IRIS Accounts Production v23.2.0.158 08039799 Board of Directors 1.5.22 30.4.23 30.4.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure080397992022-04-30080397992023-04-30080397992022-05-012023-04-30080397992021-04-30080397992021-05-012022-04-30080397992022-04-3008039799ns16:EnglandWales2022-05-012023-04-3008039799ns15:PoundSterling2022-05-012023-04-3008039799ns11:Director12022-05-012023-04-3008039799ns11:PrivateLimitedCompanyLtd2022-05-012023-04-3008039799ns11:SmallEntities2022-05-012023-04-3008039799ns11:AuditExemptWithAccountantsReport2022-05-012023-04-3008039799ns11:SmallCompaniesRegimeForDirectorsReport2022-05-012023-04-3008039799ns11:SmallCompaniesRegimeForAccounts2022-05-012023-04-3008039799ns11:FullAccounts2022-05-012023-04-300803979912022-05-012023-04-3008039799ns11:Director22022-05-012023-04-3008039799ns11:Director32022-05-012023-04-3008039799ns11:Director42022-05-012023-04-3008039799ns11:Director52022-05-012023-04-3008039799ns11:RegisteredOffice2022-05-012023-04-3008039799ns6:CurrentFinancialInstruments2023-04-3008039799ns6:CurrentFinancialInstruments2022-04-3008039799ns6:ShareCapital2023-04-3008039799ns6:ShareCapital2022-04-3008039799ns6:SharePremium2023-04-3008039799ns6:SharePremium2022-04-3008039799ns6:CapitalRedemptionReserve2023-04-3008039799ns6:CapitalRedemptionReserve2022-04-3008039799ns6:FurtherSpecificReserve1ComponentTotalEquity2023-04-3008039799ns6:FurtherSpecificReserve1ComponentTotalEquity2022-04-3008039799ns6:RetainedEarningsAccumulatedLosses2023-04-3008039799ns6:RetainedEarningsAccumulatedLosses2022-04-3008039799ns6:IntangibleAssetsOtherThanGoodwill2022-05-012023-04-3008039799ns6:PlantMachinery2022-05-012023-04-3008039799ns6:IntangibleAssetsOtherThanGoodwill2022-04-3008039799ns6:IntangibleAssetsOtherThanGoodwill2023-04-3008039799ns6:IntangibleAssetsOtherThanGoodwill2022-04-3008039799ns6:PlantMachinery2022-04-3008039799ns6:FurnitureFittings2022-04-3008039799ns6:FurnitureFittings2022-05-012023-04-3008039799ns6:PlantMachinery2023-04-3008039799ns6:FurnitureFittings2023-04-3008039799ns6:PlantMachinery2022-04-3008039799ns6:FurnitureFittings2022-04-3008039799ns6:CostValuation2022-04-3008039799ns6:WithinOneYearns6:CurrentFinancialInstruments2023-04-3008039799ns6:WithinOneYearns6:CurrentFinancialInstruments2022-04-3008039799ns6:CurrentFinancialInstruments2022-05-012023-04-3008039799ns11:Director112022-04-3008039799ns11:Director112021-04-3008039799ns11:Director112022-05-012023-04-3008039799ns11:Director112021-05-012022-04-3008039799ns11:Director112023-04-3008039799ns11:Director112022-04-30080397992ns11:Director22022-04-30080397992ns11:Director22021-04-30080397992ns11:Director22022-05-012023-04-30080397992ns11:Director22021-05-012022-04-30080397992ns11:Director22023-04-30080397992ns11:Director22022-04-30080397993ns11:Director32022-04-30080397993ns11:Director32021-04-30080397993ns11:Director32022-05-012023-04-30080397993ns11:Director32021-05-012022-04-30080397993ns11:Director32023-04-30080397993ns11:Director32022-04-3008039799ns11:Director552022-04-3008039799ns11:Director552021-04-3008039799ns11:Director552022-05-012023-04-3008039799ns11:Director552021-05-012022-04-3008039799ns11:Director552023-04-3008039799ns11:Director552022-04-30
REGISTERED NUMBER: 08039799 (England and Wales)










MYTAG. LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023






MYTAG. LIMITED (REGISTERED NUMBER: 08039799)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 10

MYTAG. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: J Charles
M A George
Ms A Horn
P J Kenny
I S Kenny





REGISTERED OFFICE: C/O Bevan Buckland LLP
Ground Floor, Cardigan House
Castle Court, Swansea Enterprise Park
Swansea
SA7 9LA





REGISTERED NUMBER: 08039799 (England and Wales)





ACCOUNTANTS: Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

MYTAG. LIMITED (REGISTERED NUMBER: 08039799)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 93,011 111,115
Tangible assets 5 10,029 8,037
Investments 6 137,801 137,801
240,841 256,953

CURRENT ASSETS
Stocks 37,360 50,292
Debtors 7 377,636 339,672
Cash at bank and in hand 629,168 430,489
1,044,164 820,453
CREDITORS
Amounts falling due within one year 8 727,854 615,552
NET CURRENT ASSETS 316,310 204,901
TOTAL ASSETS LESS CURRENT
LIABILITIES

557,151

461,854

PROVISIONS FOR LIABILITIES 1,836 1,527
NET ASSETS 555,315 460,327

CAPITAL AND RESERVES
Called up share capital 1,211 1,211
Share premium 9 99,880 99,880
Capital redemption reserve 9 11 11
Other reserves 9 50,000 50,000
Retained earnings 9 404,213 309,225
SHAREHOLDERS' FUNDS 555,315 460,327

MYTAG. LIMITED (REGISTERED NUMBER: 08039799)

BALANCE SHEET - continued
30 APRIL 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:





M A George - Director


MYTAG. LIMITED (REGISTERED NUMBER: 08039799)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

MYTAG. 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 is derived from the provision of services and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.

Turnover is recognised in the period in which the services relate and future income is recognised as deferred income.

Deferred Income
In certain cases, payments are received from customers prior to satisfaction of performance obligations and recognised as deferred income. These balances are considered contract liabilities and are typically related to prepayments for third party expenses that are incurred shortly after billing.

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.

Patents are amortised over 5 years on a straight line basis.

Computer software development is amortised over 10 years on a straight line basis.

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 etc - 25% reducing balance, 25% on cost and 20% reducing balance

MYTAG. LIMITED (REGISTERED NUMBER: 08039799)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Investment Property

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

MYTAG. LIMITED (REGISTERED NUMBER: 08039799)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

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.

Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Government Grants
Government grants towards revenue items are released to the profit and loss account when the expenditure is incurred.

Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined benefit and defined contribution pension plans.

Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

MYTAG. LIMITED (REGISTERED NUMBER: 08039799)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2022
and 30 April 2023 166,503
AMORTISATION
At 1 May 2022 55,388
Charge for year 18,104
At 30 April 2023 73,492
NET BOOK VALUE
At 30 April 2023 93,011
At 30 April 2022 111,115

MYTAG. LIMITED (REGISTERED NUMBER: 08039799)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
Machinery fittings Totals
£    £    £   
COST
At 1 May 2022 1,020 29,769 30,789
Additions - 6,355 6,355
At 30 April 2023 1,020 36,124 37,144
DEPRECIATION
At 1 May 2022 686 22,066 22,752
Charge for year 67 4,296 4,363
At 30 April 2023 753 26,362 27,115
NET BOOK VALUE
At 30 April 2023 267 9,762 10,029
At 30 April 2022 334 7,703 8,037

6. FIXED ASSET INVESTMENTS
Alecion
Ltd
£   
COST
At 1 May 2022
and 30 April 2023 137,801
NET BOOK VALUE
At 30 April 2023 137,801
At 30 April 2022 137,801

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 361,478 328,619
Other debtors 16,158 11,053
377,636 339,672

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments on account 15,094 10,131
Trade creditors 19,797 34,474
Taxation and social security 155,108 95,265
Other creditors 537,855 475,682
727,854 615,552

Included in other loans is an amount of £7,500 (2022: £7,500) owed to A Horn, a director of the company. This amounts is unsecured, interest free and repayable on demand.

At the year end there is an amount owed of £3,873 (2022: £683) owed to the directors, this is provided on terms that are interest-free and repayable on demand.

MYTAG. LIMITED (REGISTERED NUMBER: 08039799)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

9. RESERVES

Reserves
Share premium, other reserves and the capital redemption reserves are non-distributable. Retained earnings are distributable.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2023 and 30 April 2022:

2023 2022
£    £   
M A George
Balance outstanding at start of year (121 ) 30
Amounts advanced - 5
Amounts repaid (2,722 ) (156 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,843 ) (121 )

J Charles
Balance outstanding at start of year (90 ) (91 )
Amounts advanced - 1
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (90 ) (90 )

Ms A Horn
Balance outstanding at start of year (118 ) 38
Amounts repaid (156 ) (156 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (274 ) (118 )

I S Kenny
Balance outstanding at start of year (353 ) (42 )
Amounts advanced - 1
Amounts repaid (312 ) (312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (665 ) (353 )

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MYTAG. LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MYTAG. Limited for the year ended 30 April 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of MYTAG. Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MYTAG. Limited and state those matters that we have agreed to state to the Board of Directors of MYTAG. Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MYTAG. Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MYTAG. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MYTAG. Limited. You consider that MYTAG. Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MYTAG. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA


12 October 2023