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Registered number: 05195808
MYRIAD Group Technologies Limited
UNAUDITED FINANCIAL STATEMENTS
For the Year Ended 31 December 2021
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Registered number:05195808
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MYRIAD Group Technologies Limited
BALANCE SHEET
As at 31 December 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 6 form part of these financial statements.
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MYRIAD Group Technologies Limited
STATEMENT OF CHANGES IN EQUITY
For the Year Ended 31 December 2021
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Capital redemption reserve
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Purchase of own shares into treasury
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The notes on pages 3 to 6 form part of these financial statements.
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MYRIAD Group Technologies Limited
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2021
MYRIAD Group Technologies Limited (registered number: 05195808) is a private company limited by shares incorporated in the United Kingdom and registered in England. Its registered office is 65 London Wall, London EC2M 5TU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. Management do not consider there are any key accounting estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
Management are also required to exercise judgement in applying the company's accounting policies. Due to the straight forward nature of the business management consider that no critical judgements have been made in applying the company's accounting policies.
Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of value added tax and trade discounts.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. Where the invoiced value of a contract is in excess of the level of work that has been undertaken, the surplus income is deferred, and only recognised as turnover when the relevant services have been supplied.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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MYRIAD Group Technologies Limited
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2021
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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MYRIAD Group Technologies Limited
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2021
2.Accounting policies (continued)
The company does not trade in financial instruments and all such instruments arise directly from operations.
All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The company’s cash holdings comprise on demand balances; all cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.
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The average monthly number of employees, including directors, during the year was 10 (2020 - 8).
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Charge for the year on owned assets
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MYRIAD Group Technologies Limited
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2021
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Accruals and deferred income shown above includes £905,634 (2020: £789,567) of deferred income.
Turnover of £1,385,121 (2020: £1,207,584) recognised in the year ended 31 December 2021 includes an deferred amount of £905,634 (2020: £783,885) that had been deferred at the previous year end.
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Allotted, called up and fully paid
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7,368,782 (2020 - 7,368,782 Ordinary Shares shares of £0.00005 each
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During the year the company purchased 485,598 shares into treasury. These shares become non-voting from that date.
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. £47,010 was outstanding in respect of pensions and included within accruals at the year end (2020: £46,785).
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