Registered number
05268729
Micas Simulations Ltd
Unaudited Filleted Accounts
31 December 2023
Micas Simulations Ltd
Registered number: 05268729
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 14,283 7,257
Current assets
Debtors 4 120,698 139,787
Cash at bank and in hand 638,048 555,486
758,746 695,273
Creditors: amounts falling due within one year 5 (327,776) (393,338)
Net current assets 430,970 301,935
Net assets 445,253 309,192
Capital and reserves
Called up share capital 2 2
Profit and loss account 445,251 309,190
Shareholders' funds 445,253 309,192
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.
Dr. Nikolay Biba
Director
Approved by the board on 1 October 2024
Micas Simulations Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
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 the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets
Tangible fixed assets are measured at cost less cumulative depreciation and any cumulative 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 33% reducing balance
Motor vehicles 33% reducing balance
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 20,388 47,558 67,946
Additions 11,372 - 11,372
At 31 December 2023 31,760 47,558 79,318
Depreciation
At 1 January 2023 14,894 45,795 60,689
Charge for the year 3,464 882 4,346
At 31 December 2023 18,358 46,677 65,035
Net book value
At 31 December 2023 13,402 881 14,283
At 31 December 2022 5,494 1,763 7,257
4 Debtors 2023 2022
£ £
Trade debtors 99,686 132,352
Other debtors 21,012 7,435
120,698 139,787
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 314,961 350,546
Corporation tax (21) 32,118
Other taxes and social security costs 4,518 3,706
Other creditors 8,318 6,968
327,776 393,338
6 Other information
Micas Simulations Ltd is a private company limited by shares and incorporated in England. Its registered office is:
107 Oxford Road (Temple Court)
Cowley
Oxford
Oxfordshire
OX4 2ER
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