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COMPANY REGISTRATION NUMBER: 12901042
MI Associates Holdings Ltd
Filleted Unaudited Financial Statements
31 December 2023
MI Associates Holdings Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
432,133
430,656
Current assets
Debtors
6
422
Cash at bank and in hand
5,093
4,429
-------
-------
5,093
4,851
Creditors: amounts falling due within one year
7
133,665
129,250
---------
---------
Net current liabilities
128,572
124,399
---------
---------
Total assets less current liabilities
303,561
306,257
Creditors: amounts falling due after more than one year
8
308,129
308,067
---------
---------
Net liabilities
( 4,568)
( 1,810)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 4,570)
( 1,812)
-------
-------
Shareholders deficit
( 4,568)
( 1,810)
-------
-------
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.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MI Associates Holdings Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
Mr P Miah
Director
Company registration number: 12901042
MI Associates Holdings Ltd
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 and Wales. The address of the registered office is 2 Melbourne Close, St Albans, England, AL3 6LY.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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.
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:
Equipment
-
15% reducing balance
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: Nil).
5. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost
At 1 January 2023
430,656
430,656
Additions
62
1,665
1,727
---------
-------
---------
At 31 December 2023
430,718
1,665
432,383
---------
-------
---------
Depreciation
At 1 January 2023
Charge for the year
250
250
---------
-------
---------
At 31 December 2023
250
250
---------
-------
---------
Carrying amount
At 31 December 2023
430,718
1,415
432,133
---------
-------
---------
At 31 December 2022
430,656
430,656
---------
-------
---------
6. Debtors
2023
2022
£
£
Other debtors
422
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
600
Other creditors
133,665
128,650
---------
---------
133,665
129,250
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
308,129
308,067
---------
---------