Year Ended
Registration number:
Mylor Ventures Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
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Accountants' Report |
Mylor Ventures Limited
Company Information
Directors |
R G C Misselbrook Mrs D L Misselbrook |
Registered office |
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Accountants |
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Mylor Ventures Limited
Balance Sheet
31 March 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
3,600 |
1,000 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Mylor Ventures Limited
Balance Sheet
31 March 2020
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 08434822
Mylor Ventures Limited
Notes to the Financial Statements
Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
The Cottage
Lane End
St Gluvias
Penryn
Cornwall
TR10 9AX
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.
The company recognises revenue when:
-The amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Mylor Ventures Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% straight line |
Equipment |
25% reducing balance |
Leasehold improvements |
20% straight line |
Mylor Ventures Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Mylor Ventures Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Tangible assets |
Land and buildings |
Office equipment |
Equipment |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Included within the net book value of land and buildings above is £Nil (2019 - £Nil) in respect of freehold land and buildings and £5,496 (2019 - £6,152) in respect of short leasehold land and buildings.
Mylor Ventures Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 April 2019 |
1,000 |
1,000 |
Additions |
2,600 |
2,600 |
At 31 March 2020 |
3,600 |
3,600 |
Carrying amount |
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At 31 March 2020 |
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3,600 |
At 31 March 2019 |
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1,000 |
Debtors |
2020 |
2019 |
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Trade debtors |
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- |
Other debtors |
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Prepayments |
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Mylor Ventures Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
10,692 |
11,569 |
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Social security and other taxes |
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Other creditors |
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- |
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Accrued expenses |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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2020 |
2019 |
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Loans and borrowings due after one year |
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Bank borrowings |
- |
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Mylor Ventures Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Related party transactions |
Transactions with directors |
2020 |
At 1 April 2019 |
Advances |
Repayments by |
At 31 March 2020 |
R G C Misselbrook |
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Interest free loan, repayable on demand |
16,876 |
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( |
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2019 |
At 1 April 2018 |
Advances to directors |
Repayments by |
At 31 March 2019 |
R G C Misselbrook |
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Interest free loan, repayable on demand |
6,147 |
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( |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mylor Ventures Limited
Year Ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mylor Ventures Limited for the year ended 31 March 2020 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/membership/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Mylor Ventures Limited, as a body, in accordance with the terms of our engagement letter dated 7 September 2015. Our work has been undertaken solely to prepare for your approval the accounts of Mylor Ventures Limited and state those matters that we have agreed to state to the Board of Directors of Mylor Ventures Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mylor Ventures Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Mylor Ventures Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mylor Ventures Limited. You consider that Mylor Ventures Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Mylor Ventures Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Tregolls Road
Truro
Cornwall
TR1 2NA