Company No:
Contents
| DIRECTORS | R A Smith |
| P R Stevens | |
| P D Warren |
| SECRETARY | J M Mckenzie |
| REGISTERED OFFICE | 45 Argyle Street |
| CB1 3LR | |
| Cambridge | |
| United Kingdom |
| COMPANY NUMBER | 04052652 (England and Wales) |
| ACCOUNTANT | S&W Partners (East) LLP |
| Stonecross | |
| Trumpington High Street | |
| Cambridge | |
| CB2 9SU |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
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| Tangible assets | 4 |
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| Investments | 5 |
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| 291,750 | 354,786 | |||
| Current assets | ||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| 953,720 | 1,076,514 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 748 | 62,220 | ||
| Total assets less current liabilities | 292,498 | 417,006 | ||
| Provision for liabilities | 8 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Share premium account |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Mythic Beasts Limited (registered number:
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R A Smith
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Mythic Beasts Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 45 Argyle Street, CB1 3LR, Cambridge, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Mythic Beasts Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.
**Sale of goods**
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect if the transaction can be measured reliably.
**Rendering of service**
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably, and
- the costs incurred and the costs to complete the contract can be measured reliably.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
| Goodwill |
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| Trademarks, patents and licences |
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| Other intangible assets |
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All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| Plant and machinery etc. |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
**Defined contribution pension plan**
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the
contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Goodwill | Trademarks, patents and licences |
Other intangible assets | Total | ||||
| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 01 September 2023 |
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| At 31 August 2024 |
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| Accumulated amortisation | |||||||
| At 01 September 2023 |
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| Charge for the financial year |
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| At 31 August 2024 |
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| Net book value | |||||||
| At 31 August 2024 |
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| At 31 August 2023 |
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| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 September 2023 |
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| Additions |
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| At 31 August 2024 |
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| Accumulated depreciation | |||
| At 01 September 2023 |
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| Charge for the financial year |
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| At 31 August 2024 |
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| Net book value | |||
| At 31 August 2024 |
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| At 31 August 2023 |
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Investments in subsidiaries
| 2024 | |
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| Cost | |
| At 01 September 2023 |
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| At 31 August 2024 |
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| Carrying value at 31 August 2024 |
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| Carrying value at 31 August 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by Group undertakings |
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| Prepayments |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Accruals and deferred income |
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| Taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year | (
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| Credited/(charged) to the Statement of Income and Retained Earnings |
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| At the end of financial year | (
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| within one year |
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| between one and five years |
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| after five years |
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