11 30 August 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02642109 2023-01-01 2023-12-31 02642109 2023-12-31 02642109 2022-12-31 02642109 2022-01-01 2022-12-31 02642109 2022-12-31 02642109 2021-12-31 02642109 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 02642109 core:PlantMachinery 2023-01-01 2023-12-31 02642109 core:FurnitureFittings 2023-01-01 2023-12-31 02642109 bus:Director3 2023-01-01 2023-12-31 02642109 core:FurnitureFittings 2022-12-31 02642109 core:LandBuildings 2023-12-31 02642109 core:PlantMachinery 2023-12-31 02642109 core:FurnitureFittings 2023-12-31 02642109 core:LandBuildings 2023-01-01 2023-12-31 02642109 core:WithinOneYear 2023-12-31 02642109 core:WithinOneYear 2022-12-31 02642109 core:ShareCapital 2023-12-31 02642109 core:ShareCapital 2022-12-31 02642109 core:CapitalRedemptionReserve 2023-12-31 02642109 core:CapitalRedemptionReserve 2022-12-31 02642109 core:RetainedEarningsAccumulatedLosses 2023-12-31 02642109 core:RetainedEarningsAccumulatedLosses 2022-12-31 02642109 core:AfterOneYear 2023-12-31 02642109 core:AfterOneYear 2022-12-31 02642109 core:FurnitureFittings 2022-12-31 02642109 bus:SmallEntities 2023-01-01 2023-12-31 02642109 bus:Audited 2023-01-01 2023-12-31 02642109 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02642109 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02642109 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 02642109
Miric Engineering Limited
Filleted Financial Statements
31 December 2023
Miric Engineering Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
89,726
113
Current assets
Stocks
578,966
715,106
Debtors
6
310,378
348,712
Cash at bank and in hand
29,742
93,391
---------
------------
919,086
1,157,209
Creditors: amounts falling due within one year
7
372,551
303,498
---------
------------
Net current assets
546,535
853,711
---------
---------
Total assets less current liabilities
636,261
853,824
---------
---------
Net assets
636,261
853,824
---------
---------
Capital and reserves
Called up share capital
110
110
Capital redemption reserve
890
890
Profit and loss account
635,261
852,824
---------
---------
Shareholders funds
636,261
853,824
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr D M Carr
Director
Company registration number: 02642109
Miric Engineering Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 3 Coach House Yard, Hampstead High Street, London, NW3 1QF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
10% straight line
Plant & machinery
-
15% straight line
Fixtures & fittings
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 13 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
5,172
5,172
Additions
11,354
68,430
19,929
99,713
--------
--------
--------
---------
At 31 December 2023
11,354
68,430
25,101
104,885
--------
--------
--------
---------
Depreciation
At 1 January 2023
5,059
5,059
Charge for the year
846
7,698
1,556
10,100
--------
--------
--------
---------
At 31 December 2023
846
7,698
6,615
15,159
--------
--------
--------
---------
Carrying amount
At 31 December 2023
10,508
60,732
18,486
89,726
--------
--------
--------
---------
At 31 December 2022
113
113
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
219,313
251,755
Amounts owed by group undertakings and undertakings in which the company has a participating interest
44,948
Other debtors
91,065
52,009
---------
---------
310,378
348,712
---------
---------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
76,177
41,247
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
83,624
119,767
Amounts owed to group undertakings and undertakings in which the company has a participating interest
218,212
50,817
Social security and other taxes
30,215
38,414
Other creditors
40,500
94,500
---------
---------
372,551
303,498
---------
---------
JPMorgan Chase Bank, N.A. holds a fixed and floating charge over all the property or undertaking of the company and a negative pledge made by the company, dated 25 May 2023.
8. Summary audit opinion
The auditor's report dated 30 August 2024 was unqualified .
The senior statutory auditor was Peter Stewart FCA , for and on behalf of Gregory Priestley & Stewart .
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Companies subject to common control
543,134
410,806
82,201
86,895
Ultimate parent company
1,895
275
97
---------
---------
--------
--------
During the year the company traded with associated group companies and also the ultimate parent company. They are all subject to common control or influence from Brennan Industries Inc. All of the transactions were in the normal course of trade, but the ones disclosed above were at a preferential rate because of their group status.
10. Controlling party
The ultimate parent company is Brennan Industries Inc, registered office: 6701, Cochran Road, Solon, Ohio, 44139, United States.