Registered number
10070719
Mia Direct Limited
Filleted Accounts
31 July 2023
Mia Direct Limited
Registered number: 10070719
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 171,940 257,557
Current assets
Stocks 96,848 91,042
Debtors 4 787,132 683,706
Cash at bank and in hand 17,114 69,035
901,094 843,783
Creditors: amounts falling due within one year 5 (638,094) (451,737)
Net current assets 263,000 392,046
Total assets less current liabilities 434,940 649,603
Creditors: amounts falling due after more than one year 6 (129,018) (281,247)
Provisions for liabilities (36,110) (20,375)
Net assets 269,812 347,981
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 - 86,255
Profit and loss account 269,712 261,626
Shareholders' funds 269,812 347,981
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Majevadia
Director
Approved by the board on 16 April 2024 and signed on its behalf
Mia Direct Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% straight line
Motor vehicles 25% straight line
Fixtures and fittings 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 32 46
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 295,616 247,757 543,373
Additions 5,552 - 5,552
Disposals (169,850) (55,055) (224,905)
At 31 July 2023 131,318 192,702 324,020
Depreciation
At 1 August 2022 182,808 103,008 285,816
Charge for the year 20,856 48,175 69,031
On disposals (155,587) (47,180) (202,767)
At 31 July 2023 48,077 104,003 152,080
Net book value
At 31 July 2023 83,241 88,699 171,940
At 31 July 2022 112,808 144,749 257,557
4 Debtors 2023 2022
£ £
Trade debtors 337,993 293,838
Amounts owed by group undertakings and undertakings in which the company has a participating interest 367,325 365,789
Other debtors 81,814 24,079
787,132 683,706
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 50,000 50,000
Obligations under finance lease and hire purchase contracts 39,728 45,133
Trade creditors 284,211 196,047
Amounts owed to group undertakings and undertakings in which the company has a participating interest 9,474 -
Taxation and social security costs 193,003 64,409
Other creditors 61,678 96,148
638,094 451,737
Of the creditors falling due within and after more than one year, the net obligations under finance leases and hire purchase contracts totalling £85,414 (2022 - £130,547) are secured on the assets concerned.
The company's bankers hold a fixed and floating charge over the assets of the company in respect of any loans and other facilities.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 83,333 133,333
Obligations under finance lease and hire purchase contracts 45,685 85,414
Other creditors - 62,500
129,018 281,247
7 Revaluation reserve 2023 2022
£ £
At 1 August 2022 86,255 86,255
Transfer to profit and loss reserve (86,255) -
At 31 July 2023 - 86,255
8 Pension commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in independently managed funds. At the balance sheet date contributions of £3,018 (2022 - £4,550) were due to the fund.
9 Controlling party
The company is controlled by KM Group Enterprise Limited by virtue of its ownership of the majority of the issued shares. This company is domiciled in England, and its principal place of business is at Unit 12, Boston Industrial Estate, Power Station Road, Rugeley WS15 2HS.
10 Other information
Mia Direct Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 12 Boston Industrial Estate
Power Station Road
Rugeley
WS15 2HS
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