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Registered number: 10960915
Mytidis and Sons Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 10960915
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,094 8,346
Investments 5 50,000 50,000
57,094 58,346
CURRENT ASSETS
Stocks 6 2,465 3,850
Debtors 7 116,854 92,970
Cash at bank and in hand 3,657 3,980
122,976 100,800
Creditors: Amounts Falling Due Within One Year 8 (97,184 ) (69,074 )
NET CURRENT ASSETS (LIABILITIES) 25,792 31,726
TOTAL ASSETS LESS CURRENT LIABILITIES 82,886 90,072
Creditors: Amounts Falling Due After More Than One Year 9 (52,542 ) (65,233 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (3,740 ) (2,640 )
NET ASSETS 26,604 22,199
CAPITAL AND RESERVES
Called up share capital 10 100 100
Income Statement 26,504 22,099
SHAREHOLDERS' FUNDS 26,604 22,199
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For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Andreas Mytidis
Director
10 January 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Mytidis and Sons Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10960915 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. 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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer; 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. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
Fixtures & Fittings 15% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
The tax expense represents the sum of the corporation tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 14)
12 14
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 October 2023 11,067 5,847 16,914
As at 30 September 2024 11,067 5,847 16,914
Depreciation
As at 1 October 2023 5,950 2,618 8,568
Provided during the period 768 484 1,252
As at 30 September 2024 6,718 3,102 9,820
Net Book Value
As at 30 September 2024 4,349 2,745 7,094
As at 1 October 2023 5,117 3,229 8,346
5. Investments
Unlisted
£
Cost
As at 1 October 2023 50,000
As at 30 September 2024 50,000
Provision
As at 1 October 2023 -
As at 30 September 2024 -
Net Book Value
As at 30 September 2024 50,000
As at 1 October 2023 50,000
The company owns 50% of the issued share capital of Mytidis & Dokos Ltd, an associate company incorporated in England. The investment is accounted for using the cost model (cost less accumulated impairment losses). Dividends and other distributions received from the investment in associate are recognised as income, regardless of whether, or not, the dividends are from the associate’s accumulated profits arising before or after the date of acquisition.
6. Stocks
2024 2023
£ £
Stock 2,465 3,850
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,822 -
Prepayments and accrued income 5,207 8,370
7,029 8,370
Due after more than one year
Amounts owed by associates 109,825 84,600
116,854 92,970
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,926 9,649
Bank loans and overdrafts 14,653 15,758
Corporation tax 2,269 583
Other taxes and social security 858 719
VAT 13,889 14,879
NEST 129 64
Other creditors 4,646 7,509
Director's loan account 56,814 19,913
97,184 69,074
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 26,542 39,233
Amounts owed to other participating interests 26,000 26,000
52,542 65,233
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Post Balance Sheet Events
Impairment of Investment in Associate
Subsequent to the reporting date, indicators have arisen suggesting a full impairment of the company's investment in its associate company Mytidis & Dokos Ltd. These indicators include the subsidiary’s financial position deteriorating significantly due to an unfavourable turn in trading conditions.
At the time of approval of these financial statements, the directors have determined that the carrying amount of the investment, amounting to £50,000 as at the reporting date, will likely need to be fully impaired.
The directors are in the process of assessing the financial and operational implications of this event and will reflect the impairment in the subsequent financial period.
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12. Related Party Transactions
Included in Amounts owed by associates at 30 September 2024 are the following balances:
  • £109,825 (2023: £84,600) owed by Mytidis & Dokos Ltd
The aforementioned companies are related by virtue of Mytidis and Sons Ltd owning 50% of the issued share capital of Mytidis & Dokos Ltd. The amount owed by Mytidis & Dokos Ltd is unsecured, interest-free, and has no fixed terms of repayment.
Included in Amounts owed to other participating interests at 30 September 2024 are the following balances:
  • £26,000 (2023: £26,000) owed to an owner holding a participating interest in the company
The amount owed to the owner is unsecured, interest-free, and has no fixed terms of repayment.
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