Company Registration No. 02959578 (England and Wales)
MIHK Limited
Annual report and unaudited financial statements
For the year ended 31 December 2017
Pages for filing with registrar
MIHK LIMITED
MIHK Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MIHK LIMITED
MIHK Limited
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,835
20,620
Current assets
Debtors
4
466,917
413,442
Cash at bank and in hand
638
710
467,555
414,152
Creditors: amounts falling due within one year
5
(581,392)
(468,432)
Net current liabilities
(113,837)
(54,280)
Total assets less current liabilities
(96,002)
(33,660)
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
(96,004)
(33,662)
Total equity
(96,002)
(33,660)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
MIHK LIMITED
MIHK Limited
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2018 and are signed on its behalf by:
A C De La Mata
Director
Company Registration No. 02959578
MIHK LIMITED
MIHK Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
MIHK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
25 Powis Terrace, London, W11 1JJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company made a
loss
during the year of £
62,342
(2016:
loss
of £
19
,
322), and had
deficiency of assets
of £
96,002
(2016
: £
33,660).
The directors expect the company to
be
profitable in 2018 and continue to make good the deficiency of net assets.
Accordingly, the directors consider it appropriate to prepare these accounts on a going concern basis.
1.3
Turnover
Turnover represents the amounts derived from the sales of goods, licences, services and non-returnable advances received stated net of value added tax.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Straight line over length of lease
Fixtures, fittings & equipment
25% reducing balance
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MIHK LIMITED
MIHK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2016 - 13).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2017
19,701
243,403
263,104
Additions
-
3,160
3,160
At 31 December 2017
19,701
246,563
266,264
Depreciation and impairment
At 1 January 2017
19,701
222,783
242,484
Depreciation charged in the year
-
5,945
5,945
At 31 December 2017
19,701
228,728
248,429
Carrying amount
At 31 December 2017
-
17,835
17,835
At 31 December 2016
-
20,620
20,620
MIHK LIMITED
MIHK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
6,216
21,149
Amounts due from connected undertakings
425,774
365,016
Other debtors
34,927
27,277
466,917
413,442
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
211,105
8,697
Trade creditors
9,241
7,656
Amounts due to connected undertakings
248,886
315,305
Corporation tax
-
226
Other taxation and social security
7,075
8,244
Other creditors
105,085
128,304
581,392
468,432
6
Called up share capital
2017
2016
£
£
Issued and fully paid
2 Ordinary shares of £1 each
2
2
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
Within one year
43,509
45,347
Between two and five years
46,625
28,347
90,134
73,694
MIHK LIMITED
MIHK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
8
Control
The ultimate controlling party, which remains unchanged from the previous year, is the directors by virtue of their combined ownership of 100% of the voting share capital.
9
Transactions with directors
During the year the director Mr A C De La Mata was advanced
£62,216
in loans by the company and repaid
£45,200
to the company.
A
t the year end
the company owed
Mr A C De La Mata
£
15,004 (2016: £
35,020
)
. During the year interest of £Nil (201
6
: £171) was charged on the loan.
10
Related party relationships and transactions
Mr A C De La Mata and Mr Y M Guillemot are directors and controlling shareholders of Vinyl Schnozza Limited ("Vinyl"). During the year
Vinyl
paid management charges of
£8,343
(2016:
£
34,544
)
to the company
. Various connected company loans were also made to and from the company. At 31 December 2017 the balance owed by Vinyl was
£21,432
(2016: £
90,720
owed
to).
Mr A C De La Mata and Mr Y M Guillemot are directors and shareholders of Visible Noise Limited ("Visible"). During the year Visible paid management charges of
£5,658
(2016: £
46,787
) to MIHK. Various connected company loans were also made to and from the company. At the year end, the balance owed
by Visible
was
£4,180
(2016: £
3,164).
Mr A C De La Mata is a director and shareholder of
Edgefilm
Limited
(
"
Edgefilm)
". During the year
the company repaid £699 to
Edgefilm
(201
6
: Edgefilm advanced £69,088 to the company).
At the year ended 31 December 2017, the balance owed
to
Edgefilm
was
£
222,018
(2016: £
222,718
).
Mr A C De La Mata is a director and shareholder of La Boca Limited ("La Boca"). During the year La Boca paid management charges of
£93,216
(2016: £
136,731
) to MIHK. At the year end 31 December 2017, the balance owed
by
La Boca was
£93,216
(2016: £
57,681
).
Mr A C De La Mata is a shareholder of Wildbunch Group ("Wildbunch"). During the year the company charged Wildbunch
£292,891
(2016:
£
320,416
) for services on normal commercial terms. At 31 December 2017
the company
owed Wildbunch
£
374
(2016: £
21,887 owed to
).
Mr A C De La Mata is a director and shareholder of Mandrake Limited ("Mandrake"). Various costs have been paid on behalf of Mandrake which will be recovered from their future trading. At 31 December 2017 Mandrake owed the company
£306,946
(2016: £
306,946
).
Mr A C De La Mata is a director and shareholder of Bluelight Parreno Limited. During the year Bluelight Parreno advanced £
25,000
to the company (201
6
: £
1
,
867
). At 31 December 201
7
, the balance owed to Bluelight Parreno Limited was
£
26,867
(201
6
: £1,867).
The bank accounts of the company and various other companies in which the directors have an interest as directors and shareholders are secured by an unlimited inter
-
company cross guarantee.