Minut Home Limited 11789655 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is sale of electrical goods and software services. Digita Accounts Production Advanced 6.30.9574.0 true true true 11789655 2024-01-01 2024-12-31 11789655 2024-12-31 11789655 core:CurrentFinancialInstruments 2024-12-31 11789655 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 11789655 core:BetweenTwoFiveYears 2024-12-31 11789655 core:WithinOneYear 2024-12-31 11789655 core:PlantMachinery 2024-12-31 11789655 bus:SmallEntities 2024-01-01 2024-12-31 11789655 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 11789655 bus:FilletedAccounts 2024-01-01 2024-12-31 11789655 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 11789655 bus:RegisteredOffice 2024-01-01 2024-12-31 11789655 bus:Director1 2024-01-01 2024-12-31 11789655 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11789655 core:PlantMachinery 2024-01-01 2024-12-31 11789655 1 2024-01-01 2024-12-31 11789655 countries:EnglandWales 2024-01-01 2024-12-31 11789655 2023-12-31 11789655 core:PlantMachinery 2023-12-31 11789655 2023-01-01 2023-12-31 11789655 2023-12-31 11789655 core:CurrentFinancialInstruments 2023-12-31 11789655 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 11789655 core:BetweenTwoFiveYears 2023-12-31 11789655 core:WithinOneYear 2023-12-31 11789655 core:PlantMachinery 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 11789655

Minut Home Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Minut Home Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Minut Home Limited

Company Information

Director

N Mattisson

Registered office

9th Floor
107 Cheapside
London
EC2V 6DN

Accountants

Ardmore Accountancy Limited
Chartered Certified Accountants
Suite 2
Jupiter Business Suites
30a Packhorse Road
Gerrards Cross
Buckinghamshire
SL9 7DA

 

Minut Home Limited

(Registration number: 11789655)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

10,657

13,687

Current assets

 

Stocks

6

31,213

25,531

Debtors

7

985,986

742,593

Cash at bank and in hand

 

114,371

98,469

 

1,131,570

866,593

Creditors: Amounts falling due within one year

8

(762,390)

(570,571)

Net current assets

 

369,180

296,022

Total assets less current liabilities

 

379,837

309,709

Provisions for liabilities

(2,691)

(2,691)

Net assets

 

377,146

307,018

Capital and reserves

 

Called up share capital

100

100

Retained earnings

377,046

306,918

Shareholders' funds

 

377,146

307,018

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 May 2025
 

N Mattisson
Director

   
     
 

Minut Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9th Floor
107 Cheapside
London
EC2V 6DN

These financial statements were authorised for issue by the director on 20 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Exchange differences are taken into account in arriving at the consolidated operating profit for the purposes of transactions with the US parent company and other overseas group companies.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Minut Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

3-5 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity.

 

Minut Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 12).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

13,824

7,311

 

Minut Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2024

42,256

42,256

Additions

10,794

10,794

At 31 December 2024

53,050

53,050

Depreciation

At 1 January 2024

28,569

28,569

Charge for the year

13,824

13,824

At 31 December 2024

42,393

42,393

Carrying amount

At 31 December 2024

10,657

10,657

At 31 December 2023

13,687

13,687

6

Stocks

2024
£

2023
£

Other inventories

31,213

25,531

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

3,551

9,422

Amounts owed by group undertakings

10

947,383

706,228

Prepayments

 

19,476

12,519

Other debtors

 

15,576

14,424

   

985,986

742,593

 

Minut Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

10,616

16,379

Amounts owed to group undertakings

10

403,980

292,644

Taxation and social security

 

69,283

64,907

Accruals and deferred income

 

268,412

191,242

Other creditors

 

10,099

5,399

 

762,390

570,571

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

21,095

-

Later than one year and not later than five years

6,622

-

27,717

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £57,338 (2023 - £Nil).

10

Related party transactions

Summary of transactions with parent

During the year the company provided financial support to the parent company, Minut Inc. At the balance sheet date, Minut Inc owed the company £947,383 (2023: £706,228). This loan is interest free and repayable on demand.

During the year the company made sales to Minut Inc of £1,682,799 (2023: £1,630,470).

Summary of transactions with other related parties

During the year financial support was provided to the company by Minut AB of Baltzarsgatan 23, 21136 Malmo, Sweden, who is also under common control of the parent company,Minut Inc.At the balance sheet date the company owed Minut AB £403,980 (2023: £292,644). This loan is interest free and repayable on demand.

During the year the company made purchases from Minut AB of £122,549 (2023: £nil).

 

Minut Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

11

Parent and ultimate parent undertaking

The company's immediate parent is Minut Inc, incorporated in USA.

  These financial statements are available upon request from 440 N Barranca Ave, 8080 Covina, CA 91723, USA