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Company registration number: 11426080
Mamushi London Limited
Unaudited filleted financial statements
30 June 2023
Mamushi London Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Mamushi London Limited
Directors and other information
Directors Mr Wai Keung Lam
Mrs Lisa Lai Sheung Lam
Company number 11426080
Registered office 5 Underwood Street
London
N1 7LY
Mamushi London Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 29,553 42,811
_______ _______
29,553 42,811
Current assets
Debtors 6 35,444 27,402
Cash at bank and in hand 31,108 26,987
_______ _______
66,552 54,389
Creditors: amounts falling due
within one year 7 ( 36,807) ( 29,984)
_______ _______
Net current assets 29,745 24,405
_______ _______
Total assets less current liabilities 59,298 67,216
_______ _______
Net assets 59,298 67,216
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 59,296 67,214
_______ _______
Shareholders funds 59,298 67,216
_______ _______
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 March 2024 , and are signed on behalf of the board by:
Mr Wai Keung Lam
Director
Company registration number: 11426080
Mamushi London Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Underwood Street, London, N1 7LY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 July 2022 55,201 55,201
Additions 499 499
_______ _______
At 30 June 2023 55,700 55,700
_______ _______
Depreciation
At 1 July 2022 12,390 12,390
Charge for the year 13,757 13,757
_______ _______
At 30 June 2023 26,147 26,147
_______ _______
Carrying amount
At 30 June 2023 29,553 29,553
_______ _______
At 30 June 2022 42,811 42,811
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors - 4,820
Other debtors 35,444 22,582
_______ _______
35,444 27,402
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 846 4,068
Corporation tax 4,109 3,478
Other creditors 31,852 22,438
_______ _______
36,807 29,984
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Wai Keung Lam ( 19,320) ( 6,933) ( 26,253)
Mrs Lisa Lai Sheung Lam ( 2,000) - ( 2,000)
_______ _______ _______
( 21,320) ( 6,933) ( 28,253)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Wai Keung Lam ( 10,500) ( 8,820) ( 19,320)
Mrs Lisa Lai Sheung Lam ( 11,220) 9,220 ( 2,000)
_______ _______ _______
( 21,720) 400 ( 21,320)
_______ _______ _______