2023-03-012024-02-292024-02-29false12456980MIMETRIK SOLUTIONS 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MIMETRIK SOLUTIONS LIMITED

Registered Number
12456980
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

MIMETRIK SOLUTIONS LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

KEELING, Andrew James
MAIRAJ, Arshad Khawar, Dr.
MORGAN, Alyn Denis
Naylor, Andrew

Registered Address

Nexus
Discovery Way
Leeds
LS2 3AA

Registered Number

12456980 (England and Wales)
MIMETRIK SOLUTIONS LIMITED
Statement of Financial Position
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets361,99920,964
61,99920,964
Current assets
Debtors438,14685,820
Cash at bank and on hand1,514,21768,240
1,552,363154,060
Creditors amounts falling due within one year5(123,503)(57,046)
Net current assets (liabilities)1,428,86097,014
Total assets less current liabilities1,490,859117,978
Net assets1,490,859117,978
Capital and reserves
Called up share capital2415
Share premium2,650,018649,995
Profit and loss account(1,159,183)(532,032)
Shareholders' funds1,490,859117,978
The financial statements were approved and authorised for issue by the Board of Directors on 3 October 2024, and are signed on its behalf by:
MORGAN, Alyn Denis
Director
Registered Company No. 12456980
MIMETRIK SOLUTIONS LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and reigstered in England and Wales. The company's registered number and registered office address can be found on the Company Information Page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
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/or 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.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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 the Income Statement
Current taxation
The company has trading losses of approximately £1,074,000 (2023 - £408,000) to carry forward and offset against future trading profits.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery5
Office Equipment5
Trade and other 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.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year97
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 March 232,89925,06427,963
Additions-58,28558,285
At 29 February 242,89983,34986,248
Depreciation and impairment
At 01 March 231,3535,6466,999
Charge for year58016,67017,250
At 29 February 241,93322,31624,249
Net book value
At 29 February 2496661,03361,999
At 28 February 231,54619,41820,964
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-75,000
Other debtors38,13710,811
Prepayments and accrued income99
Total38,14685,820
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables97,33933,627
Bank borrowings and overdrafts51-
Taxation and social security19,8397,173
Other creditors2,27410,143
Accrued liabilities and deferred income4,0006,103
Total123,50357,046
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.
6.Other commitments
At 29th February 2024, the company had future minimum lease payments under non-cancellable operating leases of £102,780 (2023 - £1,560)
7.Related party transactions
Included within administration expenses is Consultancy Fees of £Nil (2023 - £43,060) to A Keeling, in respect of services provided. Included within administration expenses is Consultancy Fees of £Nil (2023 - £28,060) to University of Leeds, a shareholder, in respect of services provided.