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COMPANY REGISTRATION NUMBER: 07850282
Mobile Inventory Program Limited
Filleted Unaudited Financial Statements
31 July 2022
Mobile Inventory Program Limited
Statement of Financial Position
31 July 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
2,108
533
Current assets
Debtors
6
358,832
261,676
Cash at bank and in hand
17,685
59,675
-----------
-----------
376,517
321,351
Creditors: amounts falling due within one year
7
262,114
188,220
-----------
-----------
Net current assets
114,403
133,131
-----------
-----------
Total assets less current liabilities
116,511
133,664
Creditors: amounts falling due after more than one year
8
57,186
74,809
-----------
-----------
Net assets
59,325
58,855
-----------
-----------
Capital and reserves
Called up share capital
2
2
Profit and loss account
59,323
58,853
---------
---------
Shareholders funds
59,325
58,855
---------
---------
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 statement of income and retained earnings has not been delivered.
Mobile Inventory Program Limited
Statement of Financial Position (continued)
31 July 2022
For the year ending 31 July 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 31 October 2023 , and are signed on behalf of the board by:
S McCormick
Director
Company registration number: 07850282
Mobile Inventory Program Limited
Notes to the Financial Statements
Year ended 31 July 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 Suite One, Viscount House, River Lane, Chester, CH4 8RH.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
25% straight line
Equipment
-
25% 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 4 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 August 2021
11,527
13,190
24,717
Additions
1,945
1,945
---------
---------
---------
At 31 July 2022
11,527
15,135
26,662
---------
---------
---------
Depreciation
At 1 August 2021
11,527
12,657
24,184
Charge for the year
370
370
---------
---------
---------
At 31 July 2022
11,527
13,027
24,554
---------
---------
---------
Carrying amount
At 31 July 2022
2,108
2,108
---------
---------
---------
At 31 July 2021
533
533
---------
---------
---------
6. Debtors
2022
2021
£
£
Trade debtors
71,309
60,316
Other debtors
287,523
201,360
-----------
-----------
358,832
261,676
-----------
-----------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
19,586
21,407
Trade creditors
9,433
13,406
Corporation tax
51,536
7,691
Social security and other taxes
48,228
42,706
Other creditors
133,331
103,010
-----------
-----------
262,114
188,220
-----------
-----------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
57,186
74,809
---------
---------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
S McCormick
89,822
32,563
122,385
W D Forbes
83,842
20,634
104,476
-----------
---------
--------
-----------
173,664
53,197
226,861
-----------
---------
--------
-----------
2021
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
S McCormick
47,760
86,275
( 44,213)
89,822
W D Forbes
47,760
80,295
( 44,213)
83,842
---------
-----------
---------
-----------
95,520
166,570
( 88,426)
173,664
---------
-----------
---------
-----------
Interest on the directors loan accounts is charged at 2.0% pa
10. Related party transactions
The company is related to a small number of other companies controlled by its directors. At the balance sheet date, the related party balances were as follows: - Amounts owed to the company by related parties: £8,502 (2021: £7,001) - Amounts owed by the company to related parties: £57,611 (2021: £86,069)
11. Controlling party
The company was under the control of its two directors throughout both the current and previous year. Neither director controls the company in his own right, as each owns 50% of the issued ordinary share capital.