Mycroft International Limited - Period Ending 2021-03-31
Mycroft International Limited - Period Ending 2021-03-31
Registration number:
Mycroft International Limited
for the Year Ended 31 March 2021
Mycroft International Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Mycroft International Limited
Company Information
Directors |
Mrs C A Groves Mr C P Groves |
Registered office |
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Accountants |
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Mycroft International Limited
(Registration number: 02267523)
Balance Sheet as at 31 March 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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Mycroft International Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales .
The address of its registered office is:
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
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 2021
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Mycroft International Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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Charge for the year |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Investments |
2021 |
2020 |
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Investments |
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£ |
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Cost |
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At 1 April 2020 |
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Provision |
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At 1 April 2020 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Debtors |
2021 |
2020 |
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Other debtors |
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Directors current account |
130,088 |
132,981 |
Prepayments and accrued income |
575 |
- |
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Mycroft International Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Corporation Tax |
8,635 |
29,828 |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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- |
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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The directors had given a joint personal guarantee for £15,000 in respect of the bank overdraft facility to the company's bankers.
Dividends |
2021 |
2020 |
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£ |
£ |
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Interim dividend of £ |
36,500 |
4,000 |
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Mycroft International Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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 £36,500 (2020 - £4,000).
Interest at the HMRC Official Rate amounting to £3,614 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 £130,088 (2020 - £132,981).