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Registered number: 05731764
Mobius Industries Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
de Jong Phillips Ltd
Chartered Accountants
First Floor
85 Great Portland Street
London
W1W 7LT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05731764
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,941 13,844
10,941 13,844
CURRENT ASSETS
Debtors 5 224,433 150,682
224,433 150,682
Creditors: Amounts Falling Due Within One Year 6 (219,487 ) (141,332 )
NET CURRENT ASSETS (LIABILITIES) 4,946 9,350
TOTAL ASSETS LESS CURRENT LIABILITIES 15,887 23,194
Creditors: Amounts Falling Due After More Than One Year 7 (23,998 ) (43,946 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,079 ) (2,699 )
NET LIABILITIES (10,190 ) (23,451 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (10,290 ) (23,551 )
SHAREHOLDERS' FUNDS (10,190) (23,451)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Richard Fitzmaurice
Director
6th November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Mobius Industries Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05731764 . The registered office is The Lower Vestry St George's Bloomsbury, 6-7 Little Russell Street, Bloomsbury, London, WC1A 2HR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the balance sheet date the company had net liabilities. The directors have confirmed that they will provide ongoing financial support to the company. In the opinion of the directors the company will remain a going concern for the foreseeable future.
2.3. 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 rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Reducing Balance 15%
Computer Equipment Straight Line 25%
2.5. Financial Instruments
The company accounts for its financial transactions in accordance with Section 11 and Section 12 of FRS 102.
The company only enters into basic financial instruments 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, and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
Short term debtors and creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.6. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Government grants are recognised in the Statement of Income and Retained Earnings and are presented within “Other income”.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the Statement of Income and Retained Earnings. Grants towards general activities of the entity over a specific period are recognised in the Statement of Income and Retained Earnings over that period.
All grants in the Statement of Income and Retained Earnings are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 50 (2023: 39)
50 39
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2023 37,707
Additions 2,061
Disposals (2,242 )
As at 31 March 2024 37,526
Depreciation
As at 1 April 2023 23,863
Provided during the period 2,722
As at 31 March 2024 26,585
Net Book Value
As at 31 March 2024 10,941
As at 1 April 2023 13,844
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 99,382 25,866
Prepayments and accrued income 10,609 4,471
Corporation tax recoverable assets - 5,915
Mobius Holdings Intercompany 114,442 114,430
224,433 150,682
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 27,872 3,629
Bank loans and overdrafts 45,615 24,533
Other taxes and social security 7,441 5,087
VAT 34,741 20,807
Other creditors 57,157 29,797
Accruals and deferred income 17,798 -
Directors' loan accounts 28,863 57,479
219,487 141,332
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 23,998 43,946
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
10. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Mobius Industries (Holdings) Ltd . Mobius Industries (Holdings) Ltd was incorporated in England & Wales.
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