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REGISTERED NUMBER: 12114027 (England and Wales)















MIT FISCAL LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023






MIT FISCAL LTD (REGISTERED NUMBER: 12114027)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


MIT FISCAL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTOR: M Werner





REGISTERED OFFICE: Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR





REGISTERED NUMBER: 12114027 (England and Wales)





ACCOUNTANTS: Rothmans LLP
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MIT FISCAL LTD


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MIT Fiscal Ltd for the year ended 31 July 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of MIT Fiscal Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MIT Fiscal Ltd and state those matters that we have agreed to state to the director of MIT Fiscal Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MIT Fiscal Ltd and its director for our work or for this report.

It is your duty to ensure that MIT Fiscal Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MIT Fiscal Ltd. You consider that MIT Fiscal 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 financial statements of MIT Fiscal 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 financial statements.






Rothmans LLP
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR


11 March 2024

MIT FISCAL LTD (REGISTERED NUMBER: 12114027)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 4,158 7,844

CURRENT ASSETS
Debtors 5 30,050 27,346
Cash at bank and in hand 69,422 97,806
99,472 125,152
CREDITORS
Amounts falling due within one year 6 25,000 41,754
NET CURRENT ASSETS 74,472 83,398
TOTAL ASSETS LESS CURRENT
LIABILITIES

78,630

91,242

PROVISIONS FOR LIABILITIES 8 790 1,490
NET ASSETS 77,840 89,752

CAPITAL AND RESERVES
Called up share capital 60,050 60,050
Retained earnings 17,790 29,702
77,840 89,752

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 11 March 2024 and were signed by:



M Werner - Director


MIT FISCAL LTD (REGISTERED NUMBER: 12114027)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

MIT Fiscal Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 12114027 and the registered office address is Fryern House, 125 Winchester Road, Chandlers Ford, Hampshire, SO53 2DR.

2. ACCOUNTING POLICIES

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

The presentation currency is £ sterling.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimations means that actual outcomes could differ from those estimates.

The directors do not consider there to be any significant judgements or estimates.

Turnover
Turnover represents fees and commissions received for services and advice provided in the normal course of business, net of discounts and VAT.

Tangible assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

All fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is calculated so as to write off the cost of an asset, less its estimate residual value, over the useful economic life of that asset as follows:

Office Equipment20% Straight line
Computer Equipment33% Straight line

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the income statement.


MIT FISCAL LTD (REGISTERED NUMBER: 12114027)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued
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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the by the balance sheet date.

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.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Office Computer
Equipment equipment Totals
£ £ £
COST
At 1 August 2022 10,918 16,921 27,839
Additions - 1,042 1,042
Disposals (461 ) (2,709 ) (3,170 )
At 31 July 2023 10,457 15,254 25,711
DEPRECIATION
At 1 August 2022 6,008 13,987 19,995
Charge for year 2,091 1,633 3,724
Eliminated on disposal (100 ) (2,066 ) (2,166 )
At 31 July 2023 7,999 13,554 21,553
NET BOOK VALUE
At 31 July 2023 2,458 1,700 4,158
At 31 July 2022 4,910 2,934 7,844

MIT FISCAL LTD (REGISTERED NUMBER: 12114027)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other debtors 5,740 4,900
Prepayments and accrued income 24,310 22,446
30,050 27,346

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 3,229 2,979
Social security and other taxes 16,168 33,513
Accruals and deferred income 5,603 5,262
25,000 41,754

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 16,000 16,000
Between one and five years 16,000 32,000
32,000 48,000

8. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 790 1,490

Deferred tax
£
Balance at 1 August 2022 1,490
Utilised during year (700 )
Balance at 31 July 2023 790