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Registration number: 01674958

MICA Projects Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

MICA Projects Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

MICA Projects Limited

Company Information

Directors

S Jackson

C A McCulloch

C Grenander

N McCulloch

Company secretary

C M McCulloch

Registered office

Aldwych House
Madeira Road
West Byfleet
Surrey
KT14 6ES

Accountants

CRK Accounting Limited
12a Fleet Business Park
Sandy Lane
Church Crookham
Fleet
Hampshire
GU52 8BF

 

MICA Projects Limited

(Registration number: 01674958)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

51,623

36,534

Other financial assets

5

313,005

325,721

 

364,628

362,255

Current assets

 

Debtors

6

952,031

1,782,394

Cash at bank and in hand

 

2,151,017

1,006,681

 

3,103,048

2,789,075

Creditors: Amounts falling due within one year

7

(1,947,195)

(2,259,939)

Net current assets

 

1,155,853

529,136

Net assets

 

1,520,481

891,391

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,520,381

891,291

Shareholders' funds

 

1,520,481

891,391

For the financial year ending 30 April 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 8 November 2023 and signed on its behalf by:
 

.........................................
N McCulloch
Director

 

MICA Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom .

The address of its registered office is:
Aldwych House
Madeira Road
West Byfleet
Surrey
KT14 6ES
United Kingdom

These financial statements were authorised for issue by the Board on 8 November 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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 income 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.

 

MICA Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

2% on cost

Plant and machinery

33% on reducing balance

Fixtures and fittings

20% on cost

Motor vehicles

25% on reducing balance

Computer equipment

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

MICA Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 9).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 May 2022

12,359

56,640

60,874

86,513

Additions

-

3,831

33,594

-

Disposals

-

-

(18,990)

-

At 30 April 2023

12,359

60,471

75,478

86,513

Depreciation

At 1 May 2022

2,718

44,983

45,638

86,513

Charge for the year

247

3,873

10,205

-

Eliminated on disposal

-

-

(10,979)

-

At 30 April 2023

2,965

48,856

44,864

86,513

Carrying amount

At 30 April 2023

9,394

11,615

30,614

-

At 30 April 2022

9,641

11,657

15,236

-

 

MICA Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Total
£

Cost or valuation

At 1 May 2022

216,386

Additions

37,425

Disposals

(18,990)

At 30 April 2023

234,821

Depreciation

At 1 May 2022

179,852

Charge for the year

14,325

Eliminated on disposal

(10,979)

At 30 April 2023

183,198

Carrying amount

At 30 April 2023

51,623

At 30 April 2022

36,534

Included within the net book value of land and buildings above is £9,394 (2022 - £9,641) in respect of freehold land and buildings.
 

 

MICA Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2022

325,721

325,721

Fair value adjustments

(12,716)

(12,716)

At 30 April 2023

313,005

313,005

Impairment

Carrying amount

At 30 April 2023

313,005

313,005

6

Debtors

Current

2023
£

2022
£

Trade debtors

767,637

1,122,860

Prepayments

154,747

630,402

Other debtors

29,647

29,132

 

952,031

1,782,394

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

675,590

1,052,157

Taxation and social security

714,102

601,875

Accruals and deferred income

539,503

605,907

Other creditors

18,000

-

1,947,195

2,259,939