Silverfin false false 31/08/2024 01/09/2023 31/08/2024 M Lake 10/08/2017 18 October 2024 The principal activity of the Company during the year was the provision of social work activities. 10909862 2024-08-31 10909862 bus:Director1 2024-08-31 10909862 2023-08-31 10909862 core:CurrentFinancialInstruments 2024-08-31 10909862 core:CurrentFinancialInstruments 2023-08-31 10909862 core:ShareCapital 2024-08-31 10909862 core:ShareCapital 2023-08-31 10909862 core:RetainedEarningsAccumulatedLosses 2024-08-31 10909862 core:RetainedEarningsAccumulatedLosses 2023-08-31 10909862 core:LeaseholdImprovements 2023-08-31 10909862 core:PlantMachinery 2023-08-31 10909862 core:FurnitureFittings 2023-08-31 10909862 core:LeaseholdImprovements 2024-08-31 10909862 core:PlantMachinery 2024-08-31 10909862 core:FurnitureFittings 2024-08-31 10909862 2023-09-01 2024-08-31 10909862 bus:FilletedAccounts 2023-09-01 2024-08-31 10909862 bus:SmallEntities 2023-09-01 2024-08-31 10909862 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 10909862 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 10909862 bus:Director1 2023-09-01 2024-08-31 10909862 core:LeaseholdImprovements core:TopRangeValue 2023-09-01 2024-08-31 10909862 core:PlantMachinery 2023-09-01 2024-08-31 10909862 core:FurnitureFittings 2023-09-01 2024-08-31 10909862 2022-09-01 2023-08-31 10909862 core:LeaseholdImprovements 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Company No: 10909862 (England and Wales)

MIKARE LTD

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

MIKARE LTD

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

MIKARE LTD

BALANCE SHEET

As at 31 August 2024
MIKARE LTD

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 39,677 17,999
39,677 17,999
Current assets
Debtors 4 60,242 60,110
Cash at bank and in hand 78,392 27,230
138,634 87,340
Creditors: amounts falling due within one year 5 ( 67,230) ( 136,896)
Net current assets/(liabilities) 71,404 (49,556)
Total assets less current liabilities 111,081 (31,557)
Net assets/(liabilities) 111,081 ( 31,557)
Capital and reserves
Called-up share capital 100 1
Profit and loss account 110,981 ( 31,558 )
Total shareholders' funds/(deficit) 111,081 ( 31,557)

For the financial year ending 31 August 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 financial statements of Mikare Ltd (registered number: 10909862) were approved and authorised for issue by the Director on 18 October 2024. They were signed on its behalf by:

M Lake
Director
MIKARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
MIKARE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mikare Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 20 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 23 9

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 September 2023 0 17,096 4,098 21,194
Additions 7,850 7,385 11,216 26,451
At 31 August 2024 7,850 24,481 15,314 47,645
Accumulated depreciation
At 01 September 2023 0 2,472 723 3,195
Charge for the financial year 458 3,640 675 4,773
At 31 August 2024 458 6,112 1,398 7,968
Net book value
At 31 August 2024 7,392 18,369 13,916 39,677
At 31 August 2023 0 14,624 3,375 17,999

4. Debtors

2024 2023
£ £
Trade debtors 56,110 60,110
Other debtors 4,132 0
60,242 60,110

5. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 53,607 8,247
Other creditors 13,623 128,649
67,230 136,896

6. Related party transactions

Transactions with the entity's director

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 September 2022 the balance was nil. During the year £9,647 was advanced to the director, and £21,896 was repaid by the director. The balance at 31 August 2023 was £12,249 in credit.

At 1 September 2023 the balance was £12,249 in credit. During the year £31,694 was advanced to the director, and £15,312 was repaid by the director. The balance at 31 August 2024 was £4,133 overdrawn.