Company registration number 06379175 (England and Wales)
MM - EYE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
MM - EYE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MM - EYE LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
25,832
13,478
Current assets
Stocks
4
111,351
-
Debtors
5
1,158,391
594,646
Cash at bank and in hand
518,016
461,276
1,787,758
1,055,922
Creditors: amounts falling due within one year
6
(1,209,840)
(394,674)
Net current assets
577,918
661,248
Total assets less current liabilities
603,750
674,726
Creditors: amounts falling due after more than one year
7
(19,167)
(29,167)
Net assets
584,583
645,559
Capital and reserves
Called up share capital
8
200,000
200,000
Profit and loss reserves
384,583
445,559
Total equity
584,583
645,559
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 30 June 2023 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.
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.
MM - EYE LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 December 2023 and are signed on its behalf by:
Mr D C Field
Director
Company Registration No. 06379175
MM - EYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
MM - Eye Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St. John Street, London, England, EC1M 4JN.
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
Turnover
Turnover represents the amount receivable in respect of the provision of services which fall within the companies ordinary activities stated net of value added tax.
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 costs 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.
1.3
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:
Computer equipment
20% straight line on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
MM - EYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash at bank and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
MM - EYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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 leases asset are consumed.
1.12
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:
2023
2022
Number
Number
Total
18
14
MM - EYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 July 2022
76,114
Additions
18,313
At 30 June 2023
94,427
Depreciation and impairment
At 1 July 2022
62,636
Depreciation charged in the year
5,959
At 30 June 2023
68,595
Carrying amount
At 30 June 2023
25,832
At 30 June 2022
13,478
4
Stocks
2023
2022
£
£
Work in progress
111,351
-
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
834,938
321,588
Amounts owed by group undertakings
217,633
215,747
Other debtors
105,820
57,311
1,158,391
594,646
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
10,000
10,000
Trade creditors
251,316
133,473
Corporation tax
10,819
3,859
Other taxation and social security
179,202
96,227
Other creditors
758,503
151,115
1,209,840
394,674
MM - EYE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
6
Creditors: amounts falling due within one year
(Continued)
- 7 -
The bank loan represents a Bounce Back Loan that is 100% backed by the government. The amount is unsecured, repayable by monthly instalments over 6 years and has a 2.5% p.a. interest rate.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
19,167
29,167
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
200,000 Ordinary shares of £1 each
200,000
200,000
200,000
200,000
9
Related party transactions
MM - Eye Ventures Limited
As permitted under FRS102 s33.1A, the financial statements do not disclose transactions with the parent undertaking and wholly owned fellow subsidiaries.
At the balance sheet date debtors includes £217,633 (2022: £215,747) owed by MM - Eye Ventures Limited.
MM - Eye Ventures Limited is the immediate parent company of MM - Eye Limited.
The Say Do Company Ltd
At the balance sheet date trade debtors and other debtors includes £68,753 (2022: £66,356) and £53,000 (2022: £53,000) owed by The Say Do Company Ltd respectively. In aggregate, the company is owed £121,753 (2022: £119,356) by The Say Do Company Ltd.
The Say Do Company Ltd is related by virtue of common directorship.
10
Controlling party
The immediate parent company is MM - Eye Ventures Limited and the ultimate controlling party is MM - Eye (EOT Corporate Trustee) Limited, both of whose registered office is 82 St John Street, London, EC1M 4JN. MM - Eye (EOT Corporate Trustee) Limited is the trustee of MM - Eye Employee-Ownership Trust, and ultimately holds the share capital of the company on behalf of the trust for the benefit of the company's employees.
No entity prepares consolidated financial statements that include the company.