Company registration number 10347247 (England and Wales)
MYDEK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MYDEK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MYDEK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
25,690
9,665
Current assets
Stocks
1,006,933
2,083,025
Debtors
5
1,438,318
888,220
Cash at bank and in hand
809,262
511,060
3,254,513
3,482,305
Creditors: amounts falling due within one year
6
(1,346,231)
(2,221,467)
Net current assets
1,908,282
1,260,838
Total assets less current liabilities
1,933,972
1,270,503
Provisions for liabilities
(6,422)
(1,836)
Net assets
1,927,550
1,268,667
Capital and reserves
Called up share capital
950,100
950,100
Profit and loss reserves
977,450
318,567
Total equity
1,927,550
1,268,667

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

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

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 T J Parsons
Director
Company registration number 10347247 (England and Wales)
MYDEK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Mydek Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Arkwright Road, Reading, Berkshire, England, RG2 0LU.

1.1
Accounting convention

These financial statements have been prepared in accordance with the provisions of Section 1A"Small Entities of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and with the Companies Act 2006.

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.

 

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and

disclosures;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operationaltrue existence for the foreseeable future.

 

The company therefore continues to adopt the going concern basis in preparing its financial statements.

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable , excluding discounts, rebates, value added tax and other sales taxes.

 

Turnover is recognised on the provision of goods when delivery has occurred or goods vested, which is the point management consider the significant risks and rewards of ownership has transferred to the customer, and the amount of turnover can be measured reliably and it is probable the consideration due will be received.

1.4
Research and development expenditure

Expenditure on research and development is written off in the year in which it is incurred.

1.5
Finance costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument
1.6
Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Office Equipment
4 years straight line
MYDEK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Stock and work in progress

Stock and work in progress is stated at the lower of the cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

 

At each balance sheet date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

1.8
Cash and cash equivalents

Cash represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than twenty four hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.9
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors, trade creditors and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or incase of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

 

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

MYDEK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

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.

1.11
Pension costs and other post-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.

1.12
Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

1.13

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.14

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had a significant effect on amounts recognised in the financial statements:

 

Stock

Stock is stated at the lower of the cost and net realisable value. At each balance sheet date, stock is assessed for impairment by management and if impaired is reduced to its selling price less costs to sell.

 

 

MYDEK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Employees

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

2023
2022
Number
Number
Total
12
13
4
Tangible fixed assets
Computers
£
Cost
At 1 January 2023
22,883
Additions
24,458
Disposals
(5,424)
At 31 December 2023
41,917
Depreciation and impairment
At 1 January 2023
13,218
Depreciation charged in the year
6,067
Eliminated in respect of disposals
(3,058)
At 31 December 2023
16,227
Carrying amount
At 31 December 2023
25,690
At 31 December 2022
9,665
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,020,951
838,061
Other debtors
-
0
14,229
Prepayments and accrued income
312,494
35,930
1,333,445
888,220
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax
104,873
-
0
Total debtors
1,438,318
888,220
MYDEK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
327,167
282,250
Amounts owed to group undertakings
11,120
1,529,351
Corporation tax
62,649
102,482
Other taxation and social security
156,176
74,583
Other creditors
93,748
127,208
Accruals and deferred income
695,371
105,593
1,346,231
2,221,467
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Neil Jones
Statutory Auditor:
Henton & Co LLP
Date of audit report:
23 September 2024
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases totalling £95,314.

9
Parent company

ATW Holdings Limited, registered office 11 Arkwright Road, Reading, Berkshire RG2 0LU, is the ultimate parent company. The parent undertaking of the smallest and largest group in which the results of the Company are consolidated is ATW Holdings Limited. The consolidated financial statements for ATW Holdings Limited may be obtained from Companies House.

 

The directors do not consider there to be an ultimate controlling party.

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