Registered number
07850282
Mobile Inventory Program Limited
Filleted Accounts
31 July 2023
Mobile Inventory Program Limited
Registered number: 07850282
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 600 2,108
Current assets
Debtors 4 395,368 346,804
Cash at bank and in hand 16,101 17,685
411,469 364,489
Creditors: amounts falling due within one year 5 (351,497) (262,116)
Net current assets 59,972 102,373
Total assets less current liabilities 60,572 104,481
Creditors: amounts falling due after more than one year 6 (37,601) (57,186)
Net assets 22,971 47,295
Capital and reserves
Called up share capital 2 2
Profit and loss account 22,969 47,293
Shareholders' funds 22,971 47,295
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
S McCormick
Director
Approved by the board on 27 January 2025
Mobile Inventory Program Limited
Notes to the Accounts
for the year ended 31 July 2023
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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 26,662
Additions 800
At 31 July 2023 27,462
Depreciation
At 1 August 2022 24,554
Charge for the year 2,308
At 31 July 2023 26,862
Net book value
At 31 July 2023 600
At 31 July 2022 2,108
4 Debtors 2023 2022
£ £
Trade debtors 34,585 71,309
Other debtors 360,783 275,495
395,368 346,804
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 19,586 19,586
Trade creditors 12,364 9,433
Taxation and social security costs 51,625 99,798
Other creditors 267,922 133,299
351,497 262,116
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 37,601 57,186
7 Prior period adjustment
The prior period adjustment related to 2022 R&D Claim which was prepared post accounts submission.
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S McCormick
DLA 122,385 42,757 (133,319) 31,823
W Forbes (resigned 11.07.23)
DLA 104,477 208,834 (313,311) -
226,862 251,591 (446,630) 31,823
9 Related party transactions
During the year the company was related to a small number of other companies controlled by its directors. Amount owed to the company by related parties is £9,602 (2022: £8,502). Amount owed by the company to related parties is £315,205 (2022: £57,611). In July 2023 the company was acquired by its Holding company to which is owes a debt of £292,635 (2022:£Nil).
10 Controlling party
The company was under the control of its two directors throughout both the current and previous year until Mobile Inventory Holdings Limited acquired the company on 11th July 2023.
11 Other information
Mobile Inventory Program Limited is a private company limited by shares and incorporated in England. Its registered office is:
3rd Floor A3 (3) Chester Steam Mill
Steam Mill Street
Chester
CH3 5AN
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