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Registration number: 10894857

MIF Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

MIF Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

MIF Ltd

Company Information

Directors

Maariyah Zubeir Mahomed Ismail

Hamzah Yusuf Omarji

Registered office

3 - 7 Woodbridge Road
Unit 1
Leicester
LE4 7RH

Accountants

UK FD Ltd
Pilgrim House
10 Bishop Street
Town Hall Square
Leicester
LE1 6AF

 

MIF Ltd

(Registration number: 10894857)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

332,475

279,134

Other financial assets

5

488,320

488,320

 

820,795

767,454

Current assets

 

Stocks

6

200,000

100,000

Debtors

7

1,300,378

432,917

Investments

8

75,000

75,000

Cash at bank and in hand

 

299,637

195,975

 

1,875,015

803,892

Creditors: Amounts falling due within one year

9

(2,290,575)

(1,050,029)

Net current liabilities

 

(415,560)

(246,137)

Total assets less current liabilities

 

405,235

521,317

Creditors: Amounts falling due after more than one year

9

(18,694)

(30,741)

Net assets

 

386,541

490,576

Capital and reserves

 

Called up share capital

10

100

1

Retained earnings

386,441

490,575

Shareholders' funds

 

386,541

490,576

For the financial year ending 31 August 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.

 

MIF Ltd

(Registration number: 10894857)
Balance Sheet as at 31 August 2023 (continued)

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Hamzah Yusuf Omarji
Director

 

MIF Ltd

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

1

General information

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

The address of its registered office is:
3 - 7 Woodbridge Road
Unit 1
Leicester
LE4 7RH

These financial statements were authorised for issue by the Board on 30 August 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

MIF Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current 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.

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

Office equipment

Straight line at 33.33%

Plant and machinery

Straight line at 33.33%

Fixture and fittings

Straight line at 33.33%

Motor vehicles

Straight line at 33.33%

Land and buildings

Straight line at 3%

Improvement to properties

Reducing balance at 25%

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

MIF Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

MIF Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 172 (2022 - 165).

 

MIF Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

283,613

52,642

4,610

340,865

Additions

65,079

20,539

-

85,618

At 31 August 2023

348,692

73,181

4,610

426,483

Depreciation

At 1 September 2022

20,820

37,838

3,073

61,731

Charge for the year

16,593

14,147

1,537

32,277

At 31 August 2023

37,413

51,985

4,610

94,008

Carrying amount

At 31 August 2023

311,279

21,196

-

332,475

At 31 August 2022

262,793

14,804

1,537

279,134

Included within the net book value of land and buildings above is £311,279 (2022 - £262,793) in respect of freehold land and buildings.
 

 

MIF Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 September 2022

488,320

488,320

At 31 August 2023

488,320

488,320

Impairment

Carrying amount

At 31 August 2023

488,320

488,320

6

Stocks

2023
£

2022
£

Other inventories

200,000

100,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

1,047,419

402,540

Prepayments

1,217

5,517

Other debtors

251,742

24,860

 

1,300,378

432,917

8

Current asset investments

2023
£

2022
£

Other investments

75,000

75,000

 

MIF Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

9,580

8,693

Trade creditors

 

1,762,704

540,384

Taxation and social security

 

469,371

444,007

Accruals and deferred income

 

1,500

7,315

Other creditors

 

47,420

49,630

 

2,290,575

1,050,029

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

18,694

30,741

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Share Capital of £1 each

100

100

1

1

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

18,694

30,741

 

MIF Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

11

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Other borrowings

9,580

8,693

12

Related party transactions

 

MIF Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

12

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

81,596

32,000