Company registration number 08119236 (England and Wales)
MSL MECHANICAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MSL MECHANICAL SERVICES LIMITED
COMPANY INFORMATION
Director
Mr M Lofting
Company number
08119236
Registered office
2 The Gatehouse
Chapel Street
Hythe
Kent
England
CT21 5BE
Accountants
Xeinadin South East Limited
12 Conqueror Court
Sittingbourne
Kent
United Kingdom
ME10 5BH
MSL MECHANICAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MSL MECHANICAL SERVICES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,509
10,011
Current assets
Debtors
4
16,078
30,281
Cash at bank and in hand
5,308
18,660
21,386
48,941
Creditors: amounts falling due within one year
5
(26,825)
(54,659)
Net current liabilities
(5,439)
(5,718)
Total assets less current liabilities
2,070
4,293
Provisions for liabilities
(1,877)
(2,503)
Net assets
193
1,790
Capital and reserves
Called up share capital
20
20
Profit and loss reserves
173
1,770
Total equity
193
1,790

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 17 June 2025
Mr M Lofting
Director
Company registration number 08119236 (England and Wales)
MSL MECHANICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

MSL Mechanical Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 The Gatehouse, Chapel Street, Hythe, Kent, England, CT21 5BE.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis due to the continued support of the directors.

1.3
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 rendering of services.

 

Turnover from the rendering of plumbing and heating 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

1.4
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:

Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer Equipment
25% on reducing balance
Motor vehicles
25% on reducing balance

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.

MSL MECHANICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

Financial assets - trade and other debtors are basic financial instruments and debt instruments measured at fair value through the Income Statement and are measured subsequently at amortised cost. Prepayments are not financial instruments.

 

Cash comprises cash at bank, in hand and short term deposits with an original maturity date of three months or less. Cash at bank is measured at face value.

 

Financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 

Finance costs are charged to the Income Statement over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Borrowing costs are not capitalised.

 

Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash.

1.6
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 profit and loss account 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

MSL MECHANICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
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.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023 and 30 September 2024
765
350
1,978
48,022
51,115
Depreciation and impairment
At 1 October 2023
366
336
1,590
38,812
41,104
Depreciation charged in the year
100
3
97
2,302
2,502
At 30 September 2024
466
339
1,687
41,114
43,606
Carrying amount
At 30 September 2024
299
11
291
6,908
7,509
At 30 September 2023
399
14
388
9,210
10,011
MSL MECHANICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,542
14,505
Other debtors
9,536
15,776
16,078
30,281
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,143
14,247
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,861
1,706
Taxation and social security
2,004
12,509
Other creditors
5,817
26,197
26,825
54,659
6
Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial' Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with related entities.

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