MIRAN TRADING LIMITED |
Statement of financial position as at 31 March 2024 |
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31.03.2024 |
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31.03.2023 |
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Notes |
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£ |
£ |
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£ |
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Fixed assets |
Investment |
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4 |
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500,000 |
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500,000 |
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500,000 |
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500,000 |
Current assets |
Cash at bank and in hand |
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514,724 |
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577,071 |
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514,724 |
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577,071 |
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Creditors: amounts falling due |
within one year |
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5 |
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(132,768) |
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(230,932) |
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Net current liabilities |
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381,956 |
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346,139 |
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Deferred tax |
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6 |
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(56,979) |
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(56,979) |
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Total assets less current liabilities |
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824,977 |
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£ 789,160 |
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Capital and reserve |
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£ |
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£ |
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Called up share capital |
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7 |
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2 |
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2 |
Revaluation reserve |
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808,231 |
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808,231 |
Profit and loss account |
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16,744 |
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(19,073) |
Shareholders' fund |
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£ 824,977 |
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£ 789,160 |
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For the 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. |
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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 for the preparation of accounts. |
The financial statements have been prepared in accordance with special provision of Part 15 of the Companies Act 2006 relating to small companies and with the provisions of FRS 102 Section 1A Small Entities. |
The notes on pages 2 to 4 form an integral part of these financial statements. |
The financial statements on pages 1 to 4 were approved by the Board of Directors and were signed on its behalf by: |
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_________________________ |
I. Safit |
Director |
7 October 2024 |
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MIRAN TRADING LIMITED |
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Notes to the financial statements - 31 March 2024 |
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COMPANY INFORMATION |
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1. |
Company Information |
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Miran Trading Limited is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 5.2 Central House, 1 Ballards Lane, N3 1LQ. |
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Accounting Policies |
2. |
Basis of accounting |
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The financial statements have been prepared on a going concern basis, under historical cost convention. |
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The financial statements are presented in sterling (£). |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Financial instruments |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period. |
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(ii) Financial liabilities |
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Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method. |
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Turnover |
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Turnover represents net invoiced value of rent, excluding VAT. |
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Revenue recognition |
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Revenue is measured at the fair value of consideration received or receivable and represents net amount receivable from rental from investment properties. |
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Revenue from rentals is recognised in the accounting period in which the rental relates to. |
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Tangible Fixed Assets |
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Fixed asset investment |
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Investment Properties: |
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Investment property is included at fair value. Gains or losses arisen on revaluation are recognised in the income statement. |
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Creditors |
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Basic financial liabilities including trade and other payable, amounts due to the shareholder are measured at transaction price. |
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Current & deferred taxation |
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Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income. |
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MIRAN TRADING LIMITED |
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Notes to the financial statements - 31 March 2024 |
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5. |
Creditors: amounts falling |
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due within one year |
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31.03.2024 |
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31.03.2023 |
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£ |
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£ |
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Director's account |
122,855 |
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149,748 |
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Corporation tax |
8,401 |
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79,756 |
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Accruals and accrued income |
1,512 |
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1,428 |
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132,768 |
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230,932 |
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6. |
Provision of liabilities |
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Deferred tax |
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31.03.2024 |
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31.03.2023 |
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£ |
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£ |
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Revaluation of investment property |
56,979 |
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109,385 |
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Sale of property |
- |
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(52,406) |
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56,979 |
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56,979 |
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7. |
Called up share capital |
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31.03.2024 |
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31.03.2023 |
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£ |
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£ |
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Allotted, called up and fully |
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paid: 2 Ordinary Share of £1 each |
2 |
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2 |
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8. |
Control |
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The company is wholly owned by its director Mr I. Safit. |
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Transactions: |
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The company paid the sum of £2,775 (2023 - £2,470) for health insurance for the director. |