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Registered number: 11439107
Michild Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—6
Page 1
Balance Sheet
Registered number: 11439107
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 5 - 146,695
- 146,695
CURRENT ASSETS
Debtors 6 151,351 100
151,351 100
Creditors: Amounts Falling Due Within One Year 7 (533,966 ) (195,237 )
NET CURRENT ASSETS (LIABILITIES) (382,615 ) (195,137 )
TOTAL ASSETS LESS CURRENT LIABILITIES (382,615 ) (48,442 )
Creditors: Amounts Falling Due After More Than One Year 8 - (187,478 )
NET LIABILITIES (382,615 ) (235,920 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (382,715 ) (236,020 )
SHAREHOLDERS' FUNDS (382,615) (235,920)
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.
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and were signed on its behalf by:
A Sage
Director
26/03/2025
The notes on pages 2 to 6 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Michild Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11439107 . The registered office is 01 Meadlake Place, Thorpe Lea Road, Egham, Surrey, TW20 8HE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
The financial statements for the year ended 31 March 2024 have been prepared on a basis other than a going concern. The directors note that subsequent to the reporting date, the decision was made for the company to cease trading on 31 August 2024 due to reported losses in the trading subsidiary.
2.3. Significant judgements and estimations
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Impairment of investment
The company tests annually whether investment has suffered any impairment in accordance with the accounting policy stated. The recoverable amounts have been determined based on value-in-use calculations.
Impairment of group loans
The Company makes an estimate of the recoverable value of group loans. When assessing the impairment of group loans management considers whether there is objective evidence of impairment including:
  • economic or legal reasons relating to the debtors financial difficult; and
  • observable data indicating that there has been a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those asset.
2.4. 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.
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Page 3
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer Equipment 3 Years Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Under the provisions of FRS102 Section 10.15, on 1st April 2023 the company voluntarily elected to changes in accounting estimates to more accurately reflect the periodic consumption of assets. New Depreciation policies have been applied prospectively during the period and future periods as follows:
Computer Equipment: 3 Years Straight Line (PY: 5 Years Straight Line)
2.6. Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a longterm interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.8. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. 
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
...CONTINUED
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2.8. Financial Instruments - continued
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.
Equity Instruments 
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.9. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 900
As at 31 March 2024 900
Depreciation
As at 1 April 2023 900
As at 31 March 2024 900
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Investments
Subsidiaries
£
Cost
As at 1 April 2023 146,695
As at 31 March 2024 146,695
Provision
As at 1 April 2023 -
Impairment losses 146,695
As at 31 March 2024 146,695
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 146,695
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Page 5
6. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 151,251 -
Other debtors 100 100
151,351 100
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 180 180
Bank loans and overdrafts 192,925 13,999
Amounts owed to group undertakings 340,861 179,918
Other creditors - 1,140
533,966 195,237
The bank loan is secured by a cross guarantee over all the trade and assets of both the company and its subsidiary.
All balances due to group and related parties are interest free and payable on demand
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 187,478
Long term debt was refinanced post year end to Triple Point Advancr Leasing Plc. The bank loans in MiChild Midco Limited are secured by a cross guarantee over all the trade and assets of both the company and its subsidiary.
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
10,000 Ordinary Shares of £ 0.01 each 100 100
10. Post Balance Sheet Events
Subsequent to the year end the company refinanced with Triple Point Advancr Leasing PLC, a new fixed charge over the assets of the company was provided in July 2024
11. Related Party Disclosures
The company has taken advantage of exemptions, under the terms of Financial Reporting Standards 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclosure related party transactions with wholly owned subsidiaries within the group.
12. Controlling Parties
The immediate parent undertaking is Michild Midco Limited a company incorporated in England and Wales whose registered office is 01 Meadlake Place, Thorpe Lea Road, Egham, TW20 8HE.
The ultimate holding company is MiParent Holdings Limited, a company incorporated in England and Wales whose registered office is Woods End, Hill Farm Lane, Chalfont St. Giles, England, HP8 4NT.
MiParent Holdings Limited is the smallest and largest group of undertakings to consolidate these financial statements. The consolidated accounts are available from the register office.
The ultimate controlling party is Mr A Sage and Mr C Ross-Roberts by way of their shareholding in MiParent Holdings Limited.
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Page 6
13. Audit Information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report was unqualified.
The auditors emphasised the following matter without qualifying their report:
We draw attention to Note 2.2 to the financial statements which explains that the directors intend to liquate the Company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter.
The auditor's report was signed by Richard Lane (Senior Statutory Auditor) for and on behalf of Affinia (Stratford) , Statutory Auditor.
Affinia (Stratford)
19th Floor
1 Westfield Avenue
Stratford
London
E20 1HZ
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