MIRAN TRADING LIMITED
Director: I. Safit
Registered Office: 5.2 Central House
1 Ballards Lane
N3 1LQ
Registered No: 02397710 (England & Wales)
Annual reports & financial statements
for the year ended 31 March 2024
page
Statement of financial position 1
Notes to the financial statements 2-4
MIRAN TRADING LIMITED
Statement of financial position as at 31 March 2024
31.03.2024 31.03.2023
Notes £ £ £
Fixed assets
Investment 4 500,000 500,000
500,000 500,000
Current assets
Cash at bank and in hand 514,724 577,071
514,724 577,071
Creditors: amounts falling due
within one year 5 (132,768) (230,932)
Net current liabilities 381,956 346,139
Deferred tax 6 (56,979) (56,979)
Total assets less current liabilities 824,977 £ 789,160
Capital and reserve
£ £
Called up share capital 7 2 2
Revaluation reserve 808,231 808,231
Profit and loss account 16,744 (19,073)
Shareholders' fund £ 824,977 £ 789,160
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.
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:
_________________________
I. Safit
Director
7 October 2024
MIRAN TRADING LIMITED
Notes to the financial statements - 31 March 2024
COMPANY INFORMATION
1. Company Information
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.
Accounting Policies
2. Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention.
The financial statements are presented in sterling (£).
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.
Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
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.
(ii) Financial liabilities
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.
Turnover
Turnover represents net invoiced value of rent, excluding VAT.
Revenue recognition
Revenue is measured at the fair value of consideration received or receivable and represents net amount receivable from rental from investment properties.
Revenue from rentals is recognised in the accounting period in which the rental relates to.
Tangible Fixed Assets
Fixed asset investment
Investment Properties:
Investment property is included at fair value. Gains or losses arisen on revaluation are recognised in the income statement.
Creditors
Basic financial liabilities including trade and other payable, amounts due to the shareholder are measured at transaction price.
Current & deferred taxation
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.
Provision for deferred taxation is set off against debit balance of deferred taxation.
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.
MIRAN TRADING LIMITED
Notes to the financial statements - 31 March 2024
3. Number of employees
2024 2023
£ £
Number of employees 0 0
4. Fixed asset investment
Land And
Buildings
£
Cost and Revaluation:
At 1 April 2023 500,000
At 31 March 2024 500,000
Net Book Value:
At 31 March 2024 500,000
At 31 March 2023 500,000
MIRAN TRADING LIMITED
Notes to the financial statements - 31 March 2024
5. Creditors: amounts falling
due within one year
31.03.2024 31.03.2023
£ £
Director's account 122,855 149,748
Corporation tax 8,401 79,756
Accruals and accrued income 1,512 1,428
132,768 230,932
6. Provision of liabilities
Deferred tax
31.03.2024 31.03.2023
£ £
Revaluation of investment property 56,979 109,385
Sale of property - (52,406)
56,979 56,979
7. Called up share capital
31.03.2024 31.03.2023
£ £
Allotted, called up and fully
paid: 2 Ordinary Share of £1 each 2 2
8. Control
The company is wholly owned by its director Mr I. Safit.
Transactions:
The company paid the sum of £2,775 (2023 - £2,470) for health insurance for the director.
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