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Company registration number: 04935625
Mlode Limited
Unaudited filleted abridged financial statements
31 March 2024
Mlode Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Mlode Limited
Directors and other information
Directors Mr Yvan Michael Bamping
Mr Cliff John Cieslak-Jones
Mr Jonathan Steven Bennett
Secretary Mr Cliff John Cieslak-Jones
Company number 04935625
Registered office Legacy Centre
Hampton Road West
Hanworth
Surrey
TW13 6DH
Accountants Doshi & Co. Accountants
6th Floor AMP House
Dingwall Road
Croydon
CR0 2LX
Mlode Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Mlode Limited
Year ended 31 March 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2024 which comprise the abridged statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Doshi & Co. Accountants
6th Floor AMP House
Dingwall Road
Croydon
CR0 2LX
27 December 2024
Mlode Limited
Abridged statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 - 3,394
_______ _______
- 3,394
Current assets
Stocks 13,873 31,225
Debtors 820,532 524,736
Cash at bank and in hand 256,337 118,151
_______ _______
1,090,742 674,112
Creditors: amounts falling due
within one year ( 763,370) ( 356,020)
_______ _______
Net current assets 327,372 318,092
_______ _______
Total assets less current liabilities 327,372 321,486
Creditors: amounts falling due
after more than one year ( 79,375) ( 214,376)
_______ _______
Net assets 247,997 107,110
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 247,897 107,010
_______ _______
Shareholders funds 247,997 107,110
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 27 December 2024 , and are signed on behalf of the board by:
Mr Yvan Michael Bamping
Director
Company registration number: 04935625
Mlode Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Legacy Centre, Hampton Road West, Hanworth, Surrey, TW13 6DH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 253,303 206,895
Other pension costs 106,899 67,268
_______ _______
360,202 274,163
_______ _______
5. Tangible assets
£
Cost
At 1 April 2023 and 31 March 2024 90,951
_______
Depreciation
At 1 April 2023 87,557
Charge for the year 3,394
_______
At 31 March 2024 90,951
_______
Carrying amount
At 31 March 2024 -
_______
At 31 March 2023 3,394
_______
6. Related party
The company has taken advantage of FRS 102, Section 33.1 A for the disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.
Amount owed to and from group companies are therefore shown in aggregate.
Included in other debtors due within one year is an amount of £286,328 (2023: £240,360) owed to group undertakings.
7. Controlling party
The immediate parent company is Net Essence Limited by virtue of their 100% shareholding in the company.
The ultimate controlling party is Net Essence Limited.