Company registration number 04305580 (England and Wales)
MIKO ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MIKO ENGINEERING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MIKO ENGINEERING LIMITED
BALANCE SHEET
AS AT 30 DECEMBER 2023
30 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,791
10,769
Tangible assets
4
63,866
43,815
70,657
54,584
Current assets
Stocks
-
40,700
Debtors
5
469,194
420,345
Cash at bank and in hand
187,050
159,504
656,244
620,549
Creditors: amounts falling due within one year
6
(425,831)
(398,683)
Net current assets
230,413
221,866
Total assets less current liabilities
301,070
276,450
Creditors: amounts falling due after more than one year
7
(13,550)
(21,560)
Provisions for liabilities
(15,967)
(7,993)
Net assets
271,553
246,897
Capital and reserves
Called up share capital
400
400
Profit and loss reserves
271,153
246,497
Total equity
271,553
246,897

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MIKO ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 DECEMBER 2023
30 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr K Mongan
Director
Company registration number 04305580 (England and Wales)
MIKO ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Miko Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is 46 Cuthbert Court, Bede Industrial Estate, Jarrow, Newcastle upon Tyne, Tyne and Wear, England, NE32 3HG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Office equipment
25% straight line
Motor vehicles
25% on reducing balance
MIKO ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

 

Costs include all direct expenditure and an appropriate proportion of fixed and variable overheads.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.7
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
15
14
MIKO ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 31 December 2022 and 30 December 2023
19,887
Amortisation and impairment
At 31 December 2022
9,118
Amortisation charged for the year
3,978
At 30 December 2023
13,096
Carrying amount
At 30 December 2023
6,791
At 30 December 2022
10,769
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 31 December 2022
83,387
7,615
8,276
41,976
141,254
Additions
6,132
-
0
2,800
27,895
36,827
Disposals
-
0
-
0
-
0
(5,000)
(5,000)
At 30 December 2023
89,519
7,615
11,076
64,871
173,081
Depreciation and impairment
At 31 December 2022
54,336
4,634
6,045
32,424
97,439
Depreciation charged in the year
4,805
447
1,606
8,528
15,386
Eliminated in respect of disposals
-
0
-
0
-
0
(3,610)
(3,610)
At 30 December 2023
59,141
5,081
7,651
37,342
109,215
Carrying amount
At 30 December 2023
30,378
2,534
3,425
27,529
63,866
At 30 December 2022
29,051
2,981
2,231
9,552
43,815
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
436,846
393,417
Other debtors
16,587
12,158
Prepayments and accrued income
15,761
14,770
469,194
420,345
MIKO ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,617
10,923
Obligations under finance leases
-
0
1,002
Trade creditors
167,139
134,287
Corporation tax
68,346
78,306
Other taxation and social security
3,723
1,232
Other creditors
153,654
152,386
Accruals and deferred income
22,352
20,547
425,831
398,683
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
13,550
21,560
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