Company registration number 13924290 (England and Wales)
MINT NUTRITION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
MINT NUTRITION LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
MINT NUTRITION LTD
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
Notes
£
£
Fixed assets
Tangible assets
4
699
Current assets
Debtors
5
1,633
Cash at bank and in hand
14,518
16,151
Creditors: amounts falling due within one year
6
(6,517)
Net current assets
9,634
Net assets
10,333
Capital and reserves
Called up share capital
100
Profit and loss reserves
10,233
Total equity
10,333
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 8 November 2023
R McDonald
Director
Company Registration No. 13924290
MINT NUTRITION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Mint Nutrition Ltd is a private company limited by shares incorporated in England and Wales. The registered office is International House, 142 Cromwell Road, London, SW7 4EF.
1.1
Reporting period
The reported period runs from 18 February 2022 to 28 February 2023. This is due to it being the first reporting period since the company was formed.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Computers
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
MINT NUTRITION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
Trade and other debtors
Trade and other debtors are measured at transaction price less any impairment unless the arrangement
constitutes a financing transaction in which case the transaction is measured at the present value of the future
receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are
subsequently measured at amortised cost using the effective interest method less any impairment.
Trade and other creditors
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a
financing transaction in which case the transaction is measured at present value of future payments
discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net
of their transaction costs. They are subsequently measured at amortised cost using the effective interest
method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The director considers that there are no significant judgements or estimates in the preparation of these financial statements.
MINT NUTRITION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 18 February 2022
Additions
874
At 28 February 2023
874
Depreciation and impairment
At 18 February 2022
Depreciation charged in the period
175
At 28 February 2023
175
Carrying amount
At 28 February 2023
699
5
Debtors
2023
Amounts falling due within one year:
£
Other debtors
1,633
6
Creditors: amounts falling due within one year
2023
£
Corporation tax
5,257
Other creditors
1,260
6,517