Caseware UK (AP4) 2016.0.181 2016.0.181 2018-08-312018-08-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-09-01 06273749 2017-09-01 2018-08-31 06273749 2016-09-01 2017-08-31 06273749 2018-08-31 06273749 2017-08-31 06273749 c:Director1 2017-09-01 2018-08-31 06273749 d:FurnitureFittings 2017-09-01 2018-08-31 06273749 d:FurnitureFittings 2018-08-31 06273749 d:FurnitureFittings 2017-08-31 06273749 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-09-01 2018-08-31 06273749 d:Goodwill 2017-09-01 2018-08-31 06273749 d:Goodwill 2018-08-31 06273749 d:Goodwill 2017-08-31 06273749 d:CurrentFinancialInstruments 2018-08-31 06273749 d:CurrentFinancialInstruments 2017-08-31 06273749 d:Non-currentFinancialInstruments 2017-08-31 06273749 d:CurrentFinancialInstruments d:WithinOneYear 2018-08-31 06273749 d:CurrentFinancialInstruments d:WithinOneYear 2017-08-31 06273749 d:Non-currentFinancialInstruments d:AfterOneYear 2017-08-31 06273749 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2017-08-31 06273749 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2017-08-31 06273749 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2017-08-31 06273749 d:ShareCapital 2018-08-31 06273749 d:ShareCapital 2017-08-31 06273749 d:RetainedEarningsAccumulatedLosses 2018-08-31 06273749 d:RetainedEarningsAccumulatedLosses 2017-08-31 06273749 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2018-08-31 06273749 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-08-31 06273749 d:AcceleratedTaxDepreciationDeferredTax 2018-08-31 06273749 d:AcceleratedTaxDepreciationDeferredTax 2017-08-31 06273749 c:FRS102 2017-09-01 2018-08-31 06273749 c:AuditExempt-NoAccountantsReport 2017-09-01 2018-08-31 06273749 c:FullAccounts 2017-09-01 2018-08-31 06273749 c:PrivateLimitedCompanyLtd 2017-09-01 2018-08-31 iso4217:GBP xbrli:pure

Registered number: 06273749









MITSUE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2018

 
MITSUE LIMITED
REGISTERED NUMBER: 06273749

BALANCE SHEET
AS AT 31 AUGUST 2018

2018
2017
Note
£
£

Fixed assets
  

Intangible assets
 4 
28,304
31,448

Tangible assets
 5 
1,563
1,683

  
29,867
33,131

Current assets
  

Stocks
 6 
5,300
5,565

Debtors: amounts falling due within one year
 7 
3,216
9,507

Cash at bank and in hand
 8 
8,248
12,552

  
16,764
27,624

Creditors: amounts falling due within one year
 9 
(37,912)
(40,814)

Net current liabilities
  
 
 
(21,148)
 
 
(13,190)

Total assets less current liabilities
  
8,719
19,941

Creditors: amounts falling due after more than one year
 10 
-
(10,517)

Provisions for liabilities
  

Deferred tax
 13 
(164)
(158)

  
 
 
(164)
 
 
(158)

Net assets
  
8,555
9,266


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
8,455
9,166

  
8,555
9,266


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Page 1

 
MITSUE LIMITED
REGISTERED NUMBER: 06273749
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2018


The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 November 2018.




M Tunnard
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
MITSUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

1.


General information

Mitsue Limited is a private company limited by shares incorporated in England & Wales. The registered office is 69 Greenhead Lane, Chapeltown, Sheffield, S35 2TN, England. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Page 3

 
MITSUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
MITSUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
10%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
MITSUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2017 - 1).

Page 6

 
MITSUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

4.


Intangible assets




Goodwill

£



Cost


At 1 September 2017
62,888



At 31 August 2018

62,888



Amortisation


At 1 September 2017
31,440


Charge for the year
3,144



At 31 August 2018

34,584



Net book value



At 31 August 2018
28,304



At 31 August 2017
31,448

Page 7

 
MITSUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

5.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 September 2017
11,931



At 31 August 2018

11,931



Depreciation


At 1 September 2017
10,248


Charge for the year on owned assets
120



At 31 August 2018

10,368



Net book value



At 31 August 2018
1,563



At 31 August 2017
1,683


6.


Stocks

2018
2017
£
£

Finished goods and goods for resale
5,300
5,565

5,300
5,565



7.


Debtors

2018
2017
£
£


Trade debtors
2,497
8,652

Other debtors
-
136

Prepayments and accrued income
719
719

3,216
9,507


Page 8

 
MITSUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

8.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
8,248
12,552

8,248
12,552



9.


Creditors: Amounts falling due within one year

2018
2017
£
£

Bank loans
-
3,420

Trade creditors
13,833
20,632

Corporation tax
1,792
2,706

Other taxation and social security
4,080
6,020

Other creditors
17,154
4,525

Accruals and deferred income
1,053
3,511

37,912
40,814



10.


Creditors: Amounts falling due after more than one year

2018
2017
£
£

Bank loans
-
10,517

-
10,517


Page 9

 
MITSUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

11.


Loans


Analysis of the maturity of loans is given below:


2018
2017
£
£

Amounts falling due within one year

Bank loans
-
3,420


-
3,420

Amounts falling due 1-2 years

Bank loans
-
2,500


-
2,500

Amounts falling due 2-5 years

Bank loans
-
7,500


-
7,500

Amounts falling due after more than 5 years

Bank loans
-
517

-
517

-
13,937



12.


Financial instruments

2018
2017
£
£

Financial assets


Financial assets measured at fair value through profit or loss
8,248
12,552




Page 10

 
MITSUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018

13.


Deferred taxation




2018


£






At beginning of year
(158)


Charged to profit or loss
(6)



At end of year
(164)

The provision for deferred taxation is made up as follows:

2018
2017
£
£


Accelerated capital allowances
165
158

165
158

 
Page 11