Mita Logistics Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06243052 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Mita Logistics Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

P G Newton

S A Newton

V McHugh-Newton

Secretary:

S A Newton

Registered office:

Pwll Mawr

Trelogan

Holywell

Flintshire

CH8 9BZ

Registered number:

06243052 (England and Wales)

Accountants:

Ellis & Co

Chartered Accountants

114-120 Northgate Street

Chester

CH1 2HT

Fixed assets

Tangible assets

4

511,904

626,882

Current assets

Debtors

5

496,130

451,529

Cash at bank and in hand

238,521

374,209

734,651

825,738

Creditors

Amounts falling due within one year

6

556,513

534,345

Net current assets

178,138

291,393

Total assets less current liabilities

690,042

918,275

Creditors

Amounts falling due after more than one year

7

(150,644

)

(284,242

)

Provisions for liabilities

9

(128,245

)

(119,108

)

Net assets

411,153

514,925

Capital and reserves

Called up share capital

100

100

Retained earnings

411,053

514,825

Shareholders' funds

411,153

514,925

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2023 and were signed on its behalf by:

P G Newton - Director

1.	Statutory information

Mita Logistics Ltd 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.

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.

Turnover

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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

-

Straight line over between 2 & 7 years

Fixtures, fittings and equipment

-

Straight line over 4 years

Motor vehicles

-

Straight line over between 2 & 10 years

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

3.	Employees and directors

The average number of employees during the year was 18 (2021 - 32 ) .

4.	Tangible fixed assets

Fixtures,

fittings

Plant and

and

Motor

machinery

equipment

vehicles

Totals

£

£

£

£

Cost

At 1 January 2022

36,610

35,480

1,729,418

1,801,508

Additions

-

139

166,850

166,989

Disposals

(7,000

)

-

(141,500

)

(148,500

)

At 31 December 2022

29,610

35,619

1,754,768

1,819,997

Depreciation

At 1 January 2022

26,125

22,419

1,126,082

1,174,626

Charge for year

3,168

4,983

270,066

278,217

Eliminated on disposal

(7,000

)

-

(137,750

)

(144,750

)

At 31 December 2022

22,293

27,402

1,258,398

1,308,093

Net book value

At 31 December 2022

7,317

8,217

496,370

511,904

At 31 December 2021

10,485

13,061

603,336

626,882

5.

Debtors: amounts falling due within one year

31/12/22

31/12/21

£

£

Trade debtors

432,436

385,601

Other debtors

63,694

65,928

496,130

451,529

6.

Creditors: amounts falling due within one year

31/12/22

31/12/21

£

£

Bank loans and overdrafts

9,600

9,508

Hire purchase contracts

194,392

194,356

Trade creditors

206,802

174,874

Taxation and social security

109,434

118,755

Other creditors

36,285

36,852

556,513

534,345

7.

Creditors: amounts falling due after more than one year

31/12/22

31/12/21

£

£

Bank loans

25,241

34,979

Hire purchase contracts

125,403

249,263

150,644

284,242

8.	Secured debts

The following secured debts are included within creditors:

31/12/22

31/12/21

£

£

Hire purchase contracts

319,795

443,619

Debts under hire purchase contracts are secured on the underlying asset.

9.	Provisions for liabilities

31/12/22

31/12/21

£

£

Deferred tax

Accelerated capital allowances

128,245

119,108

Deferred

tax

£

Balance at 1 January 2022

119,108

Charge to Statement of Income and Retained Earnings during year

9,137

Balance at 31 December 2022

128,245

10.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

31/12/22

31/12/21

£

£

P G Newton

Balance outstanding at start of year

64,129

68,505

Amounts advanced

60,421

89,436

Amounts repaid

(62,474

)

(93,812

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

62,076

64,129

S A Newton

Balance outstanding at start of year

-

13,076

Amounts advanced

-

44,090

Amounts repaid

-

(57,166

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

V McHugh-Newton

Balance outstanding at start of year

198

1,218

Amounts repaid

(198

)

(1,020

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

198

The maximum balances outstanding during the year were P G Newton £73,458 and V McHugh-Newton £198. Advances to P G Newton included £9,327 on 31 January 2022, £8,696 on 29 July 2022 and £35,969 on 18 November 2022. Repayments from P G Newton included £9,500 on 31 January 2022, £12,000 on 31 March 2022, £26,500 on 30 April 2022 and £9,000 on 31 July 2022. Loans to directors are interest free, unsecured and repayable on demand.