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Registration number: 08815850

Miresa Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Miresa Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Miresa Limited

Company Information

Directors

Mr Andrew Miller

Mrs Sally Hall

Registered office

89 The Rowlands
Biggleswade
Bedfordshire
SG18 8NZ

Accountants

Re:Accounts Limited
Chartered Accountants
Suite 1C Meadway Court
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF

 

Miresa Limited

(Registration number: 08815850)
Balance Sheet as at 31 March 2024

Note

31 March
2024
£

31 March
2023
£

Fixed assets

 

Tangible assets

4

345,518

327,518

Current assets

 

Stocks

5

101,196

82,666

Debtors

6

12,731

65,437

Cash at bank and in hand

 

12,997

11,307

 

126,924

159,410

Creditors: Amounts falling due within one year

7

(91,099)

(77,830)

Net current assets

 

35,825

81,580

Total assets less current liabilities

 

381,343

409,098

Creditors: Amounts falling due after more than one year

7

(400,506)

(407,950)

Net (liabilities)/assets

 

(19,163)

1,148

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(19,263)

1,048

Shareholders' (deficit)/funds

 

(19,163)

1,148

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 September 2024 and signed on its behalf by:
 

 

Miresa Limited

(Registration number: 08815850)
Balance Sheet as at 31 March 2024 (continued)

.........................................
Mr Andrew Miller
Director

.........................................
Mrs Sally Hall
Director

 

Miresa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
89 The Rowlands
Biggleswade
Bedfordshire
SG18 8NZ

These financial statements were authorised for issue by the Board on 2 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The company sold it's business on 12 April 2024. Since the sale, the company is going to derive it's income from leasing the warehouse.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of party and fancy dress supplies in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Miresa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% straight line

Office equipment

33% straight line

Warehouse equipment

33% straight line

Freehold Buildings

Not depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Miresa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Miresa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Miresa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

325,635

9,318

3,807

338,760

Additions

-

479

29,656

30,135

Disposals

-

(9,929)

(3,474)

(13,403)

At 31 March 2024

325,635

(132)

29,989

355,492

Depreciation

At 1 April 2023

-

7,912

1,190

9,102

Charge for the year

-

52

10,000

10,052

Eliminated on disposal

-

(8,212)

(968)

(9,180)

At 31 March 2024

-

(248)

10,222

9,974

Carrying amount

At 31 March 2024

325,635

116

19,767

345,518

At 31 March 2023

325,635

1,406

477

327,518

Included within the net book value of land and buildings above is £325,635 (2023 - £325,635) in respect of freehold land and buildings.
 

5

Stocks

31 March
2024
£

31 March
2023
£

Other inventories

101,196

82,666

 

Miresa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

Current

31 March
2024
£

31 March
2023
£

Trade debtors

68

148

Prepayments

6,480

13,524

Other debtors

6,183

51,765

 

12,731

65,437

 

Miresa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

31 March
2024
£

31 March
2023
£

Due within one year

 

Loans and borrowings

9

7,744

7,865

Trade creditors

 

23,040

23,882

Taxation and social security

 

13,311

4,610

Other creditors

 

47,004

41,473

 

91,099

77,830

Creditors: amounts falling due after more than one year

Note

31 March
2024
£

31 March
2023
£

Due after one year

 

Loans and borrowings

9

400,506

407,950

8

Share capital

Allotted, called up and fully paid shares

31 March
2024

31 March
2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

31 March
2024
£

31 March
2023
£

Other borrowings

400,506

407,950

 

Miresa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Loans and borrowings (continued)

Current loans and borrowings

31 March
2024
£

31 March
2023
£

Bank overdrafts

44

165

Other borrowings

7,700

7,700

7,744

7,865

Bank borrowings

Bounce back loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 30 September 2026. The carrying amount at year end is £19,250 (2023 - £26,950).

The bounce back loan was issued during the COVID 19 pandemic. The loan has an interest rate of 2.5% and is backed by the Government.

Other borrowings

Trust loan is denominated in £ with a nominal interest rate of 3%. The carrying amount at year end is £388,955 (2023 - £388,700).

Interest is charged at 3%. The loan is secured with fixed and floating charges over the company's freehold property and other assets. The loan is repayable 1 year after the lender serves notice. One of the directors is beneficiary of a trust which provided the loan. The loan was issued at preferential rates when compared to standard market conditions prevalent at the date the loan was agreed.

10

Dividends

31 March
2024

31 March
2023

£

£

Final dividend of £Nil (2023 - £1.00) per ordinary share

-

17,000

Interim dividend of £Nil (2023 - £3.00) per ordinary share

-

-

-

17,000

 

 
 

Miresa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

11

Related party transactions

Included in creditors at the year end was £40,361 (2023: £37,800 ) owed to the directors. The loan was repaid within 9 months of the year end.

Included within long-term liabilities is £388,955 (2023: £388,700) loaned from a Trust which had one of the directors as a beneficiary. The loan is provided on a more preferential interest rate than would have been achieved on the open market.The Trust has registered a fixed and floating charge over the property and the assets of the company. The loan is repayable 1 calendar year after the lender has served notice for repayment.

 

Miresa Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

11

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,552

11,904

Contributions paid to money purchase schemes

427

479

12,979

12,383