Mikfast UK Limited - Period Ending 2019-07-31

Registration number: 09700310

Mikfast UK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2019

Mikfast UK Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 5

Mikfast UK Limited

(Registration number: 09700310)
Balance Sheet as at 31 July 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	-	322
Current assets
Debtors	5	25,403	24,402
Cash at bank and in hand		2,405	373
		27,808	24,775
Creditors: Amounts falling due within one year	6	(27,768)	(25,069)
Net current assets/(liabilities)		40	(294)
Net assets		40	28
Capital and reserves
Called up share capital		10	10
Profit and loss account		30	18
Total equity		40	28

For the financial year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 April 2020 and signed on its behalf by:
 

.........................................

Mr M J Junttila
Director

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

Page 1

Mikfast UK Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of electrical components in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable.

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.

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:

Page 2

Mikfast UK Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

Asset class	Depreciation method and rate
Office equipment	33% straight line

Debtors

Trade debtors are amounts due from customers for the provision of electrical components in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2018 - 2).

Page 3

Mikfast UK Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

4	Tangible assets

	Office equipment £	Total £
Cost or valuation
At 1 August 2018	964	964
At 31 July 2019	964	964
Depreciation
At 1 August 2018	642	642
Charge for the year	322	322
At 31 July 2019	964	964
Carrying amount
At 31 July 2019	-	-
At 31 July 2018	322	322

5

Debtors

	Note	2019 £	2018 £
Amounts owed by related party	7	20,585	20,585
Other debtors		4,818	3,817
		25,403	24,402

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Taxation and social security	25,968	23,269
Other creditors	1,800	1,800
	27,768	25,069

Page 4

Mikfast UK Limited

Notes to the Financial Statements for the Year Ended 31 July 2019

7	Related party transactions

2019	At 1 August 2018 £	Advances to directors £	Repayments by director £	At 31 July 2019 £
Mr M J Junttila
	(779)	18,100	(16,665)	655
Mr J H Junttila
	1,564	-	(545)	1,019

2018	At 1 August 2017 £	Advances to directors £	Repayments by director £	At 31 July 2018 £
Mr M J Junttila
	(10,365)	53,748	(44,163)	(779)
Mr J H Junttila
	2,774	80	(1,290)	1,564

Other transactions with directors

J Junttila (director) had an interest free loan with the company. At the balance sheet date the amount due from Mr J Junttila was £1,019 (2018: £1,564).

M Junttila (director) had a loan with the company on which interest is charged at HMRC's official rate. The loan is repayable on demand and loan interest is repaid in priority to capital. At the balance sheet date the amount due from/(to) Mr M Junttila was £655 (2018: (£779)).

Winno Solutions Ltd (a company under the control of director J Junttila) had a loan account with the company. At the balance sheet date the amount due from Winno Solutions Ltd was £20,585 (2018: £20,585).

Page 5