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COMPANY REGISTRATION NUMBER: 09264973
MYRDDIN LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2022
MYRDDIN LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2022
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
MYRDDIN LIMITED
BALANCE SHEET
31 October 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
2,831
1,612
Current assets
Debtors
6
10,302
9,230
Cash at bank and in hand
12,545
38,021
------------
------------
22,847
47,251
Creditors: amounts falling due within one year
7
( 1,000)
( 17,148)
------------
------------
Net current assets
21,847
30,103
------------
------------
Total assets less current liabilities
24,678
31,715
------------
------------
Net assets
24,678
31,715
------------
------------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
24,677
31,714
------------
------------
Shareholders funds
24,678
31,715
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:
Mr J H Davies
Director
Company registration number: 09264973
MYRDDIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 28 Narcissus Road, London, NW6 1TH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 November 2021
1,800
393
2,193
Additions
2,533
2,533
------------
------------
------------
At 31 October 2022
1,800
2,926
4,726
------------
------------
------------
Depreciation
At 1 November 2021
450
131
581
Charge for the year
338
976
1,314
------------
------------
------------
At 31 October 2022
788
1,107
1,895
------------
------------
------------
Carrying amount
At 31 October 2022
1,012
1,819
2,831
------------
------------
------------
At 31 October 2021
1,350
262
1,612
------------
------------
------------
6. Debtors
2022
2021
£
£
Trade debtors
7,200
Corporation tax repayable
2,030
Directors Loan Account
10,302
------------
------------
10,302
9,230
------------
------------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Accruals and deferred income
1,000
1,000
Social security and other taxes
178
Directors loan account
15,970
------------
------------
1,000
17,148
------------
------------
8. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
------------
------------
------------
------------
9. Related party transactions
Included in debtors above is a directors loan of £10,302 (2021: £15,970 creditor). The loan is unsecured, repayable on demand and interest has been charged on the outstanding balance at 2%. The loan was subsequently repaid after the year end. The company is controlled by the director.