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Company No: 07464528 (England and Wales)

MIRO LOGISTICS LTD

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

MIRO LOGISTICS LTD

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

MIRO LOGISTICS LTD

COMPANY INFORMATION

For the financial year ended 31 October 2023
MIRO LOGISTICS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2023
DIRECTORS A Powell
R Powell
REGISTERED OFFICE Century House
1 The Lakes
Northampton
NN4 7HD
United Kingdom
COMPANY NUMBER 07464528 (England and Wales)
ACCOUNTANT MHA
Century House
The Lakes
Northampton
NN4 7HD
MIRO LOGISTICS LTD

BALANCE SHEET

As at 31 October 2023
MIRO LOGISTICS LTD

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 75,433 11,655
75,433 11,655
Current assets
Stocks 4 0 23,595
Debtors 5 1,259,429 812,133
Cash at bank and in hand 6 164,429 551,588
1,423,858 1,387,316
Creditors: amounts falling due within one year 7 ( 716,676) ( 857,643)
Net current assets 707,182 529,673
Total assets less current liabilities 782,615 541,328
Creditors: amounts falling due after more than one year 8 ( 60,492) ( 25,834)
Provision for liabilities 9, 10 ( 18,858) 0
Net assets 703,265 515,494
Capital and reserves
Called-up share capital 100 100
Profit and loss account 703,165 515,394
Total shareholder's funds 703,265 515,494

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Miro Logistics Ltd (registered number: 07464528) were approved and authorised for issue by the Board of Directors on 11 March 2024. They were signed on its behalf by:

R Powell
Director
MIRO LOGISTICS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
MIRO LOGISTICS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Miro Logistics Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, 1 The Lakes, Northampton, NN4 7HD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 4 years straight line
Office equipment 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Vehicles Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 November 2022 15,742 7,659 6,498 29,899
Additions 75,500 2,161 2,010 79,671
Disposals ( 15,742) 0 0 ( 15,742)
At 31 October 2023 75,500 9,820 8,508 93,828
Accumulated depreciation
At 01 November 2022 11,150 3,627 3,467 18,244
Charge for the financial year 10,161 1,642 1,794 13,597
Disposals ( 13,446) 0 0 ( 13,446)
At 31 October 2023 7,865 5,268 5,262 18,395
Net book value
At 31 October 2023 67,635 4,552 3,246 75,433
At 31 October 2022 4,592 4,032 3,031 11,655

4. Stocks

2023 2022
£ £
Stocks 0 23,595

5. Debtors

2023 2022
£ £
Trade debtors 599,678 664,363
Amounts owed by Group undertakings 553,320 0
Other debtors 106,431 147,770
1,259,429 812,133

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 164,429 551,588

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 568,536 614,369
Accruals 62,624 116,434
Taxation and social security 65,168 116,840
Obligations under finance leases and hire purchase contracts 9,801 0
Other creditors 547 0
716,676 857,643

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 15,834 25,834
Obligations under finance leases and hire purchase contracts 44,658 0
60,492 25,834

9. Provision for liabilities

2023 2022
£ £
Deferred tax 18,858 0

10. Deferred tax

2023 2022
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 18,858) 0
At the end of financial year ( 18,858) 0