Company registration number 08287640 (England and Wales)
MIRAGO M3 LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
MIRAGO M3 LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MIRAGO M3 LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
400,134
400,134
Current assets
-
-
Creditors: amounts falling due within one year
5
(4,029)
(4,029)
Net current liabilities
(4,029)
(4,029)
Net assets
396,105
396,105
Capital and reserves
Called up share capital
6
76,728
76,728
Profit and loss reserves
319,377
319,377
Total equity
396,105
396,105

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

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 25 July 2024 and are signed on its behalf by:
Mr S E Holmes
Director
Company registration number 08287640 (England and Wales)
MIRAGO M3 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

Mirago M3 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Belgrave House, 39-43 Monument Hill, Weybridge, Surrey, KT13 8RN.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MIRAGO M3 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
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:

2023
2022
Number
Number
Total
4
4
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
400,134
400,134
MIRAGO M3 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022 & 31 October 2023
876,727
Impairment
At 1 November 2022 & 31 October 2023
476,593
Carrying amount
At 31 October 2023
400,134
At 31 October 2022
400,134
4
Subsidiaries

Details of the company's subsidiaries at 31 October 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Mirago Limited
United Kingdom
Development and provision of an online advertising platform
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Mirago Limited
810,868
88,379
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
4,029
4,029
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
7,672,800
7,672,800
76,728
76,728
MIRAGO M3 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Frank Harling.
The auditor was Ward Williams.
2023-10-312022-11-01false25 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr S E HolmesMr C C Melhuish-HancockMr K J ParrishThe Hon C F Wigoderfalsefalse082876402022-11-012023-10-31082876402023-10-31082876402022-10-3108287640core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3108287640core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3108287640core:ShareCapital2023-10-3108287640core:ShareCapital2022-10-3108287640core:RetainedEarningsAccumulatedLosses2023-10-3108287640core:RetainedEarningsAccumulatedLosses2022-10-3108287640bus:Director12022-11-012023-10-31082876402021-11-012022-10-310828764012022-11-012023-10-3108287640core:CurrentFinancialInstruments2023-10-3108287640core:CurrentFinancialInstruments2022-10-3108287640bus:PrivateLimitedCompanyLtd2022-11-012023-10-3108287640bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-3108287640bus:FRS1022022-11-012023-10-3108287640bus:Audited2022-11-012023-10-3108287640bus:Director22022-11-012023-10-3108287640bus:Director32022-11-012023-10-3108287640bus:Director42022-11-012023-10-3108287640bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP