MYCO FOODS LTD


1 October 2019falseNo description of principal activityTaxfiler2020.1210138936business:PrivateLimitedCompanyLtd2019-10-012020-09-30101389362019-09-30101389362019-10-012020-09-3010138936business:AuditExemptWithAccountantsReport2019-10-012020-09-3010138936business:FullAccounts2019-10-012020-09-30101389362020-09-3010138936business:Director12019-10-012020-09-3010138936business:Director22019-10-012020-09-3010138936business:RegisteredOffice2019-10-012020-09-30101389362019-09-3010138936core:WithinOneYear2020-09-3010138936core:WithinOneYear2019-09-3010138936core:AfterOneYear2020-09-3010138936core:AfterOneYear2019-09-3010138936core:ShareCapital2020-09-3010138936core:ShareCapital2019-09-3010138936core:RetainedEarningsAccumulatedLosses2020-09-3010138936core:RetainedEarningsAccumulatedLosses2019-09-3010138936business:SmallEntities2019-10-012020-09-3010138936countries:EnglandWales2019-10-012020-09-3010138936core:LandBuildings2019-10-012020-09-3010138936core:PlantMachinery2019-10-012020-09-3010138936core:LandBuildings2019-09-3010138936core:PlantMachinery2019-09-3010138936core:LandBuildings2020-09-3010138936core:PlantMachinery2020-09-3010138936core:BetweenOneFiveYears2020-09-3010138936core:BetweenOneFiveYears2019-09-30101389362018-10-012019-09-30iso4217:GBPxbrli:pure
Company Registration No. 10138936 (England and Wales)
MYCO FOODS LTDUnaudited accounts for the year ended 30 September 2020
MYCO FOODS LTDUnaudited accounts Contents
Page
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MYCO FOODS LTD Company Information for the year ended 30 September 2020
Directors
Mr J ShepherdMr JM Croslegh
Company Number
10138936 (England and Wales)
Registered Office
UNIT G13MORTON PARK WAYDARLINGTONDURHAMDL1 4PQ ENGLAND
Accountants
JLA Accounting Limited 9 Flora Avenue Darlington DL3 8PF
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MYCO FOODS LTD Statement of financial position as at 30 September 2020
2020 
2019 
Notes
£ 
£ 
Fixed assets
Tangible assets
23,884 
28,019 
Current assets
Inventories
- 
1,900 
Debtors
7,498 
9,481 
Cash at bank and in hand
233 
124 
7,731 
11,505 
Creditors: amounts falling due within one year
(140,941)
(401,699)
Net current liabilities
(133,210)
(390,194)
Total assets less current liabilities
(109,326)
(362,175)
Creditors: amounts falling due after more than one year
(511,934)
(395,740)
Net liabilities
(621,260)
(757,915)
Capital and reserves
Called up share capital
166,100 
4,000 
Profit and loss account
(787,360)
(761,915)
Shareholders' funds
(621,260)
(757,915)
For the year ending 30 September 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 21 October 2020 and were signed on its behalf by
Mr J Shepherd Director Company Registration No. 10138936
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MYCO FOODS LTD Notes to the Accounts for the year ended 30 September 2020
1
Statutory information
MYCO FOODS LTD is a private company, limited by shares, registered in England and Wales, registration number 10138936. The registered office is UNIT G13, MORTON PARK WAY, DARLINGTON, DURHAM, DL1 4PQ, ENGLAND.
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.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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:
Land & buildings
10% reducing balance
Plant & machinery
10% reducing balance
Turnover
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Inventories
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.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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MYCO FOODS LTD Notes to the Accounts for the year ended 30 September 2020
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
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.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 October 2019
16,490 
17,688 
34,178 
Disposals
- 
(1,779)
(1,779)
At 30 September 2020
16,490 
15,909 
32,399 
Depreciation
At 1 October 2019
2,810 
3,349 
6,159 
Charge for the year
1,368 
1,289 
2,657 
On disposals
- 
(301)
(301)
At 30 September 2020
4,178 
4,337 
8,515 
Net book value
At 30 September 2020
12,312 
11,572 
23,884 
At 30 September 2019
13,680 
14,339 
28,019 
5
Inventories
2020 
2019 
£ 
£ 
Finished goods
- 
1,900 
- 
1,900 
6
Debtors
2020 
2019 
£ 
£ 
Trade debtors
6,738 
8,867 
Other debtors
760 
614 
7,498 
9,481 
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MYCO FOODS LTD Notes to the Accounts for the year ended 30 September 2020
7
Creditors: amounts falling due within one year
2020 
2019 
£ 
£ 
Bank loans and overdrafts
67,444 
17,167 
Trade creditors
3,216 
5,060 
Taxes and social security
4,160 
962 
Other creditors
64,871 
378,510 
Accruals
1,250 
- 
140,941 
401,699 
8
Creditors: amounts falling due after more than one year
2020 
2019 
£ 
£ 
Bank loans
114,694 
- 
Other creditors
397,240 
395,740 
511,934 
395,740 
9
Operating lease commitments
2020 
2019 
£ 
£ 
At 30 September 2020 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
12,103 
- 
Within two to five years
877 
25,083 
12,980 
25,083 
10
Transactions with related parties
Julian Croslegh is a director and shareholder of PKL Consultancy Ltd. PKL Consultancy Ltd has provided consultancy services to Myco Foods Ltd of £28,750 (2019: £36,078)
11
Average number of employees
During the year the average number of employees was 2 (2019: 1).
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