Miton Systems Limited - Accounts to registrar (filleted) - small 18.2
Miton Systems Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE PERIOD 1ST APRIL 2020 TO 30TH JUNE 2021 |
| FOR |
| MITON SYSTEMS LIMITED |
| MITON SYSTEMS LIMITED (REGISTERED NUMBER: 05060224) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Period 1st April 2020 to 30th June 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| MITON SYSTEMS LIMITED |
| COMPANY INFORMATION |
| for the Period 1st April 2020 to 30th June 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditors |
| 1 City Road East |
| Manchester |
| M15 4PN |
| MITON SYSTEMS LIMITED (REGISTERED NUMBER: 05060224) |
| BALANCE SHEET |
| 30th June 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MITON SYSTEMS LIMITED (REGISTERED NUMBER: 05060224) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Period 1st April 2020 to 30th June 2021 |
| 1. | STATUTORY INFORMATION |
| Miton Systems Limited is a private company limited by shares, registered in England and Wales. The registered office and principal place of business is Suite 4a Statham House Talbot Road, Stretford, Manchester, M32 0FP. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents amounts recognised by the company in respect of services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of the provision of computer software to both private and public sector clients. |
| Intangible assets |
| Intangible assets are represented by Development expenditure which is capitalised where there is a clearly defined project, related expenditure is separately identifiable and it has been assessed for technical and commercial viability. |
| Amortisation of the Intangible assets will commence on each project once it has reached full completion, is in use and has started to generate economic benefit to the business, as follows: |
| Development costs | - | 20% straight line |
| The carrying amounts of the company's assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable. If any such indication exists, the asset's recoverable amount is estimated and an impairment provision made if appropriate. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
| Computer Equipment | 25% Straight Line |
| At each reporting date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
| MITON SYSTEMS LIMITED (REGISTERED NUMBER: 05060224) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 1st April 2020 to 30th June 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 period 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
| Trade and other debtors |
| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the trade debtors and other debtors are stated at cost less impairment losses for bad and doubtful debts. |
| Trade and other creditors |
| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash at bank and in hand. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| MITON SYSTEMS LIMITED (REGISTERED NUMBER: 05060224) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 1st April 2020 to 30th June 2021 |
| 4. | INTANGIBLE FIXED ASSETS |
| Developmen |
| costs |
| £ |
| COST |
| Additions |
| At 30th June 2021 |
| NET BOOK VALUE |
| At 30th June 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Long | Computer |
| leasehold | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1st April 2020 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30th June 2021 |
| DEPRECIATION |
| At 1st April 2020 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30th June 2021 |
| NET BOOK VALUE |
| At 30th June 2021 |
| At 31st March 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| MITON SYSTEMS LIMITED (REGISTERED NUMBER: 05060224) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 1st April 2020 to 30th June 2021 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Tax |
| VAT | 36,922 | 23,300 |
| Other creditors |
| Accrued expenses |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary A | £1.00 | 10 | 10 |
| Ordinary B | £1.00 | 100 | 100 |
| 110 | 110 |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | ULTIMATE CONTROLLING PARTY |
| Following the year end, and prior to the date of this report 100% of the share capital in D A Languages Holdings Limited (the immediate parent of Miton Systems Limited) was purchased by Valorem Bidco Limited. |
| The ultimate controlling party is Valorem Topco Limited by virtue of its controlling interest in the owners of the immediate parent, D A Languages Holdings Limited. |
| The parent company of the largest and smallest group that includes the company and for which group financial statements are prepared is D A Languages Holdings Limited. Copies of D A Languages Holdings Limited financial statements can be obtained from the registered office at Suite 4a Stratham House, Talbot Road, Stretford, Manchester, M32 0FP. |