REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2022 |
for |
MHS Corporate Services Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2022 |
for |
MHS Corporate Services Ltd |
MHS Corporate Services Ltd (Registered number: 11749142) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MHS Corporate Services Ltd |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Roland House |
Princes Dock Street |
Hull |
HU1 2LD |
MHS Corporate Services Ltd (Registered number: 11749142) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | € | € | € | € |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
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. |
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 |
MHS Corporate Services Ltd (Registered number: 11749142) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
MHS Corporate Services Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery - 33% on cost |
Fixtures and fittings - 33 % on cost |
Computer equipment - 33% on cost |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 balance sheet date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Euros at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Presentational currency |
The financial statements are presented in Euros. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MHS Corporate Services Ltd (Registered number: 11749142) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
€ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
€ | € |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
€ | € |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | € | € |
Ordinary | €100 | 10,000 | 10,000 |
MHS Corporate Services Ltd (Registered number: 11749142) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
8. | RESERVES |
Retained |
earnings |
€ |
At 1 January 2022 |
Profit for the year |
At 31 December 2022 |
MHS Corporate Services Ltd (Registered number: 11749142) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
9. | RELATED PARTY DISCLOSURES |
The following Companies are all owned and under the same common control as MHS Corporate Services Ltd and had transactions with the Company during the year: |
Bavaria Mobility SRL |
MHS Truck & Bus SRL |
Automobile Bavaria SRL |
Schmidt Premium Cars GMBH |
Schmidt Premium Cars (Austria) |
MHS Motors SRL |
MHS Truck Service SRL |
MHS Automotive GMBH |
Autohaus Michael Schmidt GMBH |
MHS IMMO Oradea SRL |
AB IMMO Cluj SRL |
MHS Holding GMBH |
Further to the above the following organisations are related parties: |
Fundatia M & V Schmidt |
MHS Tourism & Hotel SRL |
Schmidt Family Foundation |
During the year MHS Corporate Services Ltd made sales to their related parties as follows: |
MHS Truck & Bus SRL - €113,550 (2021 - €113,348) |
Automobile Bavaria SRL - €227,101 (2021 - €226,696) |
Schmidt Premium Cars GMBH - €60,000 (2021 - €187,275) |
Schmidt Premium Cars (Austria) - €178,316 (2021 - €NIL) |
MHS Truck Service SRL - €113,526 (2021 - €119,213) |
MHS Automotive GMBH - €382,949 (2021 - €399,365) |
MHS Holding GMBH - €258,227 (2021 - €204,657) |
Autohaus Michael Schmidt GMBH €36,000 (2021 - €35,324) |
During the year MHS Corporate Services Ltd made purchases from their related companies as follows: |
MHS Truck & Bus SRL - €8,101 (2021 - €56,158) |
Automobile Bavaria SRL - €2,835 (2021 - €NIL) |
MHS Truck Service SRL - €3,069 (2021 - €6,061) |
MHS Automotive GMBH - €2,400 (2021 - €4,505) |
At the period end the following amounts were due to/from their related parties: |
€5,250 (2021 - €29,817 owed to) owed from MHS Truck & Bus SRL |
€6,812 (2021 - €4,999) owed from Automobile Bavaria SRL |
€57,360 (2021 - €16,128) owed from Schmidt Premium Cars GMBH |
€841 (2021 - €NIL) owed from MHS Sibiu Truck & Bus SRL |
€NIL (2021 - €918) owed from MHS Truck Service SRL |
€NIL (2021 - €2,985) owed to MHS Automotive GMBH |
€22,004 (2021 - €47,101) owed from MHS Holding GMBH |
€4,242 (2021 - €38,810) owed from MHS IMMO Oradea SRL |
€505 (2021 - €599) owed from AB IMMO Cluj SRL |
MHS Corporate Services Ltd (Registered number: 11749142) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
10. | IMMEDIATE PARENT COMPANY |
The Company is controlled by MHS Holding GMBH, a company incorporated in Austria. |
ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr Michael Schmidt. |