Company registration number 13376249 (England and Wales)
MIRALAGO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MIRALAGO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MIRALAGO LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,279,263
1,279,263
Current assets
Debtors
10,948
5,309
Cash at bank and in hand
2,425
19,033
13,373
24,342
Creditors: amounts falling due within one year
4
(22,711)
(1,500)
Net current (liabilities)/assets
(9,338)
22,842
Total assets less current liabilities
1,269,925
1,302,105
Creditors: amounts falling due after more than one year
5
(1,316,860)
(1,325,000)
Net liabilities
(46,935)
(22,895)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(47,035)
(22,995)
Total equity
(46,935)
(22,895)
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 2024 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 14 August 2024 and are signed on its behalf by:
Mr K J Greatbatch
Director
Company registration number 13376249 (England and Wales)
MIRALAGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Miralago Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Cavendish Court, 5 Brudenell Road, Canford Cliffs, Dorest, BH13 7NN.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet 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 due to support provided by its directors and shareholders. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover or income from the rental of property is recognised when significant cash has been received from the tenant or the managing agent has advised the company that the rent has been received so that the company can be confident that the economic benefit will flow to the company.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
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.
MIRALAGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
1,279,263
Directors believe that the fair value of the investment property at the year-end is equal to the original cost.
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
22,711
1,500
MIRALAGO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Creditors: amounts falling due within one year
(Continued)
- 4 -
Included within other creditors is a loan from the Directors of £20,000 (2023 - £nil). This loan is interest free and is repayable at as soon as future rental income allows.
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,316,860
1,325,000
Included within other creditors is a loan from the Directors of £486,860 (2023 - £495,000). This loan is interest free and is repayable at the rate of £20,000 per annum, however the Directors have agreed to waive the full repayment until future rental income allows and the short term loan has been repaid. The full balance may become repayable within 6 months if the lenders make a request in writing.
Included within other creditors are loans from shareholders totalling £830,000 (2023 - £830,000). These loans are interest free and repayable on demand if funds are available from the sale of property and the loan from the Directors has been repaid.
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100