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Registration number: 09871720

Miran Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2022

 

Miran Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Miran Properties Limited

Company Information

Directors

Mr Haller Dleir Miran

Mrs Sophia Miran

Registered office

8 Carlton Road
London
W5 2AW

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Miran Properties Limited

(Registration number: 09871720)
Balance Sheet as at 30 November 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

2,239

2,134

Investment property

5

540,000

590,000

 

542,239

592,134

Current assets

 

Debtors

6

-

28,183

Cash at bank and in hand

 

1,541

-

 

1,541

28,183

Creditors: Amounts falling due within one year

7

(650,236)

(653,613)

Net current liabilities

 

(648,695)

(625,430)

Net liabilities

 

(106,456)

(33,296)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(106,556)

(33,396)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 31 October 2023 and signed on its behalf by:
 

.........................................
Mr Haller Dleir Miran
Director

 

Miran Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Carlton Road
London
W5 2AW
United Kingdom

These financial statements were authorised for issue by the Board on 31 October 2023.

2

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 properties are those properties that are held either to earn rental income or for capital appreciation or both.

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
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 from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, 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 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
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 if recognised in the Profit and loss account.

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.

3

Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 2 (2021: 2).

 

Miran Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022 (continued)

4

Tangible assets

Fixtures and fittings
 £

Cost or valuation

At 1 December 2021

5,658

Additions

500

At 30 November 2022

6,158

Depreciation

At 1 December 2021

3,524

Charge for the year

395

At 30 November 2022

3,919

Carrying amount

At 30 November 2022

2,239

At 30 November 2021

2,134

5

Investment properties

2022
£

At 1 December

590,000

Fair value adjustments

(50,000)

At 30 November

540,000

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).
 

6

Debtors

2022
£

2021
£

Prepayments

-

28,183

Total current trade and other debtors

-

28,183

 

Miran Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

8

409,073

415,000

Trade creditors

 

6,207

-

Accrued expenses

 

9,197

11,480

Directors current account

10

225,759

227,133

 

650,236

653,613

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

409,073

415,000

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).

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Miran Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022 (continued)

10

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

223,333

(34,678)

38,478

227,133

         
       

 

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Mr Haller Dleir Miran

227,133

(30,046)

28,672

225,759

         
       

 

11

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.

12

Ultimate controlling party

There is no one controlling party.