Mycroft International Limited - Period Ending 2022-03-31

Mycroft International Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

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 2022

	Note	2022 £		2021 £
Fixed Assets
Tangible Assets	4		1,857		2,323
Investments	5		100		100
			1,957		2,423
Current assets
Debtors	6	191,093		170,516
Cash at bank and in hand		115		18,237
		191,208		188,753
Creditors: Amounts falling due within one year	7	(56,081)		(40,621)
Net current assets			135,127		148,132
Total assets less current liabilities			137,084		150,555
Creditors: Amounts falling due after more than one year	7		(25,103)		(33,292)
Provisions for liabilities			(353)		(441)
Net assets			111,628		116,822
Capital and Reserves
Called up share capital		2		2
Profit and loss account		111,626		116,820
Total equity			111,628		116,822

For the financial year ending 31 March 2022 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 8 September 2022 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 2022

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.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are
recognised in “Other operating income” within profit or loss in the same period as the related expenditure. The
deferred element of grants, if any, is included in creditors as deferred income.

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 2022

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 (2021 - 2).

Mycroft International Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

4	Tangible Assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2021	6,675	6,675
Disposals	(995)	(995)
At 31 March 2022	5,680	5,680
Depreciation
At 1 April 2021	4,352	4,352
Charge for the year	466	466
Eliminated on disposal	(995)	(995)
At 31 March 2022	3,823	3,823
Carrying amount
At 31 March 2022	1,857	1,857
At 31 March 2021	2,323	2,323

5	Investments

	2022 £	2021 £
Investments	100	100

	£
Cost
At 1 April 2021	6,000
Provision
At 1 April 2021	5,900
Carrying amount
At 31 March 2022	100
At 31 March 2021	100

6

Debtors

	2022 £	2021 £
Trade Debtors	13,361	-
Other debtors	40,503	39,853
Directors current account	137,229	130,088
Prepayments and accrued income	-	575
	191,093	170,516

Mycroft International Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Bank loans and overdrafts	8	20,728	6,708
Trade Creditors		21,108	22,162
Taxation and social security		810	3,116
Corporation Tax		13,435	8,635
		56,081	40,621

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	8	25,103	33,292

8	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	25,103	33,292

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	8,230	6,708
Bank overdrafts	12,498	-
	20,728	6,708

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

Mycroft International Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

9	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 £15,000 in respect of the bank overdraft facility to the company's bankers.

Dividends paid during the year to the directors was £51,500 (2021 - £36,500).

Interest at the HMRC Official Rate amounting to £3,251 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 £137,228 (2021 - £130,088).