Registration number:
Mega Advanced Ltd
for the Period from 17 May 2021 to 31 December 2021
Mega Advanced Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Mega Advanced Ltd
Company Information
Directors |
M E Ashford T F Mercey L P Mercey N W Wray V L Luck |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Mega Advanced Ltd
for the Period Ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mega Advanced Ltd for the period ended 31 December 2021 which comprise the staement of income, balance sheet, statement of changes in equity and the related notes 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
https://www.icaew.com/regulation/a-z.
It is your duty to ensure that Mega Advanced Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Mega Advanced Ltd. You consider that Mega Advanced Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Mega Advanced Ltd. 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.
Use of our report
This report is made solely to the Board of Directors of Mega Advanced Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Mega Advanced Ltd and state those matters that we have agreed to state to the Board of Directors of Mega Advanced Ltd, 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 Mega Advanced Ltd and its Board of Directors, as a body, for our work or for this report.
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Chartered Accountants
Champions Way
Hendon
London
NW4 1PX
Mega Advanced Ltd
(Registration number: 13403283)
Balance Sheet as at 31 December 2021
Note |
2021 |
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Fixed assets |
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Investment in subsidiary |
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Other investments |
500,000 |
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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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Net current liabilities |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
1 |
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Retained earnings |
(7,691) |
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Shareholders' deficit |
(7,690) |
For the financial period ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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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. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Income.
Approved and authorised by the
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Mega Advanced Ltd
Notes to the Unaudited Financial Statements for the Period from 17 May 2021 to 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.
Accounting policies |
Statement of compliance
These financial statements, which are the company's first financial statements, have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below.
Exemption from preparing group accounts
Disclosure of long or short period
Going concern
The directors have considered in detail the company's forecast performance as well as its capital and liquidity resources. On this basis, the directors have a reasonable expectation that despite the current market conditions, the company has sufficient funding and liquidity facilities to ensure that the company will continue in operational existence for the forseeable future being a period of at least 12 months from the date on which these financial statements are approved.
Having regard to the above, the directors believe it is appropriate to adapt the going concern basis of accounting in preparing the financial statements.
Tax
The tax expense for the period comprises current and, where applicable deferred 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 or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Mega Advanced Ltd
Notes to the Unaudited Financial Statements for the Period from 17 May 2021 to 31 December 2021
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Cash and cash equivalents
This comprises cash at bank and in hand.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Financial instruments including other fixed asset investments
The company's cash at bank and in hand, convertible loan note and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method, where appropriate.
Investments in unlisted investments are carried in the balance sheet at fair value with changes in fair value recognised in profit or loss. In the circumstances where the fair values are not reliably measurable, such assets are carried at cost less any accumulated impairment.
Investments are classified as fixed asset investments in the circumstances where the company's intention was to hold them on a continuing basis.
Employee information |
The average number of persons employed by the company (including directors) during the period, was
Investment in subsidiary |
2021 |
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Investment in subsidiary |
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Mega Advanced Ltd
Notes to the Unaudited Financial Statements for the Period from 17 May 2021 to 31 December 2021
Subsidiary |
£ |
Cost |
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At 17 May 2021 |
- |
Additions during the period |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital as at 31 December 2021 are as follows:
Name |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2021 |
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Subsidiary |
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StoneX Stadium
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Other investments |
Unlisted investments |
Total |
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Cost |
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At 17 May 2021 |
- |
- |
Additions |
500,000 |
500,000 |
At 31 December 2021 |
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500,000 |
Debtors |
2021 |
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Other debtors |
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Mega Advanced Ltd
Notes to the Unaudited Financial Statements for the Period from 17 May 2021 to 31 December 2021
Creditors: amounts falling due within one year |
2021 |
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Unsecured convertible loan notes |
1,000,000 |
Accruals |
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Directors' curremt account |
100 |
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The unsecured convertible loan notes can be redeemed at any time by the company notifying the noteholder.
Share capital |
Allotted, called up and fully paid shares
2021 |
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No. |
£ |
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1 |
Control |
Non adjusting events after the financial period |
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