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REGISTERED NUMBER: 07705122 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

MUTUAL GAIN LTD

MUTUAL GAIN LTD (REGISTERED NUMBER: 07705122)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MUTUAL GAIN LTD

COMPANY INFORMATION
for the Year Ended 30 JUNE 2023







DIRECTOR: Ms S E Ritchie





REGISTERED OFFICE: 260 - 270
Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL





BUSINESS ADDRESS: 5 Bicknacre Road
East Hanningfield
Essex
CM3 8AN





REGISTERED NUMBER: 07705122 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

MUTUAL GAIN LTD (REGISTERED NUMBER: 07705122)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,354 1,805

CURRENT ASSETS
Debtors 6 108,352 158,026
Cash at bank 6,562 169,488
114,914 327,514
CREDITORS
Amounts falling due within one year 7 66,700 260,688
NET CURRENT ASSETS 48,214 66,826
TOTAL ASSETS LESS CURRENT
LIABILITIES

49,568

68,631

CREDITORS
Amounts falling due after more than one
year

8

30,668

43,795
NET ASSETS 18,900 24,836

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 18,800 24,736
SHAREHOLDERS' FUNDS 18,900 24,836

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MUTUAL GAIN LTD (REGISTERED NUMBER: 07705122)

BALANCE SHEET - continued
30 JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 February 2024 and were signed by:





Ms S E Ritchie - Director


MUTUAL GAIN LTD (REGISTERED NUMBER: 07705122)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 JUNE 2023

1. STATUTORY INFORMATION

Mutual Gain Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grant income received in the form of coronavirus job retention scheme payments and government funded loan interest and fees are recognised on the profit or loss under other income.

MUTUAL GAIN LTD (REGISTERED NUMBER: 07705122)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2023

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 4 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 July 2022
and 30 June 2023 8,223
DEPRECIATION
At 1 July 2022 6,418
Charge for year 451
At 30 June 2023 6,869
NET BOOK VALUE
At 30 June 2023 1,354
At 30 June 2022 1,805

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 41,035 92,426
Director's current account 46,523 62,021
Tax 20,794 3,579
108,352 158,026

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 13,127 13,127
Trade creditors 4,202 10,891
Corporation tax 21,986 20,021
Taxation and social security 17 1,581
VAT 22,916 10,463
Other creditors 1,047 4,252
Accruals and deferred income 3,405 200,353
66,700 260,688

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 30,668 43,795

MUTUAL GAIN LTD (REGISTERED NUMBER: 07705122)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 43,795 56,922

The coronavirus business interruption loan is secured by the UK Government.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
Ms S E Ritchie
Balance outstanding at start of year 62,021 31,011
Amounts advanced 76,312 95,922
Amounts repaid (91,810 ) (64,912 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 46,523 62,021

Interest is being charged on the directors loan at 2.25%. There is no fixed date for repayment.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms S E Ritchie.