Registered number
07154722
MIA (IOW) LIMITED
Filleted Accounts
31 March 2024
MIA (IOW) LIMITED
Registered number: 07154722
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,565 7,334
6,565 7,334
Current assets
Stocks 59,718 45,800
Debtors 4 19,315 10,846
Cash at bank and in hand 31,950 41,104
110,983 97,750
Creditors: amounts falling due within one year 5 (23,004) (6,278)
Net current assets 87,979 91,472
Total assets less current liabilities 94,544 98,806
Creditors: amounts falling due after more than one year 6 (21,492) (32,175)
Net assets 73,052 66,631
Capital and reserves
Called up share capital 100 100
Profit and loss account 72,952 66,531
Shareholders' funds 73,052 66,631
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Maria Guy
Director
Approved by the board on 11 November 2024
MIA (IOW) LIMITED
Notes to the Accounts
for the year ended 31 March 2024
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.
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:
Office Equipment 20% Straight Line
Motor Vehicles 20% Straight Line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 42,197 18,296 60,493
Additions 873 - 873
At 31 March 2024 43,070 18,296 61,366
Depreciation
At 1 April 2023 39,659 13,500 53,159
Charge for the year 683 959 1,642
At 31 March 2024 40,342 14,459 54,801
Net book value
At 31 March 2024 2,728 3,837 6,565
At 31 March 2023 2,538 4,796 7,334
4 Debtors 2024 2023
£ £
Trade debtors 9,516 828
Other debtors 9,799 10,018
19,315 10,846
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation Tax 685 -
Taxation and social security costs 6,958 3,406
Other creditors 15,361 2,872
23,004 6,278
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 21,492 32,175
21,492 32,175
7 Controlling party
The company is controlled by Maria Guy by virtue of her holding of 100% issued share capitals
during the year.
8 Other information
MIA (IOW) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
H Plaskow & Co
Chartered Certied Accountants
208 Green Lanes
Palmers Green
London
N13 5UE
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