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Registered number: 12026869
Mycelium Group Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Arlo Accountancy Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12026869
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,805 833
15,805 833
CURRENT ASSETS
Debtors 5 53,994 16,041
Cash at bank and in hand 4,947 107,096
58,941 123,137
Creditors: Amounts Falling Due Within One Year 6 (320,231 ) (120,803 )
NET CURRENT ASSETS (LIABILITIES) (261,290 ) 2,334
TOTAL ASSETS LESS CURRENT LIABILITIES (245,485 ) 3,167
Creditors: Amounts Falling Due After More Than One Year 7 (27,066 ) -
NET (LIABILITIES)/ASSETS (272,551 ) 3,167
CAPITAL AND RESERVES
Called up share capital 8 103 103
Profit and Loss Account (272,654 ) 3,064
SHAREHOLDERS' FUNDS (272,551) 3,167
Page 1
Page 2
For the year ending 31 May 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 Profit and Loss Account.
On behalf of the board
Mr Michael Matania
Director
20/02/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Mycelium Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12026869 . The registered office is Crest Cottage, Dartington, Totnes, TQ9 6HR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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 and from the rendering of services. 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. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Leasehold 20% stright line depreciation
Plant & Machinery 33% straight line depreciation
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the 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 years 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 assets reflect 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 5)
6 5
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 June 2023 - 4,990 4,990
Additions 14,385 5,181 19,566
As at 31 May 2024 14,385 10,171 24,556
Depreciation
As at 1 June 2023 - 4,157 4,157
Provided during the period 2,637 1,957 4,594
As at 31 May 2024 2,637 6,114 8,751
Net Book Value
As at 31 May 2024 11,748 4,057 15,805
As at 1 June 2023 - 833 833
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 44,630 9,925
Prepayments and accrued income 3,471 -
Other debtors 3 3
Other taxes and social security - 6,113
Director's loan account 5,890 -
53,994 16,041
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 28,671 36,976
Bank loans and overdrafts 21,380 40,000
Other loans 116,449 -
Corporation tax - 1,300
Other taxes and social security 2,606 -
VAT 5,131 24,149
Other creditors 360 17,668
Accruals and deferred income 145,634 525
Director's loan account - 185
320,231 120,803
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 27,066 -
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 103 103
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 30,000 30,000
Later than one year and not later than five years 120,000 120,000
Later than five years 30,000 60,000
180,000 210,000
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Michael Matania 5,890 - - - 5,890
The above loan is unsecured, interest free and repayable on demand.
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