Registered number
10745708
MYT LIMITED
Filleted Accounts
31 March 2024
MYT LIMITED
Registered number: 10745708
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 428,951 313,951
Tangible assets 4 3,346 1,176
432,297 315,127
Current assets
Cash at bank and in hand 10,591 -
Creditors: amounts falling due within one year 5 (558,451) (407,721)
Net current liabilities (547,860) (407,721)
Total assets less current liabilities (115,563) (92,594)
Creditors: amounts falling due after more than one year 6 (24,144) (73,261)
Net liabilities (139,707) (165,855)
Capital and reserves
Called up share capital 100 100
Share premium 201,523 101,523
Profit and loss account (341,330) (267,478)
Shareholder's funds (139,707) (165,855)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Oumaduth Sauba
Director
Approved by the board on 12 June 2024
MYT 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 18% reducing balance
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 313,951
Additions 115,000
At 31 March 2024 428,951
Amortisation
At 31 March 2024 -
Net book value
At 31 March 2024 428,951
At 31 March 2023 313,951
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Office equipment
£
Cost
At 1 April 2023 1,749
Additions 2,598
At 31 March 2024 4,347
Depreciation
At 1 April 2023 573
Charge for the year 428
At 31 March 2024 1,001
Net book value
At 31 March 2024 3,346
At 31 March 2023 1,176
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 80 9,855
Director current account 518,958 384,442
Trade creditors 17,986 10,937
Credit card 3,835 4,428
Taxation and social security costs 17,592 (1,941)
558,451 407,721
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 24,144 32,661
Other loans - 40,600
24,144 73,261
7 Other information
MYT LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
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