Mendmyi Limited - Period Ending 2014-07-31

Registration number: 7705267

Mendmyi Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2014
 

1 Accounts Online Ltd
Accountants and Business Advisers
The Epicentre
Haverhill Research Park
Three Counties Way
Haverhill
Suffolk
CB9 7FB

Mendmyi Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mendmyi Limited
for the Year Ended 31 July 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mendmyi Limited for the year ended 31 July 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the, Association Of Accounting Technicians (AAT), we are subject to its ethical and other professional requirements which are detailed at www.aat.org.uk/about-aat/aat-standards.

This report is made solely to the Board of Directors of Mendmyi Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mendmyi Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with our professional bodies guidlines. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mendmyi Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mendmyi Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Mendmyi Limited. You consider that Mendmyi Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mendmyi Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

1 Accounts Online Ltd
Accountants and Business Advisers
The Epicentre
Haverhill Research Park
Three Counties Way
Haverhill
Suffolk
CB9 7FB

21 July 2015

Page 1

Mendmyi Limited
(Registration number: 7705267)
Abbreviated Balance Sheet at 31 July 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					2,267			3,126
Current assets
Stocks					12,000			39,000
Debtors					3,338			4,108
Cash at bank and in hand					7,445			-
					22,783			43,108
Creditors: Amounts falling due within one year					(32,974)			(86,567)
Net current liabilities					(10,191)			(43,459)
Total assets less current liabilities					(7,924)			(40,333)
Creditors: Amounts falling due after more than one year					(55,478)			-
Net liabilities					(63,402)			(40,333)
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					(64,402)			(41,333)
Shareholders' deficit					(63,402)			(40,333)

For the year ending 31 July 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 21 July 2015 and signed on its behalf by:

.........................................
David Nicholas Mills
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Mendmyi Limited
(Registration number: 7705267)
Abbreviated Balance Sheet at 31 July 2014
......... continued

.........................................
Daniel Frazer Jarrold
Director

.........................................
Riki Kim Baker
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Mendmyi Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2014
......... continued

1	Accounting policies

Basis of preparation

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).

Going concern

The financial statements have been prepared on a going concern basis. The company owed Canopy Recruitment Limited £30,708.93 for the supply of labour to Memndmyi Limited, we believe that this debt has subsequently been sold to Fulcrum Venture Capital Ltd by the administrators of Canopy Recruitment LTD. Both companys are in the control of David Mills & Daniel Jarrold. Mendmyi also owed Condor Strategies £3,564 in relation to a vehicle hired to the company again a business controlled by David Mills & Daniel Jarrold. Mendmyi LTD also owed Fulcrum Venture Capital Ltd £18,000 and Canopy Recruitment Ltd a further loan of £9,369.20 again purchased from the Administrators of Canopy Recruitment Ltd. At a boad meeting held at 2pm 21 April 2015 it was agreed at item 4 that the Directors of Fulcrum Venture Capital would not take any action to recover the debt and in fact there is no mechanism to actually repay the debt by Mendmyi. The Managing director and shareholder Riki Baker is currently proposing a ten year repayment plan and the accounts reflect this with a proviso that the business can afford the repayments and an indemnity from David Mills and Daniel Jarrold should the Canopy Recruitment debt be recalled. On this basis and with current support of the shareholder and Director Riki Baker the accounts are prepared as a going concern. Riki Baker expects the performance of the business to improve over the coming years. It is also noted that the accounts for the year ended 31 July 2013 valued stock at resale price and this has been rectified in these accounts with a significant reduction in stock valuation to keep in line with UK GAAP.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Assets are depreciated over their expected economic life

Asset class	Depreciation method and rate
Office equipment	4 years straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

Mendmyi Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2014
......... continued

Financial instruments

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2013		4,903			4,903
At 31 July 2014		4,903			4,903
Depreciation
At 1 August 2013		1,777			1,777
Charge for the year		859			859
At 31 July 2014		2,636			2,636
Net book value
At 31 July 2014		2,267			2,267
At 31 July 2013		3,126			3,126

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary £1 shares of £1 each		1,000			1,000			1,000			1,000

Page 5

Mendmyi Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2014
......... continued

4	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Riki Kim Baker
Directors loan	(8,984)	-	(5,817)	-

5

Control

The company is controlled by Riki Baker. The director who owns 100% of the share capital is Riki Baker.

Page 6