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REGISTERED NUMBER: 10624759 (England and Wales)















MI BABY (LOUTH) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






MI BABY (LOUTH) LTD (REGISTERED NUMBER: 10624759)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


MI BABY (LOUTH) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: B Arscott
Mrs C Arscott





REGISTERED OFFICE: Units 2a/3 Elsham Park
Tattershall Way
Fairfield Industrial Estate
Louth
Lincolnshire
LN11 0UZ





REGISTERED NUMBER: 10624759 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS

MI BABY (LOUTH) LTD (REGISTERED NUMBER: 10624759)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 83,794 72,310

CURRENT ASSETS
Stocks 212,631 143,408
Debtors 5 210,994 64,784
Cash at bank 110,613 129,338
534,238 337,530
CREDITORS
Amounts falling due within one year 6 569,184 426,813
NET CURRENT LIABILITIES (34,946 ) (89,283 )
TOTAL ASSETS LESS CURRENT LIABILITIES 48,848 (16,973 )

CREDITORS
Amounts falling due after more than one year 7 (16,172 ) (11,120 )

PROVISIONS FOR LIABILITIES (15,319 ) (12,623 )
NET ASSETS/(LIABILITIES) 17,357 (40,716 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 17,257 (40,816 )
SHAREHOLDERS' FUNDS 17,357 (40,716 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 and authorised for issue by the Board of Directors and authorised for issue on 10 March 2025 and were signed on its behalf by:





B Arscott - Director


MI BABY (LOUTH) LTD (REGISTERED NUMBER: 10624759)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Mi Baby (Louth) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Plant and machinery etc - 15% on reducing balance and Straight line over 5 years

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of financial position date.


MI BABY (LOUTH) LTD (REGISTERED NUMBER: 10624759)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 10 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 16,049 49,736 24,241 11,848 101,874
Additions 2,879 26,993 - 1,168 31,040
Disposals - - (6,246 ) - (6,246 )
At 31 March 2024 18,928 76,729 17,995 13,016 126,668
DEPRECIATION
At 1 April 2023 9,932 8,785 7,543 3,304 29,564
Charge for year 1,131 8,441 2,676 1,314 13,562
Eliminated on disposal - - (252 ) - (252 )
At 31 March 2024 11,063 17,226 9,967 4,618 42,874
NET BOOK VALUE
At 31 March 2024 7,865 59,503 8,028 8,398 83,794
At 31 March 2023 6,117 40,951 16,698 8,544 72,310

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 1,776
Other debtors 210,994 63,008
210,994 64,784

MI BABY (LOUTH) LTD (REGISTERED NUMBER: 10624759)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 52,174 4,167
Hire purchase contracts 3,399 3,399
Trade creditors 243,427 195,233
Taxation and social security 39,742 18,449
Other creditors 230,442 205,565
569,184 426,813

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 11,923 3,472
Hire purchase contracts 4,249 7,648
16,172 11,120

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 64,097 7,639

The bank loans are secured on the assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 ordinary £1 100 100

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
B Arscott and Mrs C Arscott
Balance outstanding at start of year (2,404 ) (2,404 )
Amounts advanced 139,952 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 137,548 (2,404 )

The directors' loan accounts are unsecured and repayable on demand. Interest has been charged at the Inland Revenues' official rate of interest.

11. RELATED PARTY DISCLOSURES

Remuneration paid to the directors during the year was £18,200 (2023: £18,200).