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COMPANY REGISTRATION NUMBER: 14812415
Andrew Gerard Mirrors
Filleted Unaudited Financial Statements
30 April 2024
Andrew Gerard Mirrors
Statement of Financial Position
30 April 2024
30 Apr 24
Note
£
Current assets
Stocks
12,473
Debtors
5
6,815
Cash at bank and in hand
7,158
--------
26,446
Creditors: amounts falling due within one year
6
30,082
--------
Net current liabilities
3,636
-------
Total assets less current liabilities
( 3,636)
-------
Net liabilities
( 3,636)
-------
Capital and reserves
Called up share capital
100
Profit and loss account
( 3,736)
-------
Shareholders deficit
( 3,636)
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 April 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 August 2024 , and are signed on behalf of the board by:
Mr G Malone
Director
Company registration number: 14812415
Andrew Gerard Mirrors
Notes to the Financial Statements
Period from 18 April 2023 to 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Rose Mill, Union Street, Middleton, Manchester, M24 6DD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 .
5. Debtors
30 Apr 24
£
Trade debtors
3,544
Other debtors
3,271
-------
6,815
-------
The director's loan accounts were overdrawn £3,100 at the period end. The maximum overdrawn amount during the period was £3,100. Interest is charged at the official rate of interest on all balances exceeding £10,000.
6. Creditors: amounts falling due within one year
30 Apr 24
£
Trade creditors
3,981
Social security and other taxes
368
Other creditors
25,733
--------
30,082
--------
7. Directors' advances, credits and guarantees
Included within other debtors are loans to the directors totalling £3,100. The official rate of interest is charged on any balance exceeding £10,000. The loans are repayable in full or in part on demand. No dividends were paid in the period in respect of shares held by the company's shareholders.
8. Related party transactions
The company was under the control of Mr G Malone and Mr A Cain throughout the current period. Mr G Malone and Mr A Cain are the managing directors and each hold 50% of the issued ordinary share capital. Mr G Malone is also director and shareholder in M & M Artwork and Mirrors Ltd. Including within other creditors is an interest free loan of £25,000 owing to M & M Artwork and Mirrors Ltd.