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Company Registration No. 08315471 (England and Wales)
Mipic Ltd Unaudited accounts for the year ended 31 December 2024
Mipic Ltd Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
- 2 -
Mipic Ltd Company Information for the year ended 31 December 2024
Director
Carl Philip Thomas
Secretary
Carl Philip Thomas
Company Number
08315471 (England and Wales)
Registered Office
20-22 Wenlock Road London N1 7GU United Kingdom
Accountants
The Accountancy Cloud 1 Fore Street Avenue London EC2Y 9DT
- 3 -
Mipic Ltd Statement of financial position as at 31 December 2024
2024
2023
Notes
£
£
Fixed assets
Tangible assets
4
1,654
1,452
Current assets
Debtors
5
1,587
5,249
Cash at bank and in hand
(33,174)
(21,605)
(31,587)
(16,356)
Creditors: amounts falling due within one year
6
(47,562)
(2,646)
Net current liabilities
(79,149)
(19,002)
Total assets less current liabilities
(77,495)
(17,550)
Creditors: amounts falling due after more than one year
7
(16,465)
(46,928)
Net liabilities
(93,960)
(64,478)
Capital and reserves
Called up share capital
8
2
2
Share premium
1,959,845
1,825,345
Capital contribution reserve
6,352
6,352
Profit and loss account
(2,060,159)
(1,896,177)
Shareholders' funds
(93,960)
(64,478)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 November 2025 and were signed on its behalf by
Carl Philip Thomas Director Company Registration No. 08315471
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Mipic Ltd Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Mipic Ltd is a private company, limited by shares, registered in England and Wales, registration number 08315471. The registered office is 20-22 Wenlock Road, London, N1 7GU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20%
Fixtures & fittings
25%
Computer equipment
33.33%
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
- 5 -
Mipic Ltd Notes to the Accounts for the year ended 31 December 2024
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
£
£
£
Cost or valuation
At cost
At cost
At 1 January 2024
838
19,677
20,515
Additions
-
916
916
Disposals
-
(1,898)
(1,898)
At 31 December 2024
838
18,695
19,533
Depreciation
At 1 January 2024
838
18,225
19,063
Charge for the year
-
714
714
On disposals
-
(1,898)
(1,898)
At 31 December 2024
838
17,041
17,879
Net book value
At 31 December 2024
-
1,654
1,654
At 31 December 2023
-
1,452
1,452
5
Debtors
2024
2023
£
£
Amounts falling due within one year
VAT
1,587
5,180
Accrued income and prepayments
-
69
1,587
5,249
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,000
6,829
Trade creditors
753
1,527
Taxes and social security
18,770
17,076
Other creditors
19,050
350
Loans from directors
1,989
(23,136)
47,562
2,646
The Other Creditors balance under Current Liabilities refers in its entirety to Convertible Loan Notes.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
16,465
22,694
Other creditors
-
24,234
16,465
46,928
- 6 -
Mipic Ltd Notes to the Accounts for the year ended 31 December 2024
8
Share capital
2024
2023
£
£
Allotted, called up and fully paid:
1,804,750 A Ordinary of £0.000001 each
1.80
1.80
150,880 B Investment of £0.000001 each
0.15
0.15
134,976 C Ordinary of £0.000001 each
0.13
0.13
2.08
2.08
9
Loans to directors
Brought Forward
Advance/ credit
Repaid
Carried Forward
£
£
£
£
Carl Philip Thomas
Loan to director
23,136
-
25,125
(1,989)
23,136
-
25,125
(1,989)
Interest has been charged at the official rate of interest.
10
Average number of employees
During the year the average number of employees was 1 (2023: 1).
- 7 -