Company registration number 05066163 (England and Wales)
MI COMPUTSOLUTIONS INCORPORATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MI COMPUTSOLUTIONS INCORPORATED
COMPANY INFORMATION
Directors
M A Sobowale
O Olaifa
(Appointed 31 January 2024)
Secretary
M A Sobowale
Company number
05066163
Registered office
47a Bellefields Road
The Queen
London
SW9 9UH
Auditor
Kingston Burrowes Audit Ltd
308 Ewell Road
Surbiton
Surrey
KT6 7AL
MI COMPUTSOLUTIONS INCORPORATED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
MI COMPUTSOLUTIONS INCORPORATED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
488,111
510,128
Investments
5
9
9
488,120
510,137
Current assets
Debtors
7
1,036,881
1,537,508
Cash at bank and in hand
2,528,146
1,566,347
3,565,027
3,103,855
Creditors: amounts falling due within one year
8
(472,167)
(711,663)
Net current assets
3,092,860
2,392,192
Total assets less current liabilities
3,580,980
2,902,329
Creditors: amounts falling due after more than one year
9
(591,806)
(555,166)
Net assets
2,989,174
2,347,163
Reserves
Income and expenditure account
2,989,174
2,347,163
Members' funds
2,989,174
2,347,163
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 December 2024 and are signed on its behalf by:
M A Sobowale
Director
Company registration number 05066163 (England and Wales)
MI COMPUTSOLUTIONS INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
MI COMPUTSOLUTIONS INCORPORATED is a private company limited by guarantee incorporated in England and Wales. The registered office is 47a Bellefields Road, The Queen, London, SW9 9UH.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Income and expenditure
Turnover is primarily made up of grants.
Income from grants has been recognised on the accruals basis. Grants received for particular purposes are applied for those purposes only. Where a service is provided with help from a government grant both the grant income and expenditure are included in the Income and Expenditure account.
1.3
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:
Leasehold land and buildings
2% on cost
Plant and equipment
25% 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 surplus or deficit.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
MI COMPUTSOLUTIONS INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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 current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
MI COMPUTSOLUTIONS INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The company is exempt from corporation tax on its ordinary activities as it is under mutual trading.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
MI COMPUTSOLUTIONS INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
23
23
4
Tangible fixed assets
Land and buildings
Plan and machinery
Total
£
£
£
Cost
At 1 April 2023
557,534
358,455
915,989
Additions
16,798
16,798
At 31 March 2024
557,534
375,253
932,787
Depreciation and impairment
At 1 April 2023
136,504
269,357
405,861
Depreciation charged in the year
12,341
26,474
38,815
At 31 March 2024
148,845
295,831
444,676
Carrying amount
At 31 March 2024
408,689
79,422
488,111
At 31 March 2023
421,030
89,098
510,128
Land and buildings with a carrying amount of £408,688 (2023 - £421,030) have been pledged to secure borrowings of the company.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
9
9
6
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
MI COMPROPERTIES LTD
47a Bellefields Road, The Queen, London, SW9 9UH
Property Rentals
Ordinary
90.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
MI COMPUTSOLUTIONS INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Subsidiaries
(Continued)
- 6 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
MI COMPROPERTIES LTD
(119,480)
(17,575)
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
33,192
Amounts owed by group undertakings
761,750
830,162
Other debtors
275,131
674,154
1,036,881
1,537,508
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,555
44,662
Trade creditors
276,421
157,571
Corporation tax
5,732
8,527
Other taxation and social security
20,482
12,645
Other creditors
163,977
488,258
472,167
711,663
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
591,806
555,166
10
Loans and overdrafts
2024
2023
£
£
Bank loans
597,361
599,828
Payable within one year
5,555
44,662
Payable after one year
591,806
555,166
The bank loans are secured by a first legal charge over the company's leasehold property and a fixed and floating charge over the company's assets.
MI COMPUTSOLUTIONS INCORPORATED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
11
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £10.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Kevin Fisher BA FCA CTA
Statutory Auditor:
Kingston Burrowes Audit Ltd
Date of audit report:
13 December 2024
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
56,000
8,000
14
Related party transactions
For the year ended 31 March 2024, £27,588 (2023: £27,588) interest income is charged to a subsidiary, MI ComProperties Ltd.
At 31 March 2024, debtors include £761,750 (2023: £830,162) owed by a subsidiary, MI ComProperties Ltd.