Mycroft International Limited 02267523 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is provision of product licensing and marketing services. Digita Accounts Production Advanced 6.30.9574.0 true false 02267523 2022-04-01 2023-03-31 02267523 2023-03-31 02267523 core:RetainedEarningsAccumulatedLosses 2023-03-31 02267523 core:ShareCapital 2023-03-31 02267523 core:CurrentFinancialInstruments 2023-03-31 02267523 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02267523 core:Non-currentFinancialInstruments 2023-03-31 02267523 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 02267523 core:FurnitureFittingsToolsEquipment 2023-03-31 02267523 bus:SmallEntities 2022-04-01 2023-03-31 02267523 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 02267523 bus:FullAccounts 2022-04-01 2023-03-31 02267523 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 02267523 bus:RegisteredOffice 2022-04-01 2023-03-31 02267523 bus:Director1 2022-04-01 2023-03-31 02267523 bus:Director2 2022-04-01 2023-03-31 02267523 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02267523 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 02267523 core:OfficeEquipment 2022-04-01 2023-03-31 02267523 countries:AllCountries 2022-04-01 2023-03-31 02267523 2022-03-31 02267523 core:CostValuation 2022-03-31 02267523 core:ProvisionsForImpairmentInvestments 2022-03-31 02267523 core:FurnitureFittingsToolsEquipment 2022-03-31 02267523 2021-04-01 2022-03-31 02267523 2022-03-31 02267523 core:RetainedEarningsAccumulatedLosses 2022-03-31 02267523 core:ShareCapital 2022-03-31 02267523 core:CurrentFinancialInstruments 2022-03-31 02267523 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 02267523 core:Non-currentFinancialInstruments 2022-03-31 02267523 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 02267523 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 02267523

Mycroft International Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Mycroft International Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Mycroft International Limited

Company Information

Directors

Mrs C A Groves

Mr C P Groves

Registered office

The End House
13 Old Oak Avenue
Chipstead
Surrey
CR5 3PG

Accountants

Affinity Associates (Flemmings) Limited
(Trading as Flemmings)
Chartered Accountants
76 Canterbury Road
Croydon
Surrey
CR0 3HA

 

Mycroft International Limited

(Registration number: 02267523)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

1,444

 

1,857

Investments

5

 

100

 

100

   

1,544

 

1,957

Current assets

   

 

Debtors

6

153,195

 

191,093

 

Cash at bank and in hand

 

76

 

115

 

 

153,271

 

191,208

 

Creditors: Amounts falling due within one year

7

(41,796)

 

(56,081)

 

Net current assets

   

111,475

 

135,127

Total assets less current liabilities

   

113,019

 

137,084

Creditors: Amounts falling due after more than one year

7

 

(16,902)

 

(25,103)

Provisions for liabilities

 

(274)

 

(353)

Net assets

   

95,843

 

111,628

Capital and reserves

   

 

Called up share capital

2

 

2

 

Profit and loss account

95,841

 

111,626

 

Total equity

   

95,843

 

111,628

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 on 17 October 2023 and signed on its behalf by:
 

.........................................
Mr C P Groves
Director

 

Mycroft International Limited

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 and Wales .

The address of its registered office is:
The End House
13 Old Oak Avenue
Chipstead
Surrey
CR5 3PG
United Kingdom

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are presented in Pound Sterling, which is the functional currency of the company.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are
recognised in “Other operating income” within profit or loss in the same period as the related expenditure. The
deferred element of grants, if any, is included in creditors as deferred income.

Foreign currency transactions and balances

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 profit.

Tax

The tax expense for the period comprises current and deferred 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 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Mycroft International Limited

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

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.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

15% Straight Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Mycroft International Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

5,680

5,680

Disposals

(2,294)

(2,294)

At 31 March 2023

3,386

3,386

Depreciation

At 1 April 2022

3,823

3,823

Charge for the year

413

413

Eliminated on disposal

(2,294)

(2,294)

At 31 March 2023

1,942

1,942

Carrying amount

At 31 March 2023

1,444

1,444

At 31 March 2022

1,857

1,857

5

Investments

2023
£

2022
£

Investments

100

100

£

Cost

At 1 April 2022

6,000

Provision

At 1 April 2022

5,900

Carrying amount

At 31 March 2023

100

At 31 March 2022

100

6

Debtors

2023
£

2022
£

Trade debtors

-

13,361

Other debtors

35,599

40,503

Directors current account

117,596

137,229

153,195

191,093

 

Mycroft International Limited

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

 

Bank loans and overdrafts

8

20,733

20,728

Trade creditors

 

17,164

21,108

Taxation and social security

 

1,412

810

Corporation Tax

 

2,487

13,435

 

41,796

56,081

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

16,902

25,103

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

16,902

25,103

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,430

8,230

Bank overdrafts

12,303

12,498

20,733

20,728

The directors had given a joint personal guarantee for £15,000 in respect of the bank overdraft facility to the company's bankers.

 

Mycroft International Limited

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

9

Related party transactions

During the year the company made the following related party transactions:

Mr C P Groves and Mrs C A Groves
(Directors and shareholders)

The directors had given a joint personal guarantee for £15,000 in respect of the bank overdraft facility to the company's bankers.

Dividends paid during the year to the directors was £46,000 (2022 - £51,500).

Interest at the HMRC Official Rate amounting to £3,089 was charged to the directors in respect of the overdrawn directors current account. At the balance sheet date the amount due from Mr C P Groves and Mrs C A Groves was £117,596 (2022 - £137,229).