
1,193,077
Depreciation and impairment
At 1 January 2024
276,713
570,914
847,627
Depreciation charged in the year
22,720
23,199
45,919
Eliminated in respect of disposals
(90,817)
(519,748)
(610,565)
At 31 December 2024
208,616
74,365
282,981
Carrying amount
At 31 December 2024
846,586
63,510
910,096
At 31 December 2023
831,088
120,649
951,737
MSA Engineering Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
7
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
55,953
106,404
Corporation tax recoverable
4,109
Other debtors
95,475
26,947
155,537
133,351
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
26,954
22,713
Corporation tax
88,687
Other taxation and social security
16,598
22,759
Other creditors
747,534
683,751
791,086
817,910