Company Registration No. 08315471 (England and Wales)
Mipic Ltd
Unaudited accounts
for the year ended 31 December 2024
Mipic Ltd
Unaudited accounts
Contents
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
Mipic Ltd
Statement of financial position
as at 31 December 2024
Tangible assets
1,654
1,452
Cash at bank and in hand
(33,174)
(21,605)
Creditors: amounts falling due within one year
(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
(16,465)
(46,928)
Net liabilities
(93,960)
(64,478)
Called up share capital
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
Mipic Ltd
Notes to the Accounts
for the year ended 31 December 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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:
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.
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
Disposals
-
(1,898)
(1,898)
At 31 December 2024
838
18,695
19,533
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
At 31 December 2024
-
1,654
1,654
At 31 December 2023
-
1,452
1,452
Amounts falling due within one year
Accrued income and prepayments
-
69
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
7,000
6,829
Taxes and social security
18,770
17,076
Other creditors
19,050
350
Loans from directors
1,989
(23,136)
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
Mipic Ltd
Notes to the Accounts
for the year ended 31 December 2024
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
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to director
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).