Registration number:
Mobile Systems International Consultancy Ltd
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Brebners
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Mobile Systems International Consultancy Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Mobile Systems International Consultancy Ltd
Company Information
Director |
F Al Faisal |
Registered office |
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Auditor |
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Mobile Systems International Consultancy Ltd
Statement of Financial Position as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
20,000 |
20,000 |
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Profit and loss account |
136,509 |
136,282 |
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Shareholders' funds |
156,509 |
156,282 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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F Al Faisal
Director
Company registration number: 07378348
Mobile Systems International Consultancy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of consultancy services.
Audit Report |
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Mobile Systems International Consultancy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
Going concern
The company had net assets at 31st March 2019 of £156,509.
The company has been able to maintain its business operations despite the economic conditions and other restrictions caused by the global COVID-19 pandemic. The director and staff have been able to continue working from home during the enforced lockdown period and the company has not suffered any material reduction in the demand for its consultancy services. The unaudited management accounts for the year to March 2020 show turnover of approximately £2.2m and for the quarter ended 30 June 2020 turnover of approximately £1.3m. Despite the economic conditions caused by the pandemic, the director expects turnover to continue to rise in the post-pandemic period, the principal source of growth being from new projects from existing customers.The company has not experienced any customer loss due to the pandemic and continues to seek new customers to help grow the business. As a result of the economic conditions caused by the pandemic, there have been some increases in expenses due to suppliers increasing their prices, but this is offset by the rise in income.
The director has controls in place to continually review and asses the situation and to ensure effective decision making as the pandemic restrictions are lifted. The director believes its services will remain in demand in the future.
The company has continuous support from its parent undertaking who has indicated that it will continue to support the company and provide working capital in the forthcoming years. As a consequence, the director believes the company is well placed to manage its business risks successfully despite the current economic outlook.
Based on the above, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis has been adopted in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue from consultancy services based upon the stage of contractual completion.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Mobile Systems International Consultancy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the
company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively
enacted by the reporting date.
The carrying amounts of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount is equal to the greatest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
15 - 33% Reducing Balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, was
Mobile Systems International Consultancy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Mobile Systems International Consultancy Ltd
Notes to the Financial Statements for the Year Ended 31 March 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings |
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- |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Trade creditors |
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Amounts owed to group undertakings |
- |
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Taxation and social security |
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Other creditors |
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Commitments, Guarantees and Contingencies |
The total of future minimum lease payments not reflected in the statement of financial position amounts to £129,833 (2018: £34,833)
Related party transactions |
In accordance with FRS102 paragraph 1AC.35, exemption is taken not to disclose transactions in the year between wholly owned group undertakings.