Company Registration No. 02959578 (England and Wales)
MIHK Limited
Annual report and unaudited financial statements
For the year ended 31 December 2022
Pages for filing with registrar
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,300
10,136
Current assets
Debtors
4
172,561
112,820
Cash at bank and in hand
3,815
16,788
176,376
129,608
Creditors: amounts falling due within one year
5
(307,600)
(234,737)
Net current liabilities
(131,224)
(105,129)
Total assets less current liabilities
(120,924)
(94,993)
Creditors: amounts falling due after more than one year
6
(70,545)
(46,376)
Net liabilities
(191,469)
(141,369)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(191,471)
(141,371)
Total equity
(191,469)
(141,369)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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.
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 September 2023 and are signed on its behalf by:
A C De La Mata
Director
Company registration number 02959578 (England and Wales)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 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 amounts 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 trueloss during the year of £50,099 (2021: £56,712), and had deficiency of assets of £191,469 (2021: £141,369).
The director has confirmed that funds will continue to be made available from connected companies to enable it to meet its day to day commitments for the foreseeable future. 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. Turnover is recognised at the point of sale of goods to customers or when the service has been provided.
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:
Fixtures, fittings & equipment
25% reducing balance
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.6
Leases
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.8
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 in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2021 - 8).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022
19,701
254,572
274,273
Additions
3,598
3,598
At 31 December 2022
19,701
258,170
277,871
Depreciation and impairment
At 1 January 2022
19,701
244,437
264,138
Depreciation charged in the year
3,433
3,433
At 31 December 2022
19,701
247,870
267,571
Carrying amount
At 31 December 2022
10,300
10,300
At 31 December 2021
10,136
10,136
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
34,085
15,735
Corporation tax recoverable
5,246
5,246
Amounts owed by connected parties
85,554
54,980
Other debtors
47,676
36,859
172,561
112,820
Amounts due from connected parties are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
18,012
Trade creditors
12,191
14,029
Amounts due to connected parties
77,400
25,650
Corporation tax
1,316
Other taxation and social security
6,686
7,121
Other creditors
193,311
186,621
307,600
234,737
Amounts due to connected parties are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
70,545
46,376
7
Called up share capital
2022
2021
£
£
Issued and fully paid
2 Ordinary shares of £1 each
2
2
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
8
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:
2022
2021
£
£
Within one year
3,648
3,648
Between two and five years
1,809
5,457
5,457
9,105
9
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.
On 30th June 2023, Y M Guillemot's share was transferred to A C De La Mata.
10
Transactions with directors
During the year the director Mr A C De La Mata was advanced £55,575 (2021: £56,165) in loans by the company and repaid £48,180 (2021: £45,084) to the company.
At the year end, Mr A C De La Mata owed the company £29,370 (2021: £21,975). During the year interest of £128 (2021: £104) was charged on the loan.
During the year the director Mr Y M Guillemot was advanced £nil (2021: £22,484) in loans by the company and repaid £nil (2021: £32,900) to the company.
At the year end, Mr Y M Guillemot owed the company £139 (2021: £134). During the year interest of £5 (2021: £134) was charged on the loan.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
11
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 £7,048 (2021: £3,563) to MIHK. Various connected company loans were also made to and from the company. At 31 December 2022 the balance owed by Vinyl was £13,078 (2021: owed to Vinyl £7,610).
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 £22,960 (2021: £24,463) to MIHK. Various connected company loans were also made to and from the company. At 31 December 2022, the balance owed to Visible was £41,181 (2021: £47,141).
Mr A C De La Mata is a director and shareholder of Edgefilm Limited ("Edgefilm"). During the year the company advanced £51,750 (2021: £1,760). At the year ended 31 December 2022, the balance owed to Edgefilm was £77,400 (2021: £25,650).
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 £10,396 (2021: £11,467) to MIHK. At 31 December 2022, the balance owed by La Boca was £71,476 (2021: £53,980).
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.