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COMPANY REGISTRATION NUMBER: 07824259
MINT WAREHOUSE LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
24 October 2023
MINT WAREHOUSE LTD
FINANCIAL STATEMENTS
PERIOD FROM 26 OCTOBER 2022 TO 24 OCTOBER 2023
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
MINT WAREHOUSE LTD
STATEMENT OF FINANCIAL POSITION
24 October 2023
24 Oct 23
25 Oct 22
Note
£
£
£
£
FIXED ASSETS
Tangible assets
7
45,837
46,977
CURRENT ASSETS
Debtors
8
578,062
498,546
Cash at bank and in hand
33,273
98,437
---------
---------
611,335
596,983
CREDITORS: amounts falling due within one year
9
( 528,265)
( 517,876)
---------
---------
NET CURRENT ASSETS
83,070
79,107
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
128,907
126,084
CREDITORS: amounts falling due after more than one year
10
( 18,512)
( 25,833)
PROVISIONS
Taxation including deferred tax
( 8,709)
( 8,926)
---------
---------
NET ASSETS
101,686
91,325
---------
---------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
101,685
91,324
---------
--------
SHAREHOLDER FUNDS
101,686
91,325
---------
--------
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 period ending 24 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MINT WAREHOUSE LTD
STATEMENT OF FINANCIAL POSITION (continued)
24 October 2023
These financial statements were approved by the board of directors and authorised for issue on 14 October 2024 , and are signed on behalf of the board by:
S P Graham
Director
Company registration number: 07824259
MINT WAREHOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 26 OCTOBER 2022 TO 24 OCTOBER 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 51 Selby Road, Leeds, LS9 0EW.
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 . The financial statements are prepared in sterling, which is the functional currency of the entity.
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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of services provided, exclusive of Value Added Tax.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Lease
-
Over 11 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Office equipment
-
25% reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 15 (2022: 20 ).
5. TAX ON PROFIT
Major components of tax expense
Period from
Period from
26 Oct 22 to
28 Oct 21 to
24 Oct 23
25 Oct 22
£
£
Current tax:
UK current tax expense
3,617
2,241
Deferred tax:
Origination and reversal of timing differences
( 217)
2,133
-------
-------
Tax on profit
3,400
4,374
-------
-------
6. INTANGIBLE ASSETS
Lease
£
Cost
At 26 October 2022 and 24 October 2023
25,000
--------
Amortisation
At 26 October 2022 and 24 October 2023
25,000
--------
Carrying amount
At 24 October 2023
--------
At 25 October 2022
--------
7. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 26 October 2022
56,849
45,146
1,442
103,437
Additions
3,565
3,525
7,090
--------
--------
-------
---------
At 24 October 2023
60,414
48,671
1,442
110,527
--------
--------
-------
---------
Depreciation
At 26 October 2022
38,045
18,170
245
56,460
Charge for the period
3,355
4,575
300
8,230
--------
--------
-------
---------
At 24 October 2023
41,400
22,745
545
64,690
--------
--------
-------
---------
Carrying amount
At 24 October 2023
19,014
25,926
897
45,837
--------
--------
-------
---------
At 25 October 2022
18,804
26,976
1,197
46,977
--------
--------
-------
---------
8. DEBTORS
24 Oct 23
25 Oct 22
£
£
Trade debtors
267,452
255,437
Other debtors
310,610
243,109
---------
---------
578,062
498,546
---------
---------
9. CREDITORS: amounts falling due within one year
24 Oct 23
25 Oct 22
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
250,353
273,500
Amounts owed to group undertakings and undertakings in which the company has a participating interest
189,944
146,557
Corporation tax
8,205
4,588
Social security and other taxes
11,192
16,261
Other creditors
15,080
15,080
Other loans
34,500
34,500
Other creditors
8,991
17,390
---------
---------
528,265
517,876
---------
---------
10. CREDITORS: amounts falling due after more than one year
24 Oct 23
25 Oct 22
£
£
Bank loans and overdrafts
18,512
25,833
--------
--------
11. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
24 Oct 23
25 Oct 22
£
£
Not later than 1 year
49,841
49,841
Later than 1 year and not later than 5 years
33,738
83,579
--------
---------
83,579
133,420
--------
---------