Registration number:
Miran Properties Limited
for the Year Ended 30 November 2022
Miran Properties Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Miran Properties Limited
Company Information
Directors |
Mr Haller Dleir Miran Mrs Sophia Miran |
Registered office |
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Accountants |
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Miran Properties Limited
(Registration number: 09871720)
Balance Sheet as at 30 November 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
- |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(106,556) |
(33,396) |
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Shareholders' deficit |
(106,456) |
(33,296) |
For the financial year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
The financial statements were approved and authorised for issue by the
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Miran Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in GBP sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
Going concern
At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary and accordingly these financial statements have been prepared on a going concern basis.
Revenue recognition
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 rental lease agreement is recognised in the period in which the rental accommodation is provided in accordance with the lease agreement and is accounted for on a time apportioned basis when the following conditions are satisfied:
• the amount of rent receivable can be measured reliably;
• it is probable that the Company will receive the rent receivable due under the lease agreement.
Miran Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022 (continued)
2 |
Accounting policies (continued) |
Finance costs policy
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% Reducing balance basis |
Investment property
Investment property is carried at fair value determined by external valuers periodically and annually by the Directors. The Directors take into consideration current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset before deciding on the final Director's valuation or to appoint external valuers. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Miran Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022 (continued)
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Miran Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Classification
Recognition and measurement
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, 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 of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Impairment
For financial assets measured as 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 discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average monthly number of persons employed by the company (including directors) during the year, was
Miran Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022 (continued)
Tangible assets |
Fixtures and fittings |
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Cost or valuation |
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At 1 December 2021 |
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Additions |
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At 30 November 2022 |
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Depreciation |
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At 1 December 2021 |
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Charge for the year |
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At 30 November 2022 |
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Carrying amount |
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At 30 November 2022 |
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At 30 November 2021 |
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Investment properties |
2022 |
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At 1 December |
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Fair value adjustments |
( |
At 30 November |
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The fair value of the investment property at the balance sheet date was £540,000 (2021: £590,000). The fair value of the investment property was assessed internally by the director based on the proceeds received on the sale of the property subsquent to the year end (see note 12).
Debtors |
2022 |
2021 |
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Prepayments |
- |
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Total current trade and other debtors |
- |
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Miran Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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- |
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Accrued expenses |
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Directors current account |
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Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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The company obtained a term loan amounting to £415,000 and this has been secured by StreamBank Plc (formerly named Active Trades Plc) by way of a debenture and first legal charge over the company's assets and also by way of a personal guarantee by one of the directors.
The StreamBank Plc loan is denominated in Pound sterling (£) with a monthly nominal interest rate of 0.75%. The final instalment was due by 15 October 2022 and subsequently extended to September 2023. The carrying amount at year end is £409,073 (2021: £415,000).
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Miran Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022 (continued)
Related party transactions |
Transactions with directors |
2021 |
At 1 December 2020 |
Advances to director |
Repayments by director |
At 30 November 2021 |
Mr Haller Dleir Miran |
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( |
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2022 |
At 1 December 2021 |
Advances to director |
Repayments by director |
At 30 November 2022 |
Mr Haller Dleir Miran |
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( |
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Post balance sheet evenets |
Subsequent to the year end, in October 2023, the company sold its investment property for £540,000 to an external third party.
Ultimate controlling party |
There is no one controlling party