Registered number
13086825
Mystic City Ltd
Filleted Accounts
31 December 2024
Mystic City Ltd
Registered number: 13086825
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,548 801
Current assets
Stocks 210,460 196,848
Cash at bank and in hand 10,481 42,649
220,941 239,497
Creditors: amounts falling due within one year 4 (136,176) (148,728)
Net current assets 84,765 90,769
Net assets 87,313 91,570
Capital and reserves
Called up share capital 100 1
Profit and loss account 87,213 91,569
Shareholders' funds 87,313 91,570
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.
Saeed Zaman
Director
Approved by the board on 21 January 2025
Mystic City Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Plant and machinery RBM 20%
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 829
Additions 2,384
At 31 December 2024 3,213
Depreciation
At 1 January 2024 28
Charge for the year 637
At 31 December 2024 665
Net book value
At 31 December 2024 2,548
At 31 December 2023 801
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 25,848 25,761
Trade creditors 27,171 33,168
Director Loan Account 24,246 61,025
Taxation and social security costs 33,397 28,774
Other creditors 25,514 -
136,176 148,728
5 Other information
Mystic City Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit -15
61/62 Stratford Centre
London
London
E15 1XF
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