REGISTERED NUMBER: 08134032 (England and Wales)

MSE Maintenance Limited

Unaudited Financial Statements for the Year Ended 31 July 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

M A Stisi

REGISTERED OFFICE:

Unit 1, Goat Lees

Trinity Road

Kennington

Ashford

Kent

TN25 4AB

BUSINESS ADDRESS:

Unit A, The Old Auction Rooms

Victoria Crescent

Ashford

Kent

TN23 7HL

REGISTERED NUMBER:

08134032 (England and Wales)

ACCOUNTANTS:

Edwards & Co

Chartered Accountants

Unit 1, Goat Lees

Trinity Road

Ashford

Kent

TN25 4AB

FIXED ASSETS

Tangible assets

4

204,705

266,763

Investment property

5

533,095

533,095

737,800

799,858

CURRENT ASSETS

Debtors

6

1,763,199

3,339,909

Cash at bank

1,460,643

651,338

3,223,842

3,991,247

CREDITORS

Amounts falling due within one year

7

1,755,329

2,215,789

NET CURRENT ASSETS

1,468,513

1,775,458

TOTAL ASSETS LESS CURRENT LIABILITIES

2,206,313

2,575,316

CREDITORS

Amounts falling due after more than one year

8

(110,667

)

(162,377

)

PROVISIONS FOR LIABILITIES

(51,176

)

(66,691

)

NET ASSETS

2,044,470

2,346,248

CAPITAL AND RESERVES

Called up share capital

50

50

Retained earnings

2,044,420

2,346,198

2,044,470

2,346,248

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 June 2025 and were signed by:

M A Stisi - Director

1.	STATUTORY INFORMATION

MSE Maintenance Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income recognition

Income represents the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes and is recognised when the company becomes entitled to it, usually on the rendering of an invoice.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Investment property

Investment property is included at fair value. Gains are recognised in the income statement and shown in a fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans to and from banks, other third parties and related parties.Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2023

393,773

Additions

51,981

Disposals

(71,995

)

At 31 July 2024

373,759

DEPRECIATION

At 1 August 2023

127,010

Charge for year

57,887

Eliminated on disposal

(15,843

)

At 31 July 2024

169,054

NET BOOK VALUE

At 31 July 2024

204,705

At 31 July 2023

266,763

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2023

and 31 July 2024

533,095

NET BOOK VALUE

At 31 July 2024

533,095

At 31 July 2023

533,095

6.

DEBTORS

2024

2023

as restated

£

£

Amounts falling due within one year:

Trade debtors

264,992

1,116,068

Other debtors

1,389,302

2,114,936

1,654,294

3,231,004

Amounts falling due after more than one year:

Other debtors

108,905

108,905

Aggregate amounts

1,763,199

3,339,909

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

31,157

36,092

Trade creditors

167,423

364,334

Taxation and social security

1,320,427

1,050,984

Other creditors

226,322

754,379

1,755,329

2,215,789

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

as restated

£

£

Bank loans

9,954

19,956

Hire purchase contracts

100,713

142,421

110,667

162,377

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

as restated

£

£

Hire purchase contracts

131,870

178,513

The hire purchase contracts are secured on the respective financed assets.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

2024

2023

as restated

£

£

M A Stisi

Balance outstanding at start of year

1,892,763

1,169,251

Amounts advanced

-

723,512

Amounts repaid

(474,763

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,418,000

1,892,763

Interest at 2.25% has been charged by the company on these advances.

11.	PRIOR YEAR ADJUSTMENT

During the financial year ended 31 July 2024, management became aware of historical inaccuracies in the Company’s accounting records relating to the periods from 31 July 2019 to 31 July 2024. In response, the Director proactively approached HMRC in September 2024 to make a full and voluntary disclosure.

As part of a disclosure and cooperation with HMRC, the Company has undertaken a detailed review of prior year transactions. This process identified overstatements in purchases which resulted in an understatement of taxable profits.

Accordingly, the Company is in process of amending Corporation Tax returns for the periods, and adjustments have been made to correct the financial statements. The impact of these amendments is as follows:

Increase in taxable profits: £1,308,402.

Increase in Corporation Tax liability: £248,596.

A provision has been recognised in these financial statements for the estimated additional tax liabilities, including related interest and penalties, where reliably measurable.

Management has implemented strengthened internal controls and engaged external advisors to ensure full compliance with tax legislation going forward.