Registered number
06388568
Mirrorsphere Ltd.
Unaudited Filleted Accounts
31 December 2023
Mirrorsphere Ltd.
Registered number: 06388568
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 74,669 18,832
Current assets
Debtors 4 391,482 360,049
Cash at bank and in hand 162,678 255,467
554,160 615,516
Creditors: amounts falling due within one year 5 (131,941) (135,632)
Net current assets 422,219 479,884
Total assets less current liabilities 496,888 498,716
Creditors: amounts falling due after more than one year 6 (15,000) (25,000)
Provisions for liabilities (18,668) (4,621)
Net assets 463,220 469,095
Capital and reserves
Called up share capital 150 150
Profit and loss account 463,070 468,945
Shareholder's funds 463,220 469,095
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S J Dauphin
Director
Approved by the board on 25 September 2024
Mirrorsphere Ltd.
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The director believes that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly he has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis continues to be adopted in preparing the financial statements.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Government grants
Income from local authority grants and deemed income for interest payable in the business interruption period on Covid 19 bank loans is accounted for on an accruals basis.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 4 years
Motor vehicles over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 48,273 35,448 83,721
Additions 10,288 68,195 78,483
Disposals (1,773) (35,448) (37,221)
At 31 December 2023 56,788 68,195 124,983
Depreciation
At 1 January 2023 36,170 28,719 64,889
Charge for the year 4,851 10,582 15,433
On disposals (589) (29,419) (30,008)
At 31 December 2023 40,432 9,882 50,314
Net book value
At 31 December 2023 16,356 58,313 74,669
At 31 December 2022 12,103 6,729 18,832
4 Debtors 2023 2022
£ £
Trade debtors 55,026 57,914
Amounts owed by group undertakings and undertakings in which the company has a participating interest 244,081 215,081
Other debtors 92,375 87,054
391,482 360,049
Amounts due after more than one year included above 14,643 16,247
Included in other debtors above is accrued income of £8,076 (2022: £11,157) and prepayments of £22,998 (2022: £2,672).
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 35,814 26,421
Taxation and social security costs 37,372 77,881
Other creditors 48,755 21,330
131,941 135,632
Included in other creditors above is deferred income of £30,311 (2022: £7,297) and accruals of £7,095 (2022: £3,479).
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,000 25,000
7 Share capital 2023 2022
£ £
Allotted, called up share capital which has been paid up
50 ordinary shares of £1 each 50 50
100 B ordinary shares of £1 each 100 100
150 150
8 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts - 78,514
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Loan 1 49,991 - (4,937) 45,054
Loan 2 6,987 - (6,987) -
56,978 - (11,924) 45,054
During the year, the company advanced funds to a director of the company. The maximum loan balance outstanding during the year was £58,114. Interest has been charged at the HM Revenue and Customs authorised rate for beneficial loans. There are no fixed terms of repayment.
10 Controlling party
The ultimate controlling party is S J Dauphin, who owns 100% of the ordinary shares of the total issued share capital of Mirrorsphere Group Ltd, which in turn owns 100% of the shares in the company.
11 Other information
Mirrorsphere Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
Bloxham Mill
Barford Road
Bloxham
Oxfordshire
OX15 4FF
Mirrorsphere Ltd is a wholly owned subsidiary of Mirrorsphere Group Ltd, a private company limited by shares and incorporated in England, which shares the same registered office.
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