Company registration number 09147762 (England and Wales)
MIYLA GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 13 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MIYLA GROUP LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MIYLA GROUP LTD
BALANCE SHEET
AS AT
13 NOVEMBER 2024
13 November 2024
- 1 -
13 November 2024
31 July 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,511
1,889
Current assets
Stocks
-
721,025
Debtors
4
117,386
3,506
Cash at bank and in hand
245,952
215,178
363,338
939,709
Creditors: amounts falling due within one year
5
(515,300)
(1,520,735)
Net current liabilities
(151,962)
(581,026)
Net liabilities
(150,451)
(579,137)
Capital and reserves
Called up share capital
55,100
55,100
Profit and loss reserves
(205,551)
(634,237)
Total equity
(150,451)
(579,137)

For the financial Period ended 13 November 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 of its financial statements for the Period in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 20 November 2024
Mr G Gonnella
Director
Company registration number 09147762 (England and Wales)
MIYLA GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 13 NOVEMBER 2024
- 2 -
1
Accounting policies
Company information

Miyla Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 193 High Street, Hornchurch, Essex, England, RM11 3XT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

1.2
Reporting period

The company has ceased trading with affect on 13th November 2024 and therefore the accounting period has been extended to that date. The comparative amounts presented in the financial statements cover a 12 month period and are therefore not entirely comparable.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
20% on reducing balance

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

MIYLA GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 13 NOVEMBER 2024
1
Accounting policies
(Continued)
- 3 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
2023
Number
Number
Total
1
1
MIYLA GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 13 NOVEMBER 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 and 13 November 2024
3,689
Depreciation and impairment
At 1 August 2023
1,800
Depreciation charged in the Period
378
At 13 November 2024
2,178
Carrying amount
At 13 November 2024
1,511
At 31 July 2023
1,889
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
117,386
3,506
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
192,104
192,104
Taxation and social security
233,065
2,443
Other creditors
90,131
1,326,188
515,300
1,520,735
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