Minlun (Machine) United Kingdom Ltd Filleted Accounts Cover |
Company No. 10118934 | |||||||||
Minlun (Machine) United Kingdom Ltd Directors Report Registrar |
The Directors present their report and the accounts for the year ended 30 April 2023. | |||||||||
Principal activities | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
Jian Hou | |||||||||
Min Chen | |||||||||
Signed on behalf of the board | |||||||||
Min Chen | |||||||||
Director | |||||||||
15 January 2024 |
Minlun (Machine) United Kingdom Ltd Balance Sheet Registrar |
at | ||||||||||
Company No. | Notes | 2023 | 2022 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Intangible assets | 4 | |||||||||
Current assets | ||||||||||
Debtors | 5 | |||||||||
Creditors: Amount falling due within one year | 6 | ( | ( | |||||||
Net current liabilities | ( | ( | ||||||||
Total assets less current liabilities | ( | ( | ||||||||
Net liabilities | ( | ( | ||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Profit and loss account | 9 | ( | ( | |||||||
Total equity | ( | ( | ||||||||
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account. | ||||||||||
Approved by the board on 15 January 2024 and signed on its behalf by: | ||||||||||
Min Chen | ||||||||||
Director | ||||||||||
15 January 2024 |
Minlun (Machine) United Kingdom Ltd Notes to the Accounts Registrar |
for the year ended 30 April 2023 | ||||||||||||||
1 | General information | |||||||||||||
Minlun (Machine) United Kingdom Ltd is a private company limited by shares and incorporated in England and Wales. | ||||||||||||||
Its registered number is: 10118934 | ||||||||||||||
Its registered office is: | ||||||||||||||
Going concern | ||||||||||||||
2 | Accounting policies | |||||||||||||
Research and development costs | ||||||||||||||
Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line. | ||||||||||||||
Taxation | ||||||||||||||
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. | ||||||||||||||
Trade and other debtors | ||||||||||||||
Trade and other creditors | ||||||||||||||
Financial instruments | ||||||||||||||
Financial assets | ||||||||||||||
Basic financial assets, including trade and other receivables and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when: | ||||||||||||||
(a) The contractual rights to the cash flows from the asset expire or are settled; | ||||||||||||||
(b) Substantially all the risks and rewards of the ownership of the asset are transferred to another party; or | ||||||||||||||
(c) Control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. | ||||||||||||||
Financial liabilities | ||||||||||||||
Basic financial liabilities, including trade and other payables, and loans from third parties are initially recognised and carried forward at transaction price. | ||||||||||||||
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. | ||||||||||||||
The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method. | ||||||||||||||
Provisions | ||||||||||||||
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. | ||||||||||||||
3 | Employees | |||||||||||||
2023 | 2022 | |||||||||||||
Number | Number | |||||||||||||
The average monthly number of employees (including directors) during the year was: | ||||||||||||||
4 | Intangible fixed assets | |||||||||||||
Develop-ment costs | Total | |||||||||||||
£ | £ | |||||||||||||
Cost | ||||||||||||||
At 1 May 2022 | ||||||||||||||
At 30 April 2023 | ||||||||||||||
Amortisation and impairment | ||||||||||||||
Net book values | ||||||||||||||
At 30 April 2023 | ||||||||||||||
At 30 April 2022 | ||||||||||||||
5 | Debtors | |||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
VAT recoverable | ||||||||||||||
Other debtors | ||||||||||||||
6 | Creditors: | |||||||||||||
amounts falling due within one year | ||||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Taxes and social security | ( | |||||||||||||
Loans from directors | ||||||||||||||
Other creditors | ||||||||||||||
Accruals and deferred income | ||||||||||||||
7 | Related party transactions | |||||||||||||
The director is also a director of Innovation Source Limited. | ||||||||||||||
During the year the company made a management charge of £nil (2022 £7,000) to this company. | ||||||||||||||
At 30 April 2023 the company was owed £7,000 by Min Lun (Machine) United Kingdom Limited (2022 £7,000). | ||||||||||||||
The balance is interest free, unsecured and repayable upon demand. | ||||||||||||||
8 | Share Capital | |||||||||||||
Share capital consists of 10,000 Ordinary Shares of £1 each, which are fully paid. | ||||||||||||||
9 | Reserves | |||||||||||||