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Registered number: 13462565
Mirror Music Ltd
Financial Statements
For The Year Ended 30 June 2023
MSE Business Management LLP
Association of Chartered Certified Accountants
1st Floor
104 Oxford Street
London
Greater London
W1D 1LP
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13462565
30 June 2023 30 June 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10 2,784
10 2,784
CURRENT ASSETS
Debtors 5 11,292 2,702
Cash at bank and in hand 4,051 16,954
15,343 19,656
Creditors: Amounts Falling Due Within One Year 6 (14,620 ) (19,157 )
NET CURRENT ASSETS (LIABILITIES) 723 499
TOTAL ASSETS LESS CURRENT LIABILITIES 733 3,283
NET ASSETS 733 3,283
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 731 3,281
SHAREHOLDERS' FUNDS 733 3,283
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For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Kurt Bailey
Director
22/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Mirror Music Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13462565 . The registered office is 1st Floor, 104 Oxford Street, London, Greater London, W1D 1LP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straight Line
2.5. Financial Instruments
The company has only basic financial instruments.
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.
Basic financial liabilities
Basic financial liabilities, which include creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transactions.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
30 June 2023 30 June 2022
Office and administration 2 2
2 2
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 July 2022 3,480
Additions 678
As at 30 June 2023 4,158
Depreciation
As at 1 July 2022 696
Provided during the period 3,452
As at 30 June 2023 4,148
Net Book Value
As at 30 June 2023 10
As at 1 July 2022 2,784
5. Debtors
30 June 2023 30 June 2022
£ £
Due within one year
Trade debtors - 341
Prepayments and accrued income - 2,063
VAT - 298
Directors' loan accounts 11,292 -
11,292 2,702
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6. Creditors: Amounts Falling Due Within One Year
30 June 2023 30 June 2022
£ £
Trade creditors - 3,666
Bank loans and overdrafts - 90
Corporation tax 14,506 15,401
Other creditors 114 -
14,620 19,157
7. Share Capital
30 June 2023 30 June 2022
£ £
Allotted, Called up and fully paid 2 2
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2022 Amounts advanced Amounts repaid Amounts written off As at 30 June 2023
£ £ £ £ £
Mrs Ashlee Bailey - 46,704 41,058 - 5,646
Mr Kurt Bailey - 38,830 33,184 - 5,646
The above loans are unsecured and repayable on demand. Interest at the rate of 2% has been charged by the company on the loans. The above loans were repaid in full after the year end 
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