MI Composites Limited - Accounts to registrar (filleted) - small 23.1.2

MI Composites Limited - Accounts to registrar (filleted) - small 23.1.2

MI COMPOSITES LIMITED - Company Information

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REGISTERED NUMBER: 10705680 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1ST MAY 2021 TO 31ST OCTOBER 2022

FOR

MI COMPOSITES LIMITED
MI COMPOSITES LIMITED (REGISTERED NUMBER: 10705680)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1ST MAY 2021 TO 31ST OCTOBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MI COMPOSITES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1ST MAY 2021 TO 31ST OCTOBER 2022







DIRECTORS: S Innocent
N A Marshall





REGISTERED OFFICE: Unit 4,
The Old Station Industrial Estate
Wing Road, Manton
Oakham
Rutland
LE15 8SZ





REGISTERED NUMBER: 10705680 (England and Wales)





ACCOUNTANTS: Bewers Turner & Co LLP
Chartered Accountants
Portland House
11-13 Station Road
Kettering
Northamptonshire
NN15 7HH
Page 1
MI COMPOSITES LIMITED (REGISTERED NUMBER: 10705680)

BALANCE SHEET
31ST OCTOBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 144

CURRENT ASSETS
Debtors 5 7,695 10,672
Cash at bank 3,066 7,069
10,761 17,741
CREDITORS
Amounts falling due within one year 6 10,661 13,763
NET CURRENT ASSETS 100 3,978
TOTAL ASSETS LESS CURRENT
LIABILITIES
100
4,122

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings - 4,022
SHAREHOLDERS' FUNDS 100 4,122

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st October 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st October 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 notes form part of these financial statements

Page 2 continued...
MI COMPOSITES LIMITED (REGISTERED NUMBER: 10705680)

BALANCE SHEET - continued
31ST OCTOBER 2022


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24th July 2023 and were signed on its behalf by:





N A Marshall - Director


The notes form part of these financial statements

Page 3
MI COMPOSITES LIMITED (REGISTERED NUMBER: 10705680)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1ST MAY 2021 TO 31ST OCTOBER 2022


1. STATUTORY INFORMATION

MI Composites Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

The company ceased trading on 31 October 2022. The financial statements have been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the company’s assets to net realisable value. The financial statements do not include any provision for the future costs of terminating the business of the company except to the extent that such costs were committed at the balance sheet date.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Financial instruments
The company is party to only basic financial instruments such as cash, trade debtors and creditors and loans. Instruments such as trade debtors and trade creditors are initially recognised at their transaction cost and reviewed at the year end for impairment. Debt instruments not repayable on demand or due within one year, such as bank loans, are measured at amortised cost using the effective interest rate.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2021 - 2 ) .

Page 4 continued...
MI COMPOSITES LIMITED (REGISTERED NUMBER: 10705680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1ST MAY 2021 TO 31ST OCTOBER 2022


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st May 2021 400
Disposals (400 )
At 31st October 2022 -
DEPRECIATION
At 1st May 2021 256
Charge for period 36
Eliminated on disposal (292 )
At 31st October 2022 -
NET BOOK VALUE
At 31st October 2022 -
At 30th April 2021 144

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 3,858 10,672
Other debtors 3,837 -
7,695 10,672

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Taxation and social security 811 4,656
Other creditors 9,850 9,107
10,661 13,763

7. RELATED PARTY DISCLOSURES

All material related party transactions with owners holding a participating interest, companies in which the entity has a participating interest and directors were all concluded under normal market conditions.

Page 5