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MIKA (UK) LIMITED




Company Registration Number:
06114999 (England and Wales)



Abbreviated (Unaudited) Accounts



Period of accounts


Start date: 01st March 2009

End date: 28th February 2010

SUBMITTED

MIKA (UK) LIMITED

Company Information
for the Period Ended
28th February 2010




Director: Mikhail Baghdasarov
Mikayel Belluyan
Gagik Chobanyan
Company secretary: Ragacho Limited
Registered office: Telling House, Primrose Avenue
Wolverhampton
West Midlands
WV10 8AW
Company Registration Number: 06114999 (England and Wales)

MIKA (UK) LIMITED

Abbreviated Balance sheet
As at 28th February 2010

Notes 2010
£
2009
£
Fixed assets
Tangible assets: 4 3,804,430 501,090
Total fixed assets: 3,804,430 501,090
Current assets
Debtors: 5 19,592 23,859
Cash at bank and in hand: 65 33
Total current assets: 19,657 23,892
Creditors
Creditors: amounts falling due within one year 6 446,696 12,891
Net current assets (liabilities): ( 427,039 ) 11,001
Total assets less current liabilities: 3,377,391 512,091
Creditors: amounts falling due after more than one year: 7 3,280,276 240,478
Total net assets (liabilities): 97,115 271,613

The notes form part of these financial statements

MIKA (UK) LIMITED

Abbreviated Balance sheet
As at 28th February 2010
continued

Notes 2010
£
2009
£
Capital and reserves
Called up share capital: 9 250,000 250,000
Profit and Loss account: ( 152,885 ) 21,613
Total shareholders funds: 97,115 271,613

For the year ending 28 February 2010 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

The financial statements were approved by the Board of Directors on 20 July 2010

SIGNED ON BEHALF OF THE BOARD BY:

Name: Mikayel Belluyan
Status: Director

The notes form part of these financial statements

MIKA (UK) LIMITED

Notes to the Abbreviated Accounts
for the Period Ended
28th February 2010

  • 1. Accounting policies

    Basis of measurement and preparation of accounts

    The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

    Turnover policy

    The turnover shown in the profit and loss account represents revenue earned during the period, exclusive of VAT.

    Tangible fixed assets depreciation policy

    Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Freehold property - 0% Aircraft - 15% reducing balance Motor vehicles -20% reducing balance Furniture, fixtures and office equipment - 25% straight line

    Intangible fixed assets amortisation policy

    Intangible fixed assets are amortised at rates calculated to write off the assets on a straight basis over their useful economic lives, not to exceed twenty years. Impairment of intangible assets is only reviewed where circumstance indicate that the carrying value of an asset may not be fully recoverable.

    Valuation information and policy

    Stocks and work-in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

    Other accounting policies

    Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. Research and Development Expenditure on research and development is written off in the year in which it is incurred.

  • 4. Tangible assets

    Total
    Cost £
    At 01st March 2009: 501,090
    Additions: 3,477,134
    At 28th February 2010: 3,978,224
    Depreciation
    Charge for year: 173,794
    At 28th February 2010: 173,794
    Net book value
    At 28th February 2010: 3,804,430
    At 28th February 2009: 501,090

    Depreciation is charged on additions on pro-rata basis from the month following the day of acquisition. Freehold property is not depreciated on the grounds of lack of wearing out.

  • 5. Debtors

    Other debtors represents current asset investment in subsidiaries.

  • 6. Creditors: amounts falling due within one year

    The bank overdraft is secured by a debenture over the assets of the company.

  • 7. Creditors: amounts falling due after more than one year

    The bank loan is secured by a first charge over the freehold property of the company. Other creditors represents the long term deferred income for the lease of aircraft.

  • 9. Called up share capital

    Allotted, called up and paid

    Previous period 2009
    Class Number of shares Nominal value per share Total
    Ordinary shares: 250,000 1 250,000
    Total share capital: 250,000
    Current period 2010
    Class Number of shares Nominal value per share Total
    Ordinary shares: 250,000 1 250,000
    Total share capital: 250,000
  • 11. Related party disclosures

    Name of the ultimate controlling party during the period: Mika Limited (Jersey)

    Mika Limited (Jersey) holds 72% of the issued share capital and is deemed the ultimate controlling party.