Registered number
07828387
Mitus Trading Limited
Filleted Accounts
31 October 2023
Mitus Trading Limited
Registered number: 07828387
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 1,474 2,205
Investments 5 50 50
1,525 2,256
Current assets
Debtors 6 278,410 159,438
Cash at bank and in hand 17,939 10,494
296,349 169,932
Creditors: amounts falling due within one year 7 (141,225) (135,475)
Net current assets 155,124 34,457
Total assets less current liabilities 156,649 36,713
Creditors: amounts falling due after more than one year 8 (5,311) -
Provisions for liabilities (280) -
Net assets 151,058 36,713
Capital and reserves
Called up share capital 100 100
Profit and loss account 150,958 36,613
Shareholder's funds 151,058 36,713
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
N P Timms
Director
Approved by the board on 3 July 2024
Mitus Trading Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative 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:
Computer Equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 1
At 31 October 2023 1
Amortisation
At 31 October 2023 -
Net book value
At 31 October 2023 1
At 31 October 2022 1
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 4,856
At 31 October 2023 4,856
Depreciation
At 1 November 2022 2,651
Charge for the year 731
At 31 October 2023 3,382
Net book value
At 31 October 2023 1,474
At 31 October 2022 2,205
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 November 2022 50
At 31 October 2023 50
6 Debtors 2023 2022
£ £
Trade debtors 25,360 34,738
Other debtors 253,050 124,700
278,410 159,438
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,730 -
Trade creditors 180 5
Amounts owed to group undertakings and undertakings in which the company has a participating interest 33,310 33,310
Taxation and social security costs 99,625 74,535
Other creditors 4,380 27,625
141,225 135,475
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 5,311 -
9 Other information
Mitus Trading Limited is a private company limited by shares and incorporated in England. Its registered office is:
Building 18, Gateway 1000
Whittle Way, Arlington Business Park
Stevenage
Hertfordshire
SG1 2FP
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