Mosaic Heaven Ltd 07073581 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of the mosaic tiles retailer. Digita Accounts Production Advanced 6.30.9574.0 true 07073581 2022-04-01 2023-03-31 07073581 2023-03-31 07073581 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07073581 core:Goodwill 2023-03-31 07073581 core:FurnitureFittingsToolsEquipment 2023-03-31 07073581 bus:SmallEntities 2022-04-01 2023-03-31 07073581 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07073581 bus:FullAccounts 2022-04-01 2023-03-31 07073581 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07073581 bus:RegisteredOffice 2022-04-01 2023-03-31 07073581 bus:CompanySecretaryDirector1 2022-04-01 2023-03-31 07073581 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07073581 core:Goodwill 2022-04-01 2023-03-31 07073581 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 07073581 core:OfficeEquipment 2022-04-01 2023-03-31 07073581 countries:England 2022-04-01 2023-03-31 07073581 2022-03-31 07073581 core:Goodwill 2022-03-31 07073581 core:FurnitureFittingsToolsEquipment 2022-03-31 07073581 2021-04-01 2022-03-31 07073581 2022-03-31 07073581 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07073581 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 07073581

Mosaic Heaven Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Mosaic Heaven Ltd

(Registration number: 07073581)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

623

830

Current assets

 

Stocks

6

19,500

12,000

Cash at bank and in hand

 

16,267

36,885

 

35,767

48,885

Creditors: Amounts falling due within one year

7

(15,472)

(16,686)

Net current assets

 

20,295

32,199

Net assets

 

20,918

33,029

Capital and reserves

 

Called up share capital

2

2

Retained earnings

20,916

33,027

Shareholders' funds

 

20,918

33,029

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board for issue on 10 October 2023 and signed on its behalf by:
 

.........................................

Mrs K Draper

Company secretary and director

 

Mosaic Heaven Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 9 Peacock Square
Blenheim Way
Northfields Industrial Estate
Markert Deeping
Peterborough Cambridgeshire
PE6 8LW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Mosaic Heaven Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Mosaic Heaven Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Mosaic Heaven Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

26,000

26,000

At 31 March 2023

26,000

26,000

Amortisation

At 1 April 2022

26,000

26,000

At 31 March 2023

26,000

26,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

9,092

9,092

At 31 March 2023

9,092

9,092

Depreciation

At 1 April 2022

8,262

8,262

Charge for the year

207

207

At 31 March 2023

8,469

8,469

Carrying amount

At 31 March 2023

623

623

At 31 March 2022

830

830

6

Stocks

2023
£

2022
£

Other inventories

19,500

12,000

 

Mosaic Heaven Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to related parties

764

1,209

Taxation and social security

 

5,569

6,634

Other creditors

 

9,139

8,843

 

15,472

16,686