Registered number
10842180
Mibasaki Limited
Filleted Accounts
30 June 2023
Mibasaki Limited
Registered number: 10842180
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 628,581 628,581
Current assets
Debtors 4 110,335 80,335
Cash at bank and in hand 11,734 79,880
122,069 160,215
Creditors: amounts falling due within one year 5 (279,827) (348,464)
Net current liabilities (157,758) (188,249)
Total assets less current liabilities 470,823 440,332
Creditors: amounts falling due after more than one year 6 (391,149) (380,232)
Net assets 79,674 60,100
Capital and reserves
Called up share capital 100 100
Profit and loss account 79,574 60,000
Shareholders' funds 79,674 60,100
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Savinder Singh
Director
Approved by the board on 4 March 2024
Mibasaki Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rents receivable on the investment property of the company.
Investment property
Investment properties are held to earn rental income and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on a ongoing basis are measured at a fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit or loss in the period in which they arise.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Investments Investment
Property
£
Cost
At 1 July 2022 628,581
At 30 June 2023 628,581
4 Debtors 2023 2022
£ £
Other debtors 110,335 80,335
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 48,972
Director's account 223,835 243,327
Taxation and social security costs 4,592 4,765
Other creditors 51,400 51,400
279,827 348,464
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 391,149 380,232
7 Other information
Mibasaki Limited is a private company limited by shares and incorporated in England. Its registered office is:
9 Cranborne Avenue
Southhall
Middlesex
UB2 4HY
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