Company Registration No. 05828652 (England and Wales)
MSS COMMERCIAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
MSS COMMERCIAL LTD
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Debtors
3
98,167
98,167
Creditors: amounts falling due within one year
4
(135,668)
(135,668)
Net current liabilities
(37,501)
(37,501)
Provisions for liabilities
(700)
(700)
Net liabilities
(38,201)
(38,201)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(38,202)
(38,202)
Total equity
(38,201)
(38,201)
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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.
T
he 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.
The financial statements were approved by the board of directors and authorised for issue on 28 November 2019 and are signed on its behalf by:
Mr R Little
Director
Company Registration No. 05828652
MSS COMMERCIAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
MSS Commercial Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
MSS House, Galdames Place, Ocean Park, Cardiff, UK, CF24 5RE.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The company was dormant throughout the current and previous accounting period.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Profit and loss account
The company has not traded during the year or the preceding financial
period
. During
this time
the company received no income and incurred no expenditure and therefore no Profit and loss account is presented
in these financial statements.
1.3
Cash at bank and in hand
Cash at bank and in hand
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. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
MSS COMMERCIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies (Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2018 - 3).
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
594
594
Amounts owed by group undertakings
97,381
97,381
Other debtors
192
192
98,167
98,167
MSS COMMERCIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
5,753
5,753
Amounts owed to group undertakings
125,650
125,650
Corporation tax
3,265
3,265
Other creditors
1,000
1,000
135,668
135,668
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
6
Financial commitments, guarantees and contingent liabilities
A cross guarantee exists between MSS Group Limited and its subsidiary companies regarding security over a loan provided to MSS Group Limited from HSBC Bank Plc.