Registered number
11940458
Mobio Distribution Ltd
Filleted Accounts
31 December 2021
Mobio Distribution Ltd
Registered number: 11940458
Balance Sheet
as at 31 December 2021
Restated
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 14,862 10,615
Current assets
Stocks 421,268 206,578
Debtors 4 1,364,555 78,256
Cash at bank and in hand 197,886 127,621
1,983,709 412,455
Creditors: amounts falling due within one year 5 (1,284,251) (179,935)
Net current assets 699,458 232,520
Total assets less current liabilities 714,320 243,135
Creditors: amounts falling due after more than one year 6 (39,167) (50,000)
Provisions for liabilities (3,716) (2,654)
Net assets 671,437 190,481
Capital and reserves
Called up share capital 100 100
Profit and loss account 671,337 190,381
Shareholders' funds 671,437 190,481
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Zammett
Director
Approved by the board on 31 August 2022
Mobio Distribution Ltd
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
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).
This is the first year the accounts have been prepared under FRS 102 section 1A. Prior year accounts were prepared under FRS 105. The date of transition to FRS 102 1A was 1 January 2020 and the trasition has led to some small changes in accounting policies. This has led to prior year figures being restated.
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
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:
Fixtures, fittings, tools and equipment over 3 years straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 5 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021 18,366
Additions 15,553
At 31 December 2021 33,919
Depreciation
At 1 January 2021 7,751
Charge for the year 11,306
At 31 December 2021 19,057
Net book value
At 31 December 2021 14,862
At 31 December 2020 10,615
4 Debtors 2021 2020
£ £
Trade debtors 1,359,796 73,845
Other debtors 4,759 4,411
1,364,555 78,256
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 104,969 33,702
Trade creditors 758,550 89,891
Taxation and social security costs 284,687 50,435
Other creditors 136,045 5,907
1,284,251 179,935
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 39,167 50,000
7 Related party transactions
During the year the company received loans from two directors. The total outstanding at the year end was £21,239 (2020- £0) and is included within Current Liabilities. The loans are interest free and have no fixed date of repayment.
8 Other information
Mobio Distribution Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Colin Sanders Business Innovation Centre
Mewburn Road
Banbury
Oxfordshire
OX16 9PA
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