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Registration number: 06953055

Micro Dream Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Micro Dream Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Micro Dream Limited

(Registration number: 06953055)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

42,311

56,415

Current assets

 

Stocks

6

30,000

45,000

Debtors

7

78,748

183,397

Cash at bank and in hand

 

8,197

55,060

 

116,945

283,457

Creditors: Amounts falling due within one year

8

(217,304)

(197,226)

Net current (liabilities)/assets

 

(100,359)

86,231

Total assets less current liabilities

 

(58,048)

142,646

Provisions for liabilities

(10,578)

(14,104)

Net (liabilities)/assets

 

(68,626)

128,542

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(68,726)

128,442

Shareholders' (deficit)/funds

 

(68,626)

128,542

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

 

Micro Dream Limited

(Registration number: 06953055)
Statement of Financial Position as at 30 September 2024 (continued)

Approved and authorised by the Board on 30 May 2025 and signed on its behalf by:
 


Mr D Dubis
Director

 

Micro Dream Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Petitor House
Nicholson Road
Torquay
Devon
TQ2 7TD

Principal activity

The principal activity of the company is retail sale of refurbished computers, peripheral units and software.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Micro Dream Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Micro Dream Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Micro Dream Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Micro Dream Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 20).

 

Micro Dream Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

30,000

30,000

At 30 September 2024

30,000

30,000

Amortisation

At 1 October 2023

30,000

30,000

At 30 September 2024

30,000

30,000

Carrying amount

At 30 September 2024

-

-

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

166,651

29,400

196,051

At 30 September 2024

166,651

29,400

196,051

Depreciation

At 1 October 2023

122,639

16,997

139,636

Charge for the year

11,003

3,101

14,104

At 30 September 2024

133,642

20,098

153,740

Carrying amount

At 30 September 2024

33,009

9,302

42,311

At 30 September 2023

44,012

12,403

56,415

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

30,000

45,000

 

Micro Dream Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

7

Debtors

2024
£

2023
£

Other debtors

69,275

170,261

Prepayments

9,473

13,136

78,748

183,397

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

95,010

66,441

Trade creditors

 

20,413

10,260

Taxation and social security

 

93,048

109,476

Accruals and deferred income

 

5,858

7,769

Other creditors

 

2,975

3,280

 

217,304

197,226

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Micro Dream Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

996

-

Other borrowings

94,014

66,441

95,010

66,441

11

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Directors

170,261

70,014

(171,000)

69,275

         
       

 

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Directors

195,755

224,506

(250,000)

170,261