Mira Security Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 13303628 (England and Wales)
Mira Security Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Mira Security Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
194,962
94,060
Cash at bank and in hand
7,320
7,504
202,282
101,564
Creditors: amounts falling due within one year
4
(144,233)
(72,805)
Net current assets
58,049
28,759
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
57,049
27,759
Total equity
58,049
28,759

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 December 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 5 September 2024 and are signed on its behalf by:
P J Grace
Director
Company Registration No. 13303628
Mira Security Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

Mira Security Limited (the "Company") is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of 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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company provides services to its parent entity and accordingly its financial wellbeing is closely linked to that of its parent. The directors have reviewed the financial position of the parent undertaking and are confident is has the financial strength to continue to provide financial support the company for at least a year from the approval of these financial statements. Accordingly the financial statements are prepared on the going concern basis.

1.3
Turnover

Turnover represents the fair value of services provided during the period to clients. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on services provided and expenses incurred, but excludes VAT.

1.4
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.

1.5
Financial instruments

 

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 

Creditors

Short term trade creditors and other current creditors payable on demand are measured at the

transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 

1.6
Taxation

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

Mira Security Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 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.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant Is charged to the Statement of comprehensive Income over the vesting period. Non-market vesting conditions are taken Into account by adjusting the number of equity Instruments expected to vest at each Balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

 

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

 

Where the terms and conditions of options are modified before they vest, the increase In the fair value of the options, measured Immediately before and after the modification, is also charged to Statement of comprehensive income over the remaining vesting period.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
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.

Mira Security Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
2
Employees

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

2023
2022
Number
Number
Total
6
6
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
194,780
94,049
Other debtors
182
11
194,962
94,060
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
934
-
0
Corporation tax
8,960
4,492
Accruals and deferred income
134,339
68,313
144,233
72,805
5
Share-based payment transactions
Number of share options
Weighted average exercise price per share
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
145,000
-
0
1.45
-
0
Granted
-
0
145,000
-
0
1.52
Outstanding at 31 December 2023
145,000
145,000
-
0
-
Exercisable at 31 December 2023
30,000
30,000
1.45
1.52
Mira Security Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
5
Share-based payment transactions
(Continued)
Page 5

During the year ended 31 December 2023, the company's parent operated an equity share option plan for which employees of the company were granted share option rights in the parent company (Mira Security, Inc). The options outstanding at 31 December 2023 vest over periods of 1-4 years and expire 10 years from their grant date.

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
7
Related party transactions

The company has taken advantage of group exemption from disclosing transactions within a 100% group.

 

Mira Security, Inc, is the parent company with its principal place of business located at 3159 Unionville Road, Suite 100, Cranberry Township, PA 16066, USA.

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