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Registration number: 02289811

Minelone Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Minelone Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 8

 

Minelone Limited

Company Information

Director

Mr J Herbert

Registered office

1 Castlewood
Ringwood
Hampshire
BH24 2AX

Accountants

Elysium
Chartered Accountants
Unit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

 

Minelone Limited

(Registration number: 02289811)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

60,000

60,000

Current assets

 

Stocks

5

64,750

64,750

Debtors

6

-

8,168

Cash at bank and in hand

 

667

(5,429)

 

65,417

67,489

Creditors: Amounts falling due within one year

7

(69,157)

(55,709)

Net current (liabilities)/assets

 

(3,740)

11,780

Total assets less current liabilities

 

56,260

71,780

Creditors: Amounts falling due after more than one year

7

(174,790)

(176,559)

Net liabilities

 

(118,530)

(104,779)

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

50,000

50,000

Retained earnings

(168,630)

(154,879)

Shareholders' deficit

 

(118,530)

(104,779)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 30 October 2024
 

.........................................
Mr J Herbert
Director

 

Minelone Limited

Statement of Changes in Equity for the Year Ended 31 January 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 February 2023

100

50,000

(154,879)

(104,779)

Loss for the year

-

-

(13,751)

(13,751)

At 31 January 2024

100

50,000

(168,630)

(118,530)

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 February 2022

100

50,000

(151,955)

(101,855)

Loss for the year

-

-

(2,924)

(2,924)

At 31 January 2023

100

50,000

(154,879)

(104,779)

 

Minelone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1 Castlewood
Ringwood
Hampshire
BH24 2AX

The principal place of business is:
1 Castlewood
Ringwood
Hampshire
BH24 2AX

These financial statements were authorised for issue by the director on 30 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

It is the company's policy that tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. However, during the year the company only held freehold land which has not been depreciated and which has been revalued by the director.

 

Minelone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Minelone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Minelone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 February 2023

60,000

60,000

At 31 January 2024

60,000

60,000

Depreciation

Carrying amount

At 31 January 2024

60,000

60,000

At 31 January 2023

60,000

60,000

5

Stocks

2024
£

2023
£

Work in progress

64,750

64,750

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

8,000

Other debtors

-

168

 

-

8,168

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

4,680

4,667

Taxation and social security

 

4,441

3,254

Accruals and deferred income

 

900

500

Other creditors

 

59,136

47,288

 

69,157

55,709

Creditors: amounts falling due after more than one year

 

Minelone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

174,790

176,559

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

24,790

26,559

Other borrowings

150,000

150,000

174,790

176,559

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,666

4,667

Bank overdrafts

14

-

4,680

4,667