ACCOUNTS - Final Accounts

MIMEA MAUZO LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31No description of principal activity2022-01-01false21truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13276447 2022-01-01 2022-12-31 13276447 2021-03-18 2021-12-31 13276447 2022-12-31 13276447 2021-12-31 13276447 c:Director2 2022-01-01 2022-12-31 13276447 d:PlantMachinery 2022-01-01 2022-12-31 13276447 d:PlantMachinery 2022-12-31 13276447 d:PlantMachinery 2021-12-31 13276447 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 13276447 d:OfficeEquipment 2022-01-01 2022-12-31 13276447 d:OfficeEquipment 2022-12-31 13276447 d:OfficeEquipment 2021-12-31 13276447 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 13276447 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 13276447 d:CurrentFinancialInstruments 2022-12-31 13276447 d:CurrentFinancialInstruments 2021-12-31 13276447 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13276447 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 13276447 d:ShareCapital 2022-12-31 13276447 d:ShareCapital 2021-12-31 13276447 d:RetainedEarningsAccumulatedLosses 2022-12-31 13276447 d:RetainedEarningsAccumulatedLosses 2021-12-31 13276447 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 13276447 c:FRS102 2022-01-01 2022-12-31 13276447 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 13276447 c:FullAccounts 2022-01-01 2022-12-31 13276447 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 13276447 2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 13276447

MIMEA MAUZO LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

MIMEA MAUZO LIMITED

REGISTERED NUMBER: 13276447

BALANCE SHEET

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		3,696		5,720
Current assets
Stocks		18,870		1,045
Debtors: amounts falling due within one year	5	12,609		1,220
Cash at bank and in hand		30,559		12,608
		62,038		14,873
Creditors: amounts falling due within one year	6	(141,516)		(26,701)
Net current liabilities			(79,478)		(11,828)
Total assets less current liabilities			(75,782)		(6,108)
Provisions for liabilities
Deferred tax	7		(924)		(1,087)
Net liabilities			(76,706)		(7,195)

Capital and reserves
Called up share capital	95	95
Profit and loss account	(76,801)	(7,290)
	(76,706)	(7,195)

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MIMEA MAUZO LIMITED

REGISTERED NUMBER: 13276447

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 June 2023.

................................................

Mrs J Dobson

Director

The notes on pages 3 to 7 form part of these financial statements.

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MIMEA MAUZO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.	General information

Mimea Mauzo Limited is a private company limited by shares, incorporated in England and Wales, with a company registration number of 13276447. The address of the registered office is The Leys, Hoxne, Eye, Suffolk, United Kingdom, IP21 5BP.
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £.
The comparatives used in the preparation of these financial statements are not entirely comparable. The company was incorporated on 18 March 2021 and prepared its first set of accounts for the period 18 March 2021 to 31 December 2021. The current year figures are for the year ended 31 December 2022.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The company meets its day to day working capital requirements with the support of the parent company. In the opinion of the director, this support will continue to be available and adequate for the foreseeable future. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis, despite the net liabilities. The financial statements do not include any adjustment that would result from a withdrawal of the support of the parent company.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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MIMEA MAUZO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and 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 current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are 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 the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Plant and machinery	-	10%	straight line
				Office equipment	-	33%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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MIMEA MAUZO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 1).

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MIMEA MAUZO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

4.	Tangible fixed assets

	Plant and machinery	Office equipment	Total
	£	£	£
Cost or valuation
At 1 January 2022	475	5,932	6,407
At 31 December 2022	475	5,932	6,407
Depreciation
At 1 January 2022	8	679	687
Charge for the year on owned assets	47	1,977	2,024
At 31 December 2022	55	2,656	2,711
Net book value
At 31 December 2022	420	3,276	3,696
At 31 December 2021	467	5,253	5,720

Debtors

					2022	2021
					£	£


Trade debtors	8,288	40
Other debtors	2,821	1,180
Prepayments and accrued income	1,500	-
	12,609	1,220

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	301	1,535
Amounts owed to group undertakings	136,070	23,766
Accruals and deferred income	5,145	1,400
	141,516	26,701

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MIMEA MAUZO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

7.	Deferred taxation

		2022
		£

	At beginning of year	1,086
	Charged to profit or loss	(163)
	At end of year	923

	The provision for deferred taxation is made up as follows:
					2022
					£

Accelerated capital allowances

923

8.	Controlling party

The ultimate controlling party is Mr A Benton.

9.	Exemption from producing consolidated accounts

The company is part of a group for which no consolidated accounts have been prepared, as the parent
company has taken the small group exemptions available under Section 399 of the Companies Act 2006.

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