Company Registration No. SC279244 (Scotland)
MIX PROJECT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
MIX PROJECT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
3
2,400
-
Cash at bank and in hand
2,201
27
4,601
27
Creditors: amounts falling due within one year
4
(11,746)
(7,907)
Net current liabilities
(7,145)
(7,880)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(7,245)
(7,980)
Total equity
(7,145)
(7,880)
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
The financial statements were approved and signed by the director and authorised for issue on 19 March 2019
Mr Hamish Thomson
Director
Company Registration No. SC279244
MIX PROJECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information
Mix Project Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.
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 company's accounting reference date is 30 March 2018, however the director has chosen to prepare the financial statements for the financial year ending 31 March 2018, being a date within 7 days of the amended accounting reference date.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
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
Going concern
The financial statements have been prepared on the going concern basis. The appropriateness of this basis is dependent upon the continued support of the director and company's bankers.
1.3
Reporting period
The company commenced trading on 9 April 2016 and accounts were prepared for the period to 31 March 2017 to give a full years trading results and this year end will be used going forward.
1.4
Turnover
Turnover
comprises the invoiced value of
agent and promotional services
provided by the company
.
1.5
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
1.6
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
MIX PROJECT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
2,400
-
4
Creditors: amounts falling due within one year
2018
2017
£
£
Directors current accounts
5,495
6,827
Accruals and deferred income
6,251
1,080
11,746
7,907
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 of £1 each
100
100
100
100