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Logo On Report
Registered Number: 06900918
England and Wales

 

 

 

MIGHTY POUND UK LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
Report to the directors on the preparation of the unaudited statutory accounts of Mighty Pound UK Limited for the year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mighty Pound UK Limited for the year ended 30 November 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given to us.

As a practising member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/acting-in-the-public-interest/memberregulations.

This report is made solely to the Board of Directors of Mighty Pound UK Limited, as a body, in accordance with the terms of our engagement letter dated 01 August 2024 . Our work has been undertaken solely to prepare for your approval the accounts of Mighty Pound UK Limited and state those matters that we have agreed to state to the Board of Directors of Mighty Pound UK Limited, as a body, in this report.To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mighty Pound UK Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mighty Pound UK Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Mighty Pound UK Limited.You consider that Mighty Pound UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the accounts of Mighty Pound UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements 30 November 2023.



....................................................
T & K Accounting Group
69 Banstead Road
Carshalton
SM5 3NP
01 August 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 97    389 
97    389 
Current assets      
Stocks 412,500    350,000 
Debtors: amounts falling due within one year 288,284    298,707 
Cash at bank and in hand (10,800)   44,573 
689,984    693,280 
Creditors: amount falling due within one year (338,190)   (366,702)
Net current assets 351,794    326,578 
 
Total assets less current liabilities 351,891    326,967 
Creditors: amount falling due after more than one year (28,334)   (38,333)
Provisions for liabilities (1,169)   (840)
Net assets 322,388    287,794 
 

Capital and reserves
     
Called up share capital 4 2    2 
Profit and loss account 322,386    287,792 
Shareholders' funds 322,388    287,794 
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 01 August 2024 and were signed by:


-------------------------------
Mr Olayinka Solomon
Director
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General Information
Mighty Pound UK Limited is a private company, limited by shares, registered in England and Wales, registration number 06900918, registration address 117-125 Rye Lane, Peckham, London, SE15 4NF .

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machiner 4
Stocks
Stocks 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 costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the year was 34 (2022 : 25).
3.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 December 2022 1,166    1,166 
Additions  
Disposals  
At 30 November 2023 1,166    1,166 
Depreciation
At 01 December 2022 777    777 
Charge for year 292    292 
On disposals  
At 30 November 2023 1,069    1,069 
Net book values
Closing balance as at 30 November 2023 97    97 
Opening balance as at 01 December 2022 389    389 


4.

Share Capital

Authorised
2 Class A shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
2 Class A shares of £1.00 each  
 

5.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Solomon Residentials Limited16,043 (47,842)191,691 175,648 

Included within Amount Owed by Participating Interests due from Solomon Residentials Limited, a company controlled by the same key personal.
3