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REGISTERED NUMBER: 07788665 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

MIKRIS FINISHERS LIMITED

MIKRIS FINISHERS LIMITED (REGISTERED NUMBER: 07788665)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIKRIS FINISHERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: C Buckle
Mrs A J Buckle





REGISTERED OFFICE: Unit 8 Stonehouse Commercial Centre
Bristol Road
Stonehouse
Gloucestershire
GL10 3RD





REGISTERED NUMBER: 07788665 (England and Wales)





ACCOUNTANTS: Randall & Payne LLP
Chartered Accountants
Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA

MIKRIS FINISHERS LIMITED (REGISTERED NUMBER: 07788665)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,288 15,360
Tangible assets 5 95,275 114,896
107,563 130,256

CURRENT ASSETS
Stocks 3,650 3,100
Debtors 6 127,418 112,226
Cash at bank and in hand 153 1,280
131,221 116,606
CREDITORS
Amounts falling due within one year 7 268,199 210,676
NET CURRENT LIABILITIES (136,978 ) (94,070 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(29,415

)

36,186

CREDITORS
Amounts falling due after more than one
year

8

(159,376

)

(193,335

)

PROVISIONS FOR LIABILITIES - (18,023 )
NET LIABILITIES (188,791 ) (175,172 )

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings (188,991 ) (175,372 )
SHAREHOLDERS' FUNDS (188,791 ) (175,172 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

MIKRIS FINISHERS LIMITED (REGISTERED NUMBER: 07788665)

BALANCE SHEET - continued
31 JANUARY 2023


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 14 September 2023 and were signed on its behalf by:




C Buckle - Director



Mrs A J Buckle - Director


MIKRIS FINISHERS LIMITED (REGISTERED NUMBER: 07788665)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

Mikris Finishers 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.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. The revenue is recognised at the time of service provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, was amortised over its remaining useful life of two years and has now been fully amortised

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - over the remaining life of the lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.


MIKRIS FINISHERS LIMITED (REGISTERED NUMBER: 07788665)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current tax, deferred tax and adjustments for research and development. 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 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 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

Going concern
Despite the overdrawn balance sheet the directors have assessed the risks and issues concerning the company and activities, and no material uncertainties cast significant doubt about the company's ability to continue as a going concern. The company also has the ongoing and continued support from the directors.

Provisions
Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. Where material, provisions are calculated on a discounted basis.

Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the profit and loss over the expected useful lives of the assets to which they relate. Government grants which are not directly attributable to fixed assets are recognised in the profit and loss in accordance with the accruals method in line with FRS 102.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 18 ) .

MIKRIS FINISHERS LIMITED (REGISTERED NUMBER: 07788665)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 February 2022
and 31 January 2023 60,000 24,000 84,000
AMORTISATION
At 1 February 2022 60,000 8,640 68,640
Charge for year - 3,072 3,072
At 31 January 2023 60,000 11,712 71,712
NET BOOK VALUE
At 31 January 2023 - 12,288 12,288
At 31 January 2022 - 15,360 15,360

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 February 2022 55,534 200,956 31,666
Additions - 1,937 -
At 31 January 2023 55,534 202,893 31,666
DEPRECIATION
At 1 February 2022 35,494 137,109 27,123
Charge for year 4,165 9,649 904
At 31 January 2023 39,659 146,758 28,027
NET BOOK VALUE
At 31 January 2023 15,875 56,135 3,639
At 31 January 2022 20,040 63,847 4,543

MIKRIS FINISHERS LIMITED (REGISTERED NUMBER: 07788665)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2022 43,155 12,027 343,338
Additions - - 1,937
At 31 January 2023 43,155 12,027 345,275
DEPRECIATION
At 1 February 2022 20,377 8,339 228,442
Charge for year 4,556 2,284 21,558
At 31 January 2023 24,933 10,623 250,000
NET BOOK VALUE
At 31 January 2023 18,222 1,404 95,275
At 31 January 2022 22,778 3,688 114,896


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 98,492 104,846
Deferred tax asset 21,402 -
Prepayments 7,524 7,380
127,418 112,226

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 35,969 44,368
Other loans 16,521 17,008
Hire purchase contracts 4,355 4,355
Trade creditors 146,723 98,277
Corporation Tax (22,710 ) (22,710 )
Social security and other taxes 13,303 6,195
VAT 24,580 24,417
Other creditors 989 1,206
Pension Control 1,016 413
Directors' loan accounts 23,512 25,332
Accruals and deferred income 23,941 11,815
268,199 210,676

MIKRIS FINISHERS LIMITED (REGISTERED NUMBER: 07788665)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 13,083
Bank loans - 2-5 years 13,333 23,333
Other loans - 1-2 years 18,142 16,521
Other loans - 2-5 years 53,533 59,944
Other loans more 5yrs instal - 11,731
Hire purchase contracts 14,368 18,723
Directors loan account >1yr 50,000 50,000
159,376 193,335

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal - 11,731

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 13,605 17,207
Bank loans 45,697 63,577
Hire purchase contracts 18,723 23,078
78,025 103,862

The bank loans are secured against all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures and fixed plant & machinery.

10. TRANSACTIONS WITH DIRECTORS

The following advances and credits to directors subsisted during the years ended 31 January 2023 and 31 January 2022:

2023 2022
£    £   
C Buckle
Balance outstanding at start of year (69,680 ) (71,180 )
Amounts advanced 670 1,500
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (69,010 ) (69,680 )

MIKRIS FINISHERS LIMITED (REGISTERED NUMBER: 07788665)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

10. TRANSACTIONS WITH DIRECTORS - continued

Mrs A J Buckle
Balance outstanding at start of year (5,652 ) 948
Amounts advanced 1,150 1,500
Amounts repaid - (8,100 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (4,502 ) (5,652 )

No interest has been charged on the above loans and there are no set repayment terms.