Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-312021-04-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08275984 2021-04-01 2022-03-31 08275984 2020-04-01 2021-03-31 08275984 2022-03-31 08275984 2021-03-31 08275984 c:Director1 2021-04-01 2022-03-31 08275984 c:Director2 2021-04-01 2022-03-31 08275984 d:Buildings 2021-04-01 2022-03-31 08275984 d:Buildings d:LongLeaseholdAssets 2021-04-01 2022-03-31 08275984 d:Buildings d:LongLeaseholdAssets 2022-03-31 08275984 d:Buildings d:LongLeaseholdAssets 2021-03-31 08275984 d:LandBuildings 2022-03-31 08275984 d:LandBuildings 2021-03-31 08275984 d:CurrentFinancialInstruments 2022-03-31 08275984 d:CurrentFinancialInstruments 2021-03-31 08275984 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 08275984 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 08275984 d:ShareCapital 2022-03-31 08275984 d:ShareCapital 2021-03-31 08275984 d:RetainedEarningsAccumulatedLosses 2022-03-31 08275984 d:RetainedEarningsAccumulatedLosses 2021-03-31 08275984 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 08275984 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-03-31 08275984 c:FRS102 2021-04-01 2022-03-31 08275984 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 08275984 c:FullAccounts 2021-04-01 2022-03-31 08275984 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 08275984










MIRAMAR ASSET MANAGEMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2022

 
MIRAMAR ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 08275984

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
  
21,276
21,276

  
21,276
21,276

Current assets
  

Debtors: amounts falling due within one year
  
-
550

Cash at bank and in hand
  
16,578
15,711

  
16,578
16,261

Creditors: amounts falling due within one year
  
(7,710)
(12,379)

Net current assets
  
 
 
8,868
 
 
3,882

Total assets less current liabilities
  
30,144
25,158

  

Net assets
  
30,144
25,158


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
30,044
25,058

  
30,144
25,158


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 15 August 2022.



Page 1

 
MIRAMAR ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 08275984
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022


Miss M Bone
Mr W Steyn
Director
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MIRAMAR ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

The Company is a private company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is 15 Weybourne Road, Sheringham, Norfolk, NR26 8HF.
The company's principle activity is that of property letting. Its principal place of business is also the registered office.
 

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

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
MIRAMAR ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.4

Taxation

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.

 
2.5

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Land and Property is not depreciated
Long-term leasehold property
-

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.

 
2.6

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.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

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.

 
2.9

Financial instruments

Page 4

 
MIRAMAR ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of Income and Retained Earnings if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Page 5

 
MIRAMAR ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

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


4.


Tangible fixed assets





Long-term leasehold property

£



Cost or valuation


At 1 April 2021
21,276



At 31 March 2022

21,276






Net book value



At 31 March 2022
21,276



At 31 March 2021
21,276




The net book value of land and buildings may be further analysed as follows:


2022
2021
£
£

Long leasehold
21,276
21,276

21,276
21,276



5.


Debtors

2022
2021
£
£


Other debtors
-
550
Page 6

 
MIRAMAR ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

5.Debtors (continued)


-
550



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
16,579
15,711

16,579
15,711



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
240
-

Corporation tax
6,799
7,646

Other creditors
11
-

Accruals and deferred income
660
4,733

7,710
12,379



8.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets measured at fair value through profit or loss
16,579
15,711




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.


The Company only enters into basic financial instruments 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 and loans to related parties.

Page 7

 
MIRAMAR ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

9.


Related party transactions

The rental income recevied by the company is derived from properties owned jointly by the directors. The total amount of rental income received during the period was £66,580.00 (2020 - 62,500.00.)

Page 8