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Unaudited Financial Statements |
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for the Year Ended 30th June 2021 |
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for |
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MM - Eye Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30th June 2021 |
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for |
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MM - Eye Limited |
MM - Eye Limited (Registered number: 06379175) |
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Contents of the Financial Statements |
for the Year Ended 30th June 2021 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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MM - Eye Limited |
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Company Information |
for the Year Ended 30th June 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Stag House |
Old London Road |
Hertford |
Hertfordshire |
SG13 7LA |
MM - Eye Limited (Registered number: 06379175) |
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Statement of Financial Position |
30th June 2021 |
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30.6.21 | 30.6.20 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS/(LIABILITIES) |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MM - Eye Limited (Registered number: 06379175) |
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Statement of Financial Position - continued |
30th June 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Profit and Loss and Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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MM - Eye Limited (Registered number: 06379175) |
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Notes to the Financial Statements |
for the Year Ended 30th June 2021 |
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1. | STATUTORY INFORMATION |
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MM-Eye Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" (March 2018) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Going concern |
While there is uncertainty about the impact that COVID-19 will have on the global economy the directors do not believe it impacts the use of the going concern basis of preparation nor does it cast significant doubt about the company's ability to continue as a going concern for a period of twelve months from the date of the financial statements being authorised for issue. |
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The directors consider the company to be sufficiently robust that its operations will not be significantly affected and that it will be able to generate and maintain sufficient levels of cash in order to meet its overhead commitments for at least the period under review. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had a significant effect on amounts recognised in the financial statements: |
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- The company considers the recoverability of its amounts due from/on contracts and the associated provisioning required. When calculating the work in progress management considers the level of after date costs based on estimates and assumptions. |
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- The company makes estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
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Turnover |
Turnover represents the amounts receivable in respect of the provision of services which fall within the company's ordinary activities stated net of value added tax. |
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Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and cost to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. |
MM - Eye Limited (Registered number: 06379175) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Computer equipment | - 20% on cost |
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Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
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Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
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Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Creditors |
Basic short term financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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MM - Eye Limited (Registered number: 06379175) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Operating lease commitments |
Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease. |
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Government grants |
Revenue grants to assist general activities are recognised in the statement of profit and loss account in the period in which they are received. Government assistance is provided in the form of the job retention scheme totalling £20,732, (2020:£30,011) and under the bounce back loan scheme. Under the bounce back loan scheme interest of £1,146 which is covered by the government is shown in other income. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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MM - Eye Limited (Registered number: 06379175) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2021 |
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4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
At 1st July 2020 |
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Disposals | ( |
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At 30th June 2021 |
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DEPRECIATION |
At 1st July 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30th June 2021 |
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NET BOOK VALUE |
At 30th June 2021 |
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At 30th June 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.21 | 30.6.20 |
as restated |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts recoverable on contracts |
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Other debtors |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.21 | 30.6.20 |
as restated |
£ | £ |
Bank loans and overdrafts |
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Other loans |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Amounts due to customers on contracts | 38,424 | - |
Accruals and deferred income |
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MM - Eye Limited (Registered number: 06379175) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2021 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.6.21 | 30.6.20 |
as restated |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans due more than |
5 years by instalments |
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Other loans - 1-2 years |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans due more than |
5 years by instalments | - | 9,166 |
- | 9,166 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.21 | 30.6.20 |
value: | as restated |
£ | £ |
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Ordinary £1 Shares | £1 | 200,000 | 200,000 |
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9. | CAPITAL COMMITMENTS |
30.6.21 | 30.6.20 |
as restated |
£ | £ |
Contracted but not provided for in the |
financial statements |
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10. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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The following information relates to transactions and balances with related parties not covered by the reduced disclosure exemption: |
30.06.21 | 30.06.20 |
£ | £ |
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Other related parties |
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Included in Debtors |
Other debtors | 36,121 | - |
MM - Eye Limited (Registered number: 06379175) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th June 2021 |
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11. | ULTIMATE PARENT COMPANY |
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The ultimate parent company is MM-Eye Ventures Limited whose registered office is 82 St John Street, London, EC1M 4JN |