Mycroft International Limited - Period Ending 2020-03-31

Mycroft International Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Mycroft International Limited

Company Information

Directors

Mrs C A Groves Mr C P Groves

Registered office

The End House 13 Old Oak Avenue Chipstead Surrey CR5 3PG

Accountants

Flemmings Chartered Accountants 76 Canterbury Road Croydon Surrey CR0 3HA

Mycroft International Limited

(Registration number: 02267523)
Balance Sheet as at 31 March 2020

	Note	2020 £		2019 £
Fixed assets
Tangible assets	4		536		213
Investments	5		100		100
			636		313
Current assets
Debtors	6	171,889		258,481
Cash at bank and in hand		246		63,209
		172,135		321,690
Creditors: Amounts falling due within one year	7	(57,554)		(256,779)
Net current assets			114,581		64,911
Total assets less current liabilities			115,217		65,224
Provisions for liabilities			(102)		(40)
Net assets			115,115		65,184
Capital and reserves
Called up share capital		2		2
Profit and loss account		115,113		65,182
Total equity			115,115		65,184

Mycroft International Limited

(Registration number: 02267523)
Balance Sheet as at 31 March 2020

For the financial year ending 31 March 2020 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 23 November 2020 and signed on its behalf by:
 

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

Mr C P Groves
Director

Mycroft International Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

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:
The End House
13 Old Oak Avenue
Chipstead
Surrey
CR5 3PG

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.

The financial statements are presented in Pound Sterling, which is the functional currency of the company.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating profit.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 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 amount 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 equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Mycroft International Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

Tangible assets

Tangible assets are stated in the balance sheet 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 over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	15% Straight Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

Mycroft International Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2019	3,921	3,921
Additions	474	474
At 31 March 2020	4,395	4,395
Depreciation
At 1 April 2019	3,708	3,708
Charge for the year	151	151
At 31 March 2020	3,859	3,859
Carrying amount
At 31 March 2020	536	536
At 31 March 2019	213	213

5	Investments

	2020 £	2019 £
Investments	100	100

	£
Cost
At 1 April 2019	6,000
Provision
At 1 April 2019	5,900
Carrying amount
At 31 March 2020	100
At 31 March 2019	100

Mycroft International Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

6

Debtors

	2020 £	2019 £
Trade debtors	-	93,398
Other debtors	38,616	23,891
Directors current account	132,981	80,445
Prepayments and accrued income	-	60,747
	171,597	258,481

7

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Bank loans and overdrafts	8	5,009	55,781
Trade creditors		21,840	109,073
Taxation and social security		877	2,809
Accruals and deferred income		-	67,496
Corporation Tax		29,828	21,620
		57,554	256,779

8	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Bank overdrafts	5,009	55,781

The directors had given a joint personal guarantee for £60,000 in respect of the bank overdraft facility to the company's bankers. This has now reduced to £15,000.

There was a fixed charge and a debenture comprising fixed and floating charges over the company's assets as at the balance sheet date. These charges were fully satisfied after the year end.

9

Dividends

		2020		2019
		£		£
Interim dividend of £Nil (2019 - £24,938) per ordinary share		4,000		49,875

Mycroft International Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

10	Related party transactions

During the year the company made the following related party transactions:

Mr C P Groves and Mrs C A Groves
(Directors and shareholders)

The directors had given a joint personal guarantee for £60,000 in respect of the bank overdraft facility to the company's bankers. This has now reduced to £15,000.

Dividend paid during the year to the directors was £4,000 (2019 - £49,875).

Interest at the HMRC Official Rate amounting to £2,745 was charged to the directors in respect of the overdrawn directors current account. At the balance sheet date the amount due from Mr C P Groves and Mrs C A Groves was £132,981 (2019 - £80,445).