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Registration number: SC312970

Mystrica Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Mystrica Ltd

Contents

Company Information

1

Statement of Directors' Responsibilities

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 8

 

Mystrica Ltd

Company Information

Directors

Dr Douglas MacDonald

Mrs Jane MacDonald

Registered office




Registration number

39 Charterhall Road
Edinburgh
Lothian
EH9 3HS

SC312970
 

Accountants

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

 

Mystrica Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mystrica Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mystrica Ltd for the year ended 31 December 2023 as set out on pages 4 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance

This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of Mystrica Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.

It is your duty to ensure that Mystrica Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mystrica Ltd. You consider that Mystrica Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mystrica Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

21 February 2024

 

Mystrica Ltd

(Registration number: SC312970)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

34,519

53,850

Tangible assets

6

9,763

13,483

 

44,282

67,333

Current assets

 

Stock

7

19,006

26,252

Debtors

8

19,992

17,456

Cash at bank and in hand

 

22,240

5,015

 

61,238

48,723

Creditors: Amounts falling due within one year

9

(8,708)

(8,489)

Net current assets

 

52,530

40,234

Net assets

 

96,812

107,567

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

96,810

107,565

Shareholders' funds

 

96,812

107,567

For the financial year ending 31 December 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.

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................
Dr Douglas MacDonald
Director

 

Mystrica Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
39 Charterhall Road
Edinburgh
Lothian
EH9 3HS
UK

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.

The Presentational currency is Sterling.

Going concern

The financial statements have been prepared on the going concern basis. The directors consider this appropriate as the company continues to meet its day to day commitments from working capital and existing financial arrangements as they fall due. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

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 value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises corporation tax. Tax is recognised in profit or loss, except that a charge 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.


Development costs
Development costs represent deferred expenditure on products considered technically, commercially and financially viable. The expenditure is deferred and amortised over five years, the period over which the company expects to benefit from the sale of the products. Development expenditure which does not satisfy these criteria and any research expenditure is written off to the profit and loss account in the year in which it is incurred.
 

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

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

 

Mystrica Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Furniture and Fittings

20% straight line


Impairment of assets
At each reporting date tangible and intangible fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
 

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 goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price, 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.

Stock

Stocks are stated at the lower of cost and net realisable value and comprise materials and components for colorimeters.

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.

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.

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

The company operates a defined contribution plan for its employees. 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 2 (2022 - 2).

 

Mystrica Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Taxation

2023
 £

2022
 £

Current taxation

UK corporation tax

-

-

Deferred taxation

Arising from origination and reversal of timing differences

-

-

Tax release/(charge) in the income statement

-

-

5

Intangible assets

Development costs
 £

Total
£

Cost or valuation

At 1 January 2023

140,752

140,752

At 31 December 2023

140,752

140,752

Amortisation

At 1 January 2023

86,902

86,902

Amortisation charge

19,331

19,331

At 31 December 2023

106,233

106,233

Carrying amount

At 31 December 2023

34,519

34,519

At 31 December 2022

53,850

53,850

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2023

21,843

21,843

At 31 December 2023

21,843

21,843

Depreciation

At 1 January 2023

8,360

8,360

Charge for the year

3,720

3,720

At 31 December 2023

12,080

12,080

Carrying amount

At 31 December 2023

9,763

9,763

At 31 December 2022

13,483

13,483

 

Mystrica Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Stock

2023
£

2022
£

Materials

19,006

26,252

8

Debtors

Current

2023
£

2022
£

Trade debtors

19,992

17,456

 

19,992

17,456

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

6,533

6,389

Accruals and deferred income

2,175

2,100

8,708

8,489