| MRMU (HIE) LIMITED |
| Notes to the Accounts |
| for the year ended 31 May 2021 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going concern |
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The director considers the going concern basis to be appropriate because in his opinion, the company will continue to obtain sufficient funding to enable it to pay its debts as they fall due and also will receive continuing support from its shareholders and creditors. If the company were unable to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amounts and to provide for further liabilities that may arise. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2021 |
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2020 |
| Number |
Number |
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Average number of persons employed by the company |
31 |
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18 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 June 2020 |
891,212 |
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Additions |
29,954 |
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At 31 May 2021 |
921,166 |
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Depreciation |
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At 1 June 2020 |
178,242 |
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Charge for the year |
184,234 |
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At 31 May 2021 |
362,476 |
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Net book value |
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At 31 May 2021 |
558,690 |
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At 31 May 2020 |
712,970 |
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| 4 |
Debtors |
2021 |
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2020 |
| £ |
£ |
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Trade debtors |
82,990 |
|
12,372 |
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Unpaid share capital |
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- |
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3 |
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Other debtors |
70,090 |
|
111,998 |
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153,080 |
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124,373 |
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| 5 |
Creditors: amounts falling due within one year |
2021 |
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2020 |
| £ |
£ |
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Obligations under finance lease and hire purchase contracts |
133,963 |
|
133,963 |
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Trade creditors |
128,160 |
|
235,084 |
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Other taxes and social security costs |
12,814 |
|
5,789 |
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Other creditors |
229,376 |
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281,952 |
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504,313 |
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656,788 |
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| 6 |
Creditors: amounts falling due after one year |
2021 |
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2020 |
| £ |
£ |
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Bank loans |
100,000 |
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100,000 |
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Obligations under finance lease and hire purchase contracts |
338,632 |
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338,632 |
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438,632 |
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438,632 |
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| 7 |
Share capital |
2021 |
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2020 |
| £ |
£ |
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Ordinary share capital issued and alloted |
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2,000 Ordinary shares of £0.001 each |
2 |
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2 |
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1,250 (2020 - 625) A Ordinary shares of £0.001 each |
1 |
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1 |
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3 |
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3 |
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During the year nil (2020 - 625) A Ordinary shares of £0.001 each were issued. |
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The rights of the classes of shares are set out in the Articles of Association, and unless otherwise stated therein, they rank pari-pussa in all respects. |
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| 8 |
Related party transactions |
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Other debtors at the balance sheet date, include an amount of £38,519 (2020: £58,519) due from MRMU Ltd, a company in which Mr Mark Upton, a shareholder and director, has an interest. |
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Other creditors at the balance sheet date, include an amount of £6,780 (2020: £1,780) due to Mr Mark Upton, a shareholder and director. The amount is unsecured, interest free and as agreed, the amount will be repaid once the company has enough funds to do so. |
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Other creditors also include an amount of £nil (2020: £10,000) due to MRMU Lisieux Limited, a company in which Mark Upton, a shareholder and director, has an interest. The amount is unsecured, interest free and repayable on demand. |
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Other creditors include an amount of £25,000 (2020: £nil) due to Marblehome Limited, a company in which Mr John Arthur White, a shareholder and director has an interest. The amount is unsecured, interest free and repayable on demand. |
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Other creditors include an amount of £50,000 (2020: £50,000) due to Mr Andrew Dinnie (Marylebone Finance House Limited), a shareholder of the company. Interest at the rate of 6% of £2,400 (2020 - £400) was charged during the year. |
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Other creditors include an amount of £50,000 (2020: £50,000) due to Mr James Robertson (White Rose Nominees Limited), a shareholder of the company. Interest at the rate of 6% of £2,400 (2020 - £400) was charged during the year. |
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Other creditors include an amount of £64,610 (2020: £64,610) due to MRMU Property LLP, a company in which Mr Mark Upton and Marblehome Limited have an interest. The amount is unsecured and repayable on demand. Interest of £8,000 at a rate of 12.38% was paid during the year. |
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| 9 |
Controlling party |
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In the opinion of the director there is no controlling party. |
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| 10 |
Other information |
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MRMU (HIE) LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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317 Horn Lane |
|
Acton |
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London W3 0BU |
