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REGISTERED NUMBER: 04443825 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

Mincost Ltd

Mincost Ltd (Registered number: 04443825)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Mincost Ltd

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: D B Harrison
C J Harrison





SECRETARY: D B Harrison





REGISTERED OFFICE: 11-13 Foxes Bridge Road
Forest Vale Industrial Estate
Cinderford
Gloucestershire
GL14 2PQ





REGISTERED NUMBER: 04443825 (England and Wales)





ACCOUNTANTS: Knights
2A Lighthouse Trade Park
Lydney
21 Highnam Business Centre
Highnam
Gloucestershire
GL2 8DN

Mincost Ltd (Registered number: 04443825)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 110,947 138,684
Tangible assets 5 20,053 23,624
131,000 162,308

CURRENT ASSETS
Stocks 142,853 172,000
Debtors 6 12,062 9,470
Cash at bank 20,716 24,872
175,631 206,342
CREDITORS
Amounts falling due within one year 7 172,898 172,492
NET CURRENT ASSETS 2,733 33,850
TOTAL ASSETS LESS CURRENT
LIABILITIES

133,733

196,158

CREDITORS
Amounts falling due after more than one
year

8

(17,337

)

(27,406

)

PROVISIONS FOR LIABILITIES 9 (3,810 ) (4,489 )
NET ASSETS 112,586 164,263

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 112,486 164,163
112,586 164,263

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Mincost Ltd (Registered number: 04443825)

BALANCE SHEET - continued
30 SEPTEMBER 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2025 and were signed on its behalf by:




D B Harrison - Director



C J Harrison - Director


Mincost Ltd (Registered number: 04443825)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Mincost Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in accounting policies
Previously it was considered that Goodwill will not have any diminution in Value.

However to be consistent with current standards the Directors consider that this is no longer the case.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Mincost Ltd (Registered number: 04443825)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 277,368
AMORTISATION
At 1 October 2023 138,684
Charge for year 27,737
At 30 September 2024 166,421
NET BOOK VALUE
At 30 September 2024 110,947
At 30 September 2023 138,684

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 October 2023 20,967 122,371 56,835 200,173
Additions - 885 - 885
At 30 September 2024 20,967 123,256 56,835 201,058
DEPRECIATION
At 1 October 2023 18,186 109,330 49,033 176,549
Charge for year 417 2,089 1,950 4,456
At 30 September 2024 18,603 111,419 50,983 181,005
NET BOOK VALUE
At 30 September 2024 2,364 11,837 5,852 20,053
At 30 September 2023 2,781 13,041 7,802 23,624

Mincost Ltd (Registered number: 04443825)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 9,017 3,852
Other debtors 3,045 5,618
12,062 9,470

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 20,698 38,484
Taxation and social security 10,212 10,354
Other creditors 141,988 123,654
172,898 172,492

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 17,337 27,406

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 3,810 4,489

Deferred
tax
£   
Balance at 1 October 2023 4,489
Accelerated capital allowances (679 )
Balance at 30 September 2024 3,810