Mysense Group Ltd Accounts

1

General information

Its registered number is: 09908877

Its registered office is:

Going concern

2

Accounting policies

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other creditors

3

Employees

2021

2020

Number

Number

The average monthly number of employees (including directors) during the year was:

4

Investments

Investment in Subsidiaries

Total

£

£

Cost or valuation

At 1 April 2020

Additions

At 31 March 2021

Provisions/Impairment

Net book values

At 31 March 2021

At 31 March 2020

5

Debtors

2021

2020

£

£

Amounts owed by group undertakings

Deferred tax asset (see note 8)

6

Creditors:

amounts falling due within one year

2021

2020

£

£

Bank loans and overdrafts

Amounts owed to group undertakings

Loans from directors

Accruals and deferred income

7

Creditors:

amounts falling due after more than one year

2021

2020

£

£

Other loans

Directors Loan

8

Provisions for liabilities

Deferred taxation

Accelerated Capital Allowances, Losses and Other Timing Differences

Total

£

£

Charge to the profit and loss account for the period

(16,311)

(16,311)

At 31 March 2021

(16,311)

(16,311)

Deferred tax asset (see note 5)

2021

2020

£

£

Tax losses

(16,311)

(16,311)

9

Reserves

Other Equity Reserve

Capital redemption reserve

Total other reserves

£

£

£

At 1 April 2019

(11,841)

(11,841)

At 31 March 2020 and 1 April 2020

(11,841)

(11,841)

Movement on other equity reserve

Transfers

At 31 March 2021