Company registration number 07043459 (England and Wales)
MIRAMAR EXECUTIVE SEARCH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
MIRAMAR EXECUTIVE SEARCH LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
MIRAMAR EXECUTIVE SEARCH LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MIRAMAR EXECUTIVE SEARCH LIMITED FOR THE YEAR ENDED 30 DECEMBER 2022
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Miramar Executive Search Limited for the year ended 30 December 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Miramar Executive Search Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Miramar Executive Search Limited and state those matters that we have agreed to state to the Board of Directors of Miramar Executive Search Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Miramar Executive Search Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Miramar Executive Search Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Miramar Executive Search Limited. You consider that Miramar Executive Search Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Miramar Executive Search Limited. 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 financial statements.

Azets
30 September 2023
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
MIRAMAR EXECUTIVE SEARCH LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2022
30 December 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
121,447
17,097
Current assets
Debtors
4
2,483,113
2,106,919
Cash at bank and in hand
1,554,139
1,636,765
4,037,252
3,743,684
Creditors: amounts falling due within one year
5
(3,029,609)
(1,651,803)
Net current assets
1,007,643
2,091,881
Total assets less current liabilities
1,129,090
2,108,978
Creditors: amounts falling due after more than one year
6
-
0
(167,273)
Provisions for liabilities
(30,439)
(3,489)
Net assets
1,098,651
1,938,216
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,098,551
1,938,116
Total equity
1,098,651
1,938,216

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have 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.

MIRAMAR EXECUTIVE SEARCH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 DECEMBER 2022
30 December 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 September 2023 and are signed on its behalf by:
Mr A  Stoneham Knott
Director
Company Registration No. 07043459
MIRAMAR EXECUTIVE SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
- 4 -
1
Accounting policies
Company information

Miramar Executive Search Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Azets, 2nd Floor, Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN.

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over length of lease term
Computers
25% straight line per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

MIRAMAR EXECUTIVE SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

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 profit and loss account, 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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

MIRAMAR EXECUTIVE SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was as follows:

2022
2021
Number
Number
Total
16
14
MIRAMAR EXECUTIVE SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 31 December 2021
-
0
45,580
45,580
Additions
63,899
63,334
127,233
At 30 December 2022
63,899
108,914
172,813
Depreciation and impairment
At 31 December 2021
-
0
28,483
28,483
Depreciation charged in the year
12,171
10,712
22,883
At 30 December 2022
12,171
39,195
51,366
Carrying amount
At 30 December 2022
51,728
69,719
121,447
At 30 December 2021
-
0
17,097
17,097
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,728,129
1,292,386
Other debtors
754,984
814,533
2,483,113
2,106,919
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
167,309
43,636
Trade creditors
51,024
83,876
Amounts owed to group undertakings
802,805
-
0
Corporation tax
750,488
339,827
Other taxation and social security
104,071
76,022
Other creditors
1,153,912
1,108,442
3,029,609
1,651,803

Included within bank loans is the current portion of a CBILS loan totalling £167,309, secured by way of fixed and floating charges over the undertaking and all property.

 

The term is 6 years, inclusive of a 12 month interest free period which is subsidised by the government in full. It attracts a fixed interest rate of 3.09% + base from the 13th month.

MIRAMAR EXECUTIVE SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 8 -
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
-
0
167,273

Included within bank loans is the non current portion of a CBILS loan totalling £nil (2021: £167,273), secured by way of fixed and floating charges over the undertaking and all property.

 

The term is 6 years, inclusive of a 12 month interest free period which is subsidised by the government in full. It attracts a fixed interest rate of 3.09% + base from the 13th month.

 

The loan will be repaid in full within 12 months of the year end.

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
Within one year
112,500
65,295
Between two and five years
350,000
-
0
462,500
65,295
8
Related party transactions

At the balance sheet date the company was owed £224,008 from Miramar Global Executive Search LLC, a joint venture of fellow wholly owned subsidiary Miramar Global Executive Search North America Limited. The loan is interest free and repayable on demand.

 

At the balance sheet date the company was owed £126,777 from Miramar Global APAC PTE Ltd, a fellow wholly owned subsidiary. The loan is interest free and repayable on demand.

 

At the balance sheet date the company was owed £297,029 from Miramar Global AG, a fellow wholly owned subsidiary. The loan is interest free and repayable on demand.

 

At the balance sheet date the company owed £667,225 to its immediate parent company Miramar Global Holdings Limited. The loan is interest free and repayable on demand.

 

At the balance sheet date the company owed £135,580 to Miramar Global Executive Search North America Limited, a fellow wholly owned subsidiary. The loan is interest free and repayable on demand.

 

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