MIH Projects Limited
Unaudited Financial Statements
For the year ended 31 August 2024
Pages for Filing with Registrar
Company Registration No. 04776313 (England and Wales)
MIH Projects Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MIH Projects Limited
Balance Sheet
As at 31 August 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
87
130
Current assets
Debtors
4
27,434
336,171
Cash at bank and in hand
1,056,389
303,415
1,083,823
639,586
Creditors: amounts falling due within one year
5
(852,699)
(521,127)
Net current assets
231,124
118,459
Net assets
231,211
118,589
Capital and reserves
Called up share capital
6
99
99
Profit and loss reserves
231,112
118,490
Total equity
231,211
118,589
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 May 2025
C Masterson
Director
Company Registration No. 04776313
MIH Projects Limited
Notes to the Financial Statements
For the year ended 31 August 2024
Page 2
1
Accounting policies
Company information
MIH Projects Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Evolution, Wynyard Business Park, Wynyard, Teeside, TS22 5TB.
1.1
Accounting convention
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 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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue to trade in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
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:
Computers
25% 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.
MIH Projects Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 3
1.5
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.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
MIH Projects Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023 and 31 August 2024
177
Depreciation and impairment
At 1 September 2023
47
Depreciation charged in the year
43
At 31 August 2024
90
Carrying amount
At 31 August 2024
87
At 31 August 2023
130
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,248
331,181
Other debtors
579
-
Prepayments and accrued income
11,607
4,990
27,434
336,171
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
422,975
259,228
Corporation tax
35,518
21,334
Other taxation and social security
58,517
48,434
Other creditors
5,220
-
Accruals and deferred income
330,469
192,131
852,699
521,127
MIH Projects Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 5
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
99
99
99
99
7
Related party transactions
During the period the company made gross sales of £1,368,134 (2023: £1,113,652 ) to Mesh Marketing Limited, a related party by virtue of common control. At the year end there was an amount included in trade debtors of £2,145 (2023: £331,181) owed by Mesh Marketing Limited in respect of these sales. During the year the company also made purchases of £345,132 (2023: £299,689) from Mesh Marketing Limited. At the year end, there was an amount included in trade creditors of £273,634 (2023: £177,167) owed to Mesh Marketing Limited in respect of these purchases. At the year end there was an amount of £14,000 (2023: £nil) included in other creditors relating to accrued costs from Mesh Marketing Limited.
8
Parent company
J Masterson is the ultimate controlling party by virtue of their majority shareholding in the company.