Company Registration No. 02959578 (England and Wales)
MIHK Limited
Annual report and unaudited financial statements
For the year ended 31 December 2020
Pages for filing with registrar
MIHK LIMITED
MIHK Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MIHK LIMITED
MIHK Limited
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,158
13,544
Current assets
Debtors
4
143,839
117,405
Cash at bank and in hand
85,878
46,453
229,717
163,858
Creditors: amounts falling due within one year
5
(281,199)
(265,853)
Net current liabilities
(51,482)
(101,995)
Total assets less current liabilities
(41,324)
(88,451)
Creditors: amounts falling due after more than one year
6
(43,333)
Net liabilities
(84,657)
(88,451)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(84,659)
(88,453)
Total equity
(84,657)
(88,451)
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 2020 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 2020
31 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 September 2021 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 2020
- 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
true
profit
during the year of £
3,794
(2019:
£
81,042), and had
deficiency of assets
of £
84,657
(2019
: £
88,451)
.
In light of the COVID-19 pandemic, during the year, the Company undertook measures and joined available schemes made available by the UK Government, public bodies and their bank to improve the liquidity of the Company.
The directors expect the company to
continue to be
profitable 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.
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.
MIHK LIMITED
MIHK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Leases
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 lease
s
asset are consumed.
1.7
Government grants
Government grants are recognised at the fair value of the asset receive
d
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
(201
9
-
8
).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2020 and 31 December 2020
19,701
251,217
270,918
Depreciation and impairment
At 1 January 2020
19,701
237,673
257,374
Depreciation charged in the year
3,386
3,386
At 31 December 2020
19,701
241,059
260,760
Carrying amount
At 31 December 2020
10,158
10,158
At 31 December 2019
13,544
13,544
MIHK LIMITED
MIHK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
32,959
304
Corporation tax recoverable
1,431
1,431
Amounts owed by connected parties
73,513
83,336
Other debtors
35,936
32,334
143,839
117,405
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
2020
2019
£
£
Bank loans
6,667
Trade creditors
22,210
32,348
Amounts due to connected parties
111,203
171,706
Corporation tax
2,521
1,431
Other taxation and social security
6,374
6,669
Other creditors
132,224
53,699
281,199
265,853
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
2020
2019
£
£
Bank loans
43,333
7
Called up share capital
2020
2019
£
£
Issued and fully paid
2 Ordinary shares of £1 each
2
2
MIHK LIMITED
MIHK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 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:
2020
2019
£
£
Within one year
399
11,167
Between two and five years
399
399
11,566
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.
10
Transactions with directors
During the year the director Mr A C De La Mata was advanced
£47,970
in loans by the company and repaid
£
47,198
to the company.
A
t the year end
,
Mr A C De La Mata
owed
the company £
6,
919
(2019:
£
5,993)
. During the year interest of £154 (201
9
: £
23
) was charged on the loan.
During the year the director Mr
Y M Guillemot
was advanced
£6,000 (2019: £4,350)
in loans by the company and repaid
£nil
to the company.
A
t the year end
,
Mr
Y M Guillemot owed
the company £
10,
550
(2019:
£
4,379)
. During the year interest of £171 (201
9
: £
29
) was charged on the loan.
MIHK LIMITED
MIHK Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 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
MIHK
paid management charges of
£7,441
(2019:
£4,102
) to Vinyl
. Various connected company loans were also made to and from the company. At 31 December 2020 the balance owed to Vinyl was
£42,089
(2019:
£52,959
).
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
£18,791
(2019: £23,072)
to MIHK
. Various connected company loans were also made to and from the company. At the year end, the balance owed
to Visible
was
£41,704
(2019: £
59,580).
Mr A C De La Mata is a director and shareholder
of
Edgefilm
Limited
(
"
Edgefilm")
.
During the year
the company
was advanced £36,160 (201
9
: £
277,884
).
At the year ended 31 December 2020, the balance owed
to Edgefilm
was
£27,410 (2
019: £
n
il).
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
£57,177
(2019: £45,790) to MIHK. At the year end 31 December 2020, the balance owed
by
La Boca was
£72,513
(2019: £
82,336)
.
Mr A C De La Mata is a director and shareholder of Bluelight Parreno Limited. During the year the directors decided to include a provision of £(63,467)
against the loan. During the year MIHK paid Bluelight Parreno £700 (201
9
: was advanced £
13,300
). At 31 December 20
20
, the balance owed to Bluelight Parreno Limited was
£nil (201
9
: £64,167).
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.