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REGISTERED NUMBER: 10615074 (England and Wales)














MIFIC LIMITED

Unaudited Financial Statements

for the Year Ended 28 February 2025






MIFIC LIMITED (REGISTERED NUMBER: 10615074)

Contents of the Financial Statements
for the Year Ended 28 February 2025










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


MIFIC LIMITED

Company Information
for the Year Ended 28 February 2025







Directors: Mrs S M Inwood
Mr M J Inwood





Registered office: Artisans' House
7 Queensbridge
Northampton
Northamptonshire
NN4 7BF





Registered number: 10615074 (England and Wales)





Accountants: Cobley Desborough
Chartered Certified Accountants
Chartered Tax Advisers
Artisans' House
7 Queensbridge
Northampton
Northamptonshire
NN4 7BF

MIFIC LIMITED (REGISTERED NUMBER: 10615074)

Balance Sheet
28 February 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 74,515 -
Investments 5 2,072,746 3,163,646
2,147,261 3,163,646

CURRENT ASSETS
Cash at bank 2,588 12,957

CREDITORS
Amounts falling due within one year 6 1,129,366 2,221,389
NET CURRENT LIABILITIES (1,126,778 ) (2,208,432 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,020,483

955,214

PROVISIONS FOR LIABILITIES 119,818 88,869
NET ASSETS 900,665 866,345

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Fair value reserve 284,940 266,608
Retained earnings 515,725 499,737
SHAREHOLDERS' FUNDS 900,665 866,345

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 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.

MIFIC LIMITED (REGISTERED NUMBER: 10615074)

Balance Sheet - continued
28 February 2025


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





Mr M J Inwood - Director


MIFIC LIMITED (REGISTERED NUMBER: 10615074)

Notes to the Financial Statements
for the Year Ended 28 February 2025


1. STATUTORY INFORMATION

Mific Limited 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 as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

MIFIC LIMITED (REGISTERED NUMBER: 10615074)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025


2. ACCOUNTING POLICIES - continued

Going concern
The current economic conditions present increased risks for all businesses. In response to such conditions, the director has carefully considered these risks, including an assessment of uncertainty on future trading projections for a period of at least twelve months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on this assessment, the director considers that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations of external liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the director considers that the Company is not exposed to losses of these assets which would affect their decision to adopt the going concern basis.

The director is therefore satisfied and has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Theses financial statements have therefore been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
Additions 76,100
At 28 February 2025 76,100
Depreciation
Charge for year 1,585
At 28 February 2025 1,585
Net book value
At 28 February 2025 74,515

MIFIC LIMITED (REGISTERED NUMBER: 10615074)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2025


5. FIXED ASSET INVESTMENTS
Other
investments
£   
Cost or valuation
At 1 March 2024 3,163,646
Additions 582,841
Disposals (1,723,022 )
Revaluations 49,281
At 28 February 2025 2,072,746
Net book value
At 28 February 2025 2,072,746
At 29 February 2024 3,163,646

Cost or valuation at 28 February 2025 is represented by:

Other
investments
£   
Valuation in 2018 36,646
Valuation in 2019 (16,751 )
Valuation in 2020 176,653
Valuation in 2021 229,071
Valuation in 2022 66,754
Valuation in 2023 (108,874 )
Valuation in 2024 (28,022 )
Valuation in 2025 49,281
Cost 1,667,988
2,072,746

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Taxation and social security 11,719 6,358
Other creditors 1,117,647 2,215,031
1,129,366 2,221,389