ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

ASTON CHAMBERS LTD - Company Information

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06994168 MSC PARTNERS LIMITED 2014-01-01 2014-12-31 false true 2014-12-31 06994168 2014-01-01 2014-12-31 06994168 2014-12-31 06994168 2013-12-31 06994168 c:OrdinaryShareClass1 2014-12-31 06994168 c:OrdinaryShareClass1 2013-12-31 06994168 c:OrdinaryShareClass1 2014-01-01 2014-12-31 06994168 c:OrdinaryShareClass2 2014-12-31 06994168 c:OrdinaryShareClass2 2013-12-31 06994168 c:OrdinaryShareClass2 2014-01-01 2014-12-31 06994168 c:Director1 2014-01-01 2014-12-31 06994168 d:OfficeEquipment 2014-01-01 2014-12-31 xbrli:shares iso4217:GBP
Registered number: 06994168













MSC PARTNERS LIMITED







UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2014



























                                                             HAINES WATTS LEEDS LLP
                                                            CHARTERED ACCOUNTANTS
 
MSC PARTNERS LIMITED
REGISTERED NUMBER: 06994168

ABBREVIATED BALANCE SHEET
AS AT 31 DECEMBER 2014




2014

2013
Note
£
£
 
FIXED ASSETS





 
Investments
 
3
1,000

1,000






 
TOTAL ASSETS LESS CURRENT LIABILITIES
1,000
1,000
 
CREDITORS: amounts falling due after more than one year
4
(2,014,000)

(2,014,000)

NET LIABILITIES




 (2,013,000)


 (2,013,000)
  
CAPITAL AND RESERVES

 
Called up share capital
5
400
400
 
Profit and loss account
(2,013,400)
(2,013,400)
 
SHAREHOLDERS' DEFICIT
 

 (2,013,000)

 (2,013,000)


The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. 

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2014 and of its profit or loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts, which 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, were approved and authorised for issue by the board and were signed on its behalf on 20 February 2015.


................................................
G Smith
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1
 
MSC PARTNERS LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014

1.ACCOUNTING POLICIES

1.1
Basis of preparation of financial statements

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2
Going concern

The directors confirm that they believe the company is still a going concern and that they will undertake to ensure that adequate financial resources are provided to the company to enable it to meet its liabilities as they fall due.

Management have prepared detailed cash flow forecasts which demonstrate that the company and its subsidiaries will continue to meet their obligations for the foreseeable future.  Changes made by management have also ensured that monthly income is in excess of monthly expenditure.

The inherent uncertainty in the recruitment market represents a material uncertainty which may cast a doubt over the ability of the company to continue as a going concern.  Nevertheless, the directors believe that the company and its subsidiaries will be able to meet its forecasts and that financing will continue to be available.

Consequently the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future.  For these reasons, the directors continue to adopt the going concern basis in preparing these financial statements.

1.3
Consolidation

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

1.4
Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Office equipment
-
50% straight line pro-rata

1.5
Investments

Investments held as fixed assets are shown at cost less provision for impairment.

Page 2
 
MSC PARTNERS LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014

1.ACCOUNTING POLICIES (continued)

1.6
Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

1.7
Financial Instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet.  Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Page 3
 
MSC PARTNERS LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014

2.TANGIBLE FIXED ASSETS



£


Cost 


At 1 January 2014
1,062

Disposals
(1,062)


At 31 December 2014

-



Depreciation


At 1 January 2014
1,062

On disposals
(1,062)


At 31 December 2014

-




Net book value


At 31 December 2014
 -


At 31 December 2013

 -

Page 4
 
MSC PARTNERS LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014

3.FIXED ASSET INVESTMENTS



£


Cost or valuation



At 1 January 2014 and 31 December 2014

1,000




Net book value


At 31 December 2014
 1,000


At 31 December 2013

 1,000

The company holds 100% of the share capital of NJP Selection Limited (formerly known as Epic Contract Services Limited), a company incorporated and registered in England and Wales.

The aggregate deficit on capital and reserves of NJP Selection Limited (formerly known as EPIC Contract Services Limited) at 31 December 2014 was £285,834 (2013 £316,255). The profit for the year was £30,421 (2013: loss of £93,892).


4.CREDITORS:
Amounts falling due after more than one year

Included within other creditors due in over one year are £1,039,000 fixed rate secured loan notes 2012 (A Loan Notes) (2012: £1,039,000), £600,000 fixed rate secured loan notes 2011 (B Loan Notes) (2012: £600,000), £250,000 fixed rate secured loan notes 2011 (C Loan Notes) (2012: £250,000) and £125,000 fixed rate unsecured loan notes 2013 (D Loan Notes) (2012: £125,000).

The liabilities disclosed under creditors falling due after more than one year secured by the company are £1,889,000 for 31 December 2013 (2012: £1,889,000).


5.SHARE CAPITAL

        2014
        2013
        £

        £

Allotted, called up and fully paid



195 A Ordinary shares of £1 each
195
195
205 B Ordinary shares of £1 each
205
205

 400

 400

The A ordinary shares and B ordinary shares rank pari passu in all respects with the exception that on wind up capital and dividends due on the A ordinary shares take preference over capital and dividends due on the B ordinary shares.


6.CONTROLLING PARTY

In the opinion of the directors, there was no utlimate controlling party at the period end.

Page 5