Company Registration No. 09040033 (England and Wales)
Mysteryvibe Limited
Unaudited accounts
for the period from 1 June 2019 to 30 June 2020
Mysteryvibe Limited
Unaudited accounts
Contents
Mysteryvibe Limited
Company Information
for the period from 1 June 2019 to 30 June 2020
Directors
Soumyadip Rakshit
Robert Paul Weekly
Shanshan Xu
Company Number
09040033 (England and Wales)
Registered Office
Quest House Suite 2
Ground Floor
125-135 Staines Rd
Hounslow
TW3 3JB
United Kingdom
Accountants
Fusion Accountants Limited
Quest House
125 - 135 Staines Road
Hounslow
Middlesex
TW3 3JB
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Mysteryvibe Limited for the period from 1 June 2019 to 30 June 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Mysteryvibe Limited for the period from
1 June 2019 to
30 June 2020 as set out on pages
5 -
9 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 icaew.com/membershandbook.
Our work has been undertaken in accordance with AAF 7/16 as detailed at icaew.com/compilation.
Fusion Accountants Limited
Chartered Accountants
Quest House
125 - 135 Staines Road
Hounslow
Middlesex
TW3 3JB
11 January 2021
Mysteryvibe Limited
Statement of financial position
as at
30 June 2020
Intangible assets
3,790
2,123
Tangible assets
3,139
6,742
Inventories
152,737
587,440
Debtors
1,341,390
912,478
Cash at bank and in hand
69,608
15,128
Creditors: amounts falling due within one year
(1,192,431)
(1,556,280)
Net current assets/(liabilities)
371,304
(41,234)
Total assets less current liabilities
378,234
(32,368)
Creditors: amounts falling due after more than one year
(50,000)
-
Net assets/(liabilities)
328,234
(32,368)
Called up share capital
199
163
Share premium
4,043,298
2,244,809
Capital contribution reserve
50,200
679,700
Profit and loss account
(3,765,463)
(2,957,040)
Shareholders' funds
328,234
(32,368)
For the period ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 January 2021 and were signed on its behalf by
Shanshan Xu
Director
Company Registration No. 09040033
Mysteryvibe Limited
Notes to the Accounts
for the period from 1 June 2019 to 30 June 2020
Mysteryvibe Limited is a private company, limited by shares, registered in England and Wales, registration number 09040033. The registered office is Quest House Suite 2, Ground Floor, 125-135 Staines Rd, Hounslow, TW3 3JB, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
has been depreciated using the straight line method over 3 years.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Intangible Assets have been amortised as follows:
Patents - 10 years useful economic life
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to it's selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Mysteryvibe Limited
Notes to the Accounts
for the period from 1 June 2019 to 30 June 2020
Financial instruments and investments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Investments
Investments in entities controlled or owned by the company are measured at cost less accumulated impairment.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The company incurs expenditure on research and development in order to develop new products and enhance their existing products. Research expenditure is expensed in the period in which it is incurred. Development costs are expensed when incurred unless they meet certain criteria for capitalisation.
Research and development tax credit claims made are recognised as a credit to the tax charge in the financial year relevant to the claim.
Total expenditure on research and development for the year is shown in Administrative Expenses - Sundry Expenses for a total value of £300,596 (2019: £447,505)
4
Intangible fixed assets
Other
Charge for the period
463
Mysteryvibe Limited
Notes to the Accounts
for the period from 1 June 2019 to 30 June 2020
5
Tangible fixed assets
Computer equipment
Cost or valuation
At cost
Charge for the period
3,603
6
Investments
Subsidiary undertakings
Valuation at 1 June 2019
1
Valuation at 30 June 2020
1
Finished goods
152,737
587,440
Trade debtors
1,192,125
578,553
Amounts due from group undertakings etc.
75,070
232,449
Accrued income and prepayments
62,593
68,822
Mysteryvibe Limited
Notes to the Accounts
for the period from 1 June 2019 to 30 June 2020
9
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
33,050
3,583
Trade creditors
201,395
202,250
Taxes and social security
5,598
(87,710)
Other creditors
32,288
564,955
Loans from directors
920,100
836,909
10
Creditors: amounts falling due after more than one year
2020
2019
11
Share capital
2020
2019
Allotted, called up and fully paid:
19,942 Ordinary shares of £0.01 each
199.42
163.25
Shares issued during the period:
3,617 Ordinary shares of £0.01 each
36.17
12
Capital contribution reserve
Subscribed share capital not issued relates to amounts received during the year for shares that were subscribed for, but not issued.
13
Transactions with related parties
The company offers a loan account for the directors. As at 30 June 2020, the company owed the directors £920,100 (2019: £836,909) this is included under creditors: director's loans.
The company also received loans from various shareholders in the period, primarily to assist with working capital requirements. thee loans are interest free and repayable on demand. The balances at 30 June 2019 totalled £31,265 (2019: £563,938). this has been included under other creditors.
14
Average number of employees
During the period the average number of employees was 6 (2019: 6).