Mystical Distributing Company UK Limited SC334559 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the development and sale of fireworks. Digita Accounts Production Advanced 6.30.9574.0 true SC334559 2023-01-01 2023-12-31 SC334559 2023-12-31 SC334559 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC334559 core:ShareCapital 2023-12-31 SC334559 core:CurrentFinancialInstruments 2023-12-31 SC334559 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 SC334559 core:FurnitureFittingsToolsEquipment 2023-12-31 SC334559 core:MotorVehicles 2023-12-31 SC334559 bus:SmallEntities 2023-01-01 2023-12-31 SC334559 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC334559 bus:FilletedAccounts 2023-01-01 2023-12-31 SC334559 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC334559 bus:RegisteredOffice 2023-01-01 2023-12-31 SC334559 bus:Director2 2023-01-01 2023-12-31 SC334559 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC334559 core:ComputerEquipment 2023-01-01 2023-12-31 SC334559 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 SC334559 core:MotorVehicles 2023-01-01 2023-12-31 SC334559 countries:Scotland 2023-01-01 2023-12-31 SC334559 2022-12-31 SC334559 core:FurnitureFittingsToolsEquipment 2022-12-31 SC334559 core:MotorVehicles 2022-12-31 SC334559 2022-01-01 2022-12-31 SC334559 2022-12-31 SC334559 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC334559 core:ShareCapital 2022-12-31 SC334559 core:CurrentFinancialInstruments 2022-12-31 SC334559 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 SC334559 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-12-31 SC334559 core:FurnitureFittingsToolsEquipment 2022-12-31 SC334559 core:MotorVehicles 2022-12-31 SC334559 core:PreviouslyStatedAmount 2022-12-31 iso4217:GBP xbrli:pure

Registration number: SC334559

Mystical Distributing Company UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Mystical Distributing Company UK Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Mystical Distributing Company UK Limited

(Registration number: SC334559)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,815

6,999

Current assets

 

Stocks

5

7,800

18,000

Debtors

6

13,048

18,913

Cash at bank and in hand

 

25,691

22,332

 

46,539

59,245

Creditors: Amounts falling due within one year

7

(9,566)

(8,627)

Net current assets

 

36,973

50,618

Total assets less current liabilities

 

40,788

57,617

Provisions for liabilities

(725)

(1,330)

Net assets

 

40,063

56,287

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

39,063

55,287

Shareholders' funds

 

40,063

56,287

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 August 2024 and signed on its behalf by:
 

.........................................
M Knox
Director

 

Mystical Distributing Company UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
14-15 Main Street
Longniddry
East Lothian
EH32 0NF

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Mystical Distributing Company UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance

Computer equipment

33 1/3% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Mystical Distributing Company UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

27,672

20,350

48,022

At 31 December 2023

27,672

20,350

48,022

Depreciation

At 1 January 2023

25,258

15,765

41,023

Charge for the year

2,267

917

3,184

At 31 December 2023

27,525

16,682

44,207

Carrying amount

At 31 December 2023

147

3,668

3,815

At 31 December 2022

2,414

4,585

6,999

5

Stocks

2023
£

2022
£

Other inventories

7,800

18,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

12,128

16,897

Other debtors

920

2,016

 

13,048

18,913

 

Mystical Distributing Company UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

400

927

Directors loan

5,098

3,403

Taxation and social security

 

1,845

-

Other creditors

 

2,223

4,297

 

9,566

8,627