Company registration number 03937478 (England and Wales)
MIRROR IMAGE (NORWICH) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MIRROR IMAGE (NORWICH) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MIRROR IMAGE (NORWICH) LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
199,185
129,853
Current assets
Stocks
74,182
82,500
Debtors
4
511,660
573,803
Cash at bank and in hand
436,938
398,876
1,022,780
1,055,179
Creditors: amounts falling due within one year
5
(425,326)
(397,697)
Net current assets
597,454
657,482
Net assets
796,639
787,335
Capital and reserves
Called up share capital
1,025
1,025
Profit and loss reserves
795,614
786,310
Total equity
796,639
787,335

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 31 March 2023 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.

The financial statements were approved by the board of directors and authorised for issue on 1 December 2023 and are signed on its behalf by:
G Wilmot
Director
Company Registration No. 03937478
MIRROR IMAGE (NORWICH) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Mirror Image (Norwich) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 15-16 Barrow Close, Sweet Briar Road Industr, Norwich, Norfolk, NR32AT.

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.

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 land and buildings
- 0% straight line
Leasehold improvements
- 0% straight line
Plant and equipment
- 10% reducing balance
Fixtures and fittings
- 25% reducing balance
Computers
- 33.33% straight line
Motor vehicles
- 33% reducing balance
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

1.6
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.

1.7
Taxation

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

MIRROR IMAGE (NORWICH) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.

1.8
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.

2
Employees

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

2023
2022
Number
Number
Total
19
20
MIRROR IMAGE (NORWICH) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
1,445
340,309
341,754
Additions
58,654
38,545
97,199
At 31 March 2023
60,099
378,854
438,953
Depreciation and impairment
At 1 April 2022
1,445
210,456
211,901
Depreciation charged in the year
-
0
27,867
27,867
At 31 March 2023
1,445
238,323
239,768
Carrying amount
At 31 March 2023
58,654
140,531
199,185
At 31 March 2022
-
0
129,853
129,853
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
255,496
256,136
Other debtors
256,164
317,667
511,660
573,803
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
47,141
59,461
Corporation tax
4,420
44,500
Other taxation and social security
45,028
48,755
Other creditors
328,737
244,981
425,326
397,697
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