Mofy Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05035961 (England and Wales)

Unaudited Financial Statements for the Year Ended 28th February 2021

for

Mofy Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

975

62

CURRENT ASSETS

Debtors

5

10,434

4,980

Cash at bank

7,525

755

17,959

5,735

CREDITORS

Amounts falling due within one year

6

6,754

5,662

NET CURRENT ASSETS

11,205

73

TOTAL ASSETS LESS CURRENT LIABILITIES

12,180

135

CREDITORS

Amounts falling due after more than one year

7

(12,000

)

-

PROVISIONS FOR LIABILITIES

(62

)

(55

)

NET ASSETS

118

80

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

116

78

SHAREHOLDERS' FUNDS

118

80

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 12th August 2021 and were signed by:

Dr M Eyeoyibo - Director

1.	COMPANY INFORMATION

Mofy Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

05035961

Registered office:

First Floor

49 Peter Street

Manchester

M2 3NG

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There have been no critical judgements, estimates or assumptions made in the preparation of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the provision of professional services is recognised on delivery of the service.

Tangible fixed assets

Tangible Fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment loss.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Fixtures and Fittings - 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1st March 2020

5,055

Additions

1,300

At 28th February 2021

6,355

DEPRECIATION

At 1st March 2020

4,993

Charge for year

387

At 28th February 2021

5,380

NET BOOK VALUE

At 28th February 2021

975

At 29th February 2020

62

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Trade debtors

4,166

4,166

Other debtors

1,537

-

Directors' current accounts

4,731

814

10,434

4,980

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.21

29.2.20

£

£

Tax

6,025

4,948

PAYE control

16

-

Accrued expenses

713

714

6,754

5,662

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The bounce back loan is government backed for the first year and interest is charged at 2.5% for the rest of the loan term, which is up to a maximum of 6 years.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.21

29.2.20

value:

£

£

2

Ordinary

£1

2

2

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28th February 2021 and 29th February 2020:

28.2.21

29.2.20

£

£

Dr M Eyeoyibo

Balance outstanding at start of year

814

(7

)

Amounts advanced

29,789

27,761

Amounts repaid

(25,872

)

(26,940

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,731

814

The loan is repayable on demand and no interest was charged during the year.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Dr Eyeoyibo by virtue of his holding 50% of the voting share capital of the company and, as sole director, his day to day management of the company.