Registered number
10104237
Muuto Consulting Limited
Filleted Accounts
31 March 2024
Muuto Consulting Limited
Registered number: 10104237
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 86,230 -
Tangible assets 4 1,636 3,351
Investments 5 - 1,600
87,866 4,951
Current assets
Debtors 6 3,597,307 3,678,056
Cash at bank and in hand 2,967,176 2,602,035
6,564,483 6,280,091
Creditors: amounts falling due within one year 7 (1,407,593) (2,314,139)
Net current assets 5,156,890 3,965,952
Net assets 5,244,756 3,970,903
Capital and reserves
Called up share capital 103 101
Share options reserve 8 18,598 11,714
Profit and loss account 5,226,055 3,959,088
Shareholders' funds 5,244,756 3,970,903
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C P Tomlinson
Director
Approved by the board on 27 August 2024
Muuto Consulting Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 29 25
3 Intangible fixed assets £
Software development:
Cost
Additions 86,230
At 31 March 2024 86,230
Amortisation
At 31 March 2024 -
Net book value
At 31 March 2024 86,230
Software development will be written off in equal annual instalments over its estimated economic life. As the software development is incomplete, the company has not bought the asset into use and therefore no amortisation is reflected in the period.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 12,902
At 31 March 2024 12,902
Depreciation
At 1 April 2023 9,551
Charge for the year 1,715
At 31 March 2024 11,266
Net book value
At 31 March 2024 1,636
At 31 March 2023 3,351
5 Investments
Other
investments
£
Cost
At 1 April 2023 1,600
Disposals (1,600)
At 31 March 2024 -
6 Debtors 2024 2023
£ £
Trade debtors 1,740,515 3,202,708
Deferred tax asset 21,149 1,589
Directors' loan account 1,357,756 343,954
Other debtors 477,887 129,805
3,597,307 3,678,056
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 199,001 488,520
Taxation and social security costs 844,871 585,400
Other creditors 363,721 1,240,219
1,407,593 2,314,139
8 Share options reserve 2024 2023
£ £
At 1 April 2023 11,714 -
Fair value of share options in period 21,630 11,714
Deferred tax on share options reserve (6,199) -
Share options exercised transferred to profit and loss reserve (8,547) -
At 31 March 2024 18,598 11,714
An employees' Enterprise Management Incentive (EMI) Scheme has been set up giving employees the option to purchase C Class shares in Muuto Consulting Limited. During the year, options have been issued to 24 employees of the company for 61,197 Class C shares at an exercise price of £0.0001 per share. At 31 March 2024, a total of 259,831 options had been issued, of which 22,307 had been exercised and 74,970 have lapsed. (2023: 123,664 issued, nil exercised, nil lapsed). The fair value of the options has been calculated based on the AMV at the grant date multiplied by the number of options currently vested apportioned over the anticipated period until the options are exercised.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr C P Tomlinson
Loan to director 343,954 1,013,802 - 1,357,756
343,954 1,013,802 - 1,357,756
The loan to Mr C Tomlinson is repayable on demand. Interest has been charged at 2.25% on this loan (2023: 2%).
10 Controlling party
By virtue of his shareholding Mr C P Tomlinson controls the company.
11 Other information
Muuto Consulting Limited is a private company limited by shares and incorporated in England. Its registered office is:
124 City Road
London
EC1V 2NX
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