Mimosa Curtains and Upholstery Ltd 13316066 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is manufacture of soft furnishings. Digita Accounts Production Advanced 6.30.9574.0 true true 13316066 2022-05-01 2023-04-30 13316066 2023-04-30 13316066 bus:OrdinaryShareClass1 2023-04-30 13316066 core:CurrentFinancialInstruments 2023-04-30 13316066 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 13316066 core:FurnitureFittingsToolsEquipment 2023-04-30 13316066 bus:SmallEntities 2022-05-01 2023-04-30 13316066 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 13316066 bus:FullAccounts 2022-05-01 2023-04-30 13316066 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 13316066 bus:RegisteredOffice 2022-05-01 2023-04-30 13316066 bus:Director1 2022-05-01 2023-04-30 13316066 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 13316066 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 13316066 core:FurnitureFittingsToolsEquipment 2022-05-01 2023-04-30 13316066 core:OfficeEquipment 2022-05-01 2023-04-30 13316066 countries:EnglandWales 2022-05-01 2023-04-30 13316066 2022-04-30 13316066 core:FurnitureFittingsToolsEquipment 2022-04-30 13316066 2021-04-06 2022-04-30 13316066 2022-04-30 13316066 bus:OrdinaryShareClass1 2022-04-30 13316066 core:CurrentFinancialInstruments 2022-04-30 13316066 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 13316066 core:FurnitureFittingsToolsEquipment 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13316066

Mimosa Curtains and Upholstery Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Mimosa Curtains and Upholstery Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Mimosa Curtains and Upholstery Ltd

(Registration number: 13316066)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,118

6,087

Current assets

 

Debtors

5

33,672

40,715

Cash at bank and in hand

 

32,885

22,230

 

66,557

62,945

Creditors: Amounts falling due within one year

6

(76,821)

(69,010)

Net current liabilities

 

(10,264)

(6,065)

Net (liabilities)/assets

 

(2,146)

22

Capital and reserves

 

Called up share capital

7

1

1

Profit and loss account

(2,147)

21

Shareholders' (deficit)/funds

 

(2,146)

22

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.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 March 2024
 

.........................................
S Hammond
Director

 

Mimosa Curtains and Upholstery Ltd

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 England and Wales.

The address of its registered office is:
White House
Burcot
Abingdon
Oxfordshire
OX14 3DQ
England

These financial statements were authorised for issue by the director on 28 March 2024.

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 financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Mimosa Curtains and Upholstery Ltd

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

The current corporation 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.

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

Office equipment

25 % 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Mimosa Curtains and Upholstery Ltd

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

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.

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 the director) during the year, was 7 (2022 - 8).

 

Mimosa Curtains and Upholstery Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

6,942

6,942

Additions

4,697

4,697

At 30 April 2023

11,639

11,639

Depreciation

At 1 May 2022

855

855

Charge for the year

2,666

2,666

At 30 April 2023

3,521

3,521

Carrying amount

At 30 April 2023

8,118

8,118

At 30 April 2022

6,087

6,087

5

Debtors

Current

2023
£

2022
£

Trade debtors

26,172

37,671

Prepayments

-

2,789

Other debtors

7,500

255

 

33,672

40,715

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

885

-

Trade creditors

 

6,019

21,326

Taxation and social security

 

25,787

12,930

Accruals and deferred income

 

15,665

2,688

Other creditors

 

28,465

32,066

 

76,821

69,010

 

Mimosa Curtains and Upholstery Ltd

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

885

-

9

Related party transactions

Included in other debtors is an amount of £Nil (2022 - £256) owed by the director. The loan is provide interest free and is unsecured. There are no formal terms and conditions regarding repayment of the loan.

Included within other creditors is an amount of £26,034 (2022 - £32,066) owed to connected companies in which the director has a beneficial interest. The loans are provided interest free and repayable on demand. There are no formal terms and conditions regarding the repayment of the loans.

Included within other creditors is an amount of £2,004 (2022 - £NIL) owed to the director. There are no formal terms and conditions regarding repayment of the loan.