Company registration number: 14746541
Unaudited financial statements
for the period ended 31 March 2024
for
Mignon Technologies Ltd
Pages for filing with the Registrar
Company registration number: 14746541
Mignon Technologies Ltd
Balance sheet
as at 31 March 2024
Note £ £
Fixed assets
Tangible assets 4 2,719
2,719
Current assets
Debtors 59,547
Cash at bank and in hand 530,765
590,312
Creditors: amounts falling due within
one year
(83,548)
Net current assets 506,764
Total assets less current liabilities 509,483
NET ASSETS 509,483
Capital and reserves
Called up share capital 78
Other reserves 760,000
Profit and loss account (250,595)
TOTAL EQUITY 509,483
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the period ended 31 March 2024.
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 to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
1
Company registration number: 14746541
Mignon Technologies Ltd
Balance sheet - continued
as at 31 March 2024
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 7 November 2024 and signed on its behalf by:
Mr N Hurley, Director
7 November 2024
2
Mignon Technologies Ltd
Notes to the financial statements
for the period ended 31 March 2024
1 Company information
Mignon Technologies Ltd is a private company registered in England and Wales. Its registered number is 14746541. The company is limited by shares. Its registered office is 3rd Floor Maybrook House, 27- 35 Grainger Street, Newcastle Upon Tyne, NE1 5JE.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Computer equipment - 3 years straight line basis
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the period the average number of employees was 5.
3
Mignon Technologies Ltd
Notes to the financial statements - continued
for the period ended 31 March 2024
4 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
Additions 2,863
At 31 March 2024 2,863
Depreciation
Charge for period 144
At 31 March 2024 144
Net book value
At 31 March 2024 2,719
5 Simple Agreement for Future Equity
During the year, the Company has entered into a Simple Agreement for Future Equity (SAFE), under which it received funding of £760,000. This SAFE entitles the holder to receive equity in the Company upon a qualifying funding round or other specified triggering event, as outlined in the terms of the agreement.



The SAFE will convert into equity shares automatically upon a qualifying funding event, defined as an equity funding round in which the Company raises a minimum of £2,550,000. Conversion is set at 85% of the lowest share price established in the funding round, with a valuation cap of £5,000,000.



The SAFE includes a longstop date of 31 March 2025, by which the Company must have either completed a qualifying funding round or pursued an alternative conversion or redemption solution. However, there is no obligation for cash repayment to the investor on this date; instead, in the absence of a funding event, the Company may issue shares directly based on a valuation set by the Board at that time.
4