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REGISTERED NUMBER: 02802325 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MIRZA (UK) LIMITED

MIRZA (UK) LIMITED (REGISTERED NUMBER: 02802325)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MIRZA (UK) LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTORS: Mr A Habib
Mr T Mirza
Mr P J Mugglestone





SECRETARY: Mr A Habib





REGISTERED OFFICE: Mirza House
Sherbourne Drive Tilbrook
Milton Keynes
Buckinghamshire
MK7 8HY





REGISTERED NUMBER: 02802325 (England and Wales)





AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

MIRZA (UK) LIMITED (REGISTERED NUMBER: 02802325)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,975,000 5,999,342
Investments 5 508,118 508,118
Investment property 6 1,500,000 1,500,000
7,983,118 8,007,460

CURRENT ASSETS
Stocks 7 1,625,184 3,455,173
Debtors 8 1,612,336 1,982,144
Cash in hand 1,459,756 958,025
4,697,276 6,395,342
CREDITORS
Amounts falling due within one year 9 3,767,539 4,033,399
NET CURRENT ASSETS 929,737 2,361,943
TOTAL ASSETS LESS CURRENT LIABILITIES 8,912,855 10,369,403

CREDITORS
Amounts falling due after more than one
year

10

-

(1,470,463

)

PROVISIONS FOR LIABILITIES 14 (501,881 ) (501,881 )
NET ASSETS 8,410,974 8,397,059

CAPITAL AND RESERVES
Called up share capital 15 110,000 110,000
Revaluation reserve 3,382,001 3,382,001
Capital redemption reserve 90,000 90,000
Retained earnings 4,828,973 4,815,058
SHAREHOLDERS' FUNDS 8,410,974 8,397,059

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2024 and were signed on its behalf by:





Mr A Habib - Director


MIRZA (UK) LIMITED (REGISTERED NUMBER: 02802325)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024


1. STATUTORY INFORMATION

Mirza (Uk) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amount reported. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.

Stock provisioning
The company is a shoe wholesaler, and it subject to changing customer demands and economic change. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. Management consider the nature and condition of stock, as well as apply assumptions around expected future demand for the stock, when calculating the level stock provisioning.

Property valuations
The Company determines whether a property qualifies as an investment property, and has developed criteria in making that judgement. Investment property is a property held to earn rentals or for capital appreciation or both. Therefore, the Company considers whether a property generates cash flows largely independently of the other assets held by the Company.

The fair values of freehold and investment properties are determined by using valuation techniques. The Company uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Where appropriate, professional valuations or similar valuation techniques are also used to determine the fair values of the properties.

In the absence of current prices in an active market for similar properties, the Company considers information from a variety of sources, including:
- current prices in an active market for properties of a different nature, condition or location, adjusted to reflect those differences;
- recent prices of similar properties on less active markets, with adjustments to reflect any changes in economic conditions since the date of the transactions that occurred at those prices; and
- discounted cash flow projections based on reliable estimates of future cash flows, supported by the terms of any existing lease and other contracts and (when possible) by external evidence such as current market rents for similar properties in the same location and condition, and using discount rates that reflect current market assessments of the uncertainty in the amount and timing of the cash flows.

Impairment of investments in associates
Determining whether the company's investments in associates have been impaired requires estimations of the investments' values in use. The value in use calculations require the entity to estimate the future cash flows expected to arise from the investments and suitable discount rates in order to calculate present values.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

MIRZA (UK) LIMITED (REGISTERED NUMBER: 02802325)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold Property- On valuation
Plant and machinery- 25% on reducing balance
Fixtures and fittings- 25% on reducing balance
Motor Vehicles- 25% on reducing balance

Investments in associates
Investments in associate undertakings are recognised at cost less any provision for impairment.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving stock.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, and loans from fellow group and associated companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities.Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


MIRZA (UK) LIMITED (REGISTERED NUMBER: 02802325)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

MIRZA (UK) LIMITED (REGISTERED NUMBER: 02802325)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 5,900,000 289,026 337,549 54,000 6,580,575
Additions - - 958 - 958
Disposals - - (7,478 ) - (7,478 )
At 31 March 2024 5,900,000 289,026 331,029 54,000 6,574,055
DEPRECIATION
At 1 April 2023 - 247,014 326,344 7,875 581,233
Charge for year - 10,503 2,980 11,531 25,014
Eliminated on disposal - - (7,192 ) - (7,192 )
At 31 March 2024 - 257,517 322,132 19,406 599,055
NET BOOK VALUE
At 31 March 2024 5,900,000 31,509 8,897 34,594 5,975,000
At 31 March 2023 5,900,000 42,012 11,205 46,125 5,999,342

Freehold property was valued in November 2021 by Brown & Lee Chartered Surveyors. The fair value of £5,900,000 was determined using an open market existing use basis and the Directors' opinion is that this is a true representation of the value of the property at 31 March 2024.

If the properties had not been included at valuation they would have been included under historical cost convention as follows

20242023
£   £   

Freehold property3,424,9763,424,976
Investment property 685,338 685,338
4,110,3144,110,314



5. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 April 2023
and 31 March 2024 2,193,362
PROVISIONS
At 1 April 2023
and 31 March 2024 1,685,244
NET BOOK VALUE
At 31 March 2024 508,118
At 31 March 2023 508,118

MIRZA (UK) LIMITED (REGISTERED NUMBER: 02802325)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


5. FIXED ASSET INVESTMENTS - continued

At 31 March 2024 the company owned 25.06% of the shares in Genesis Riverview Resorts PVT Limited, a company incorporated in India.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,500,000
NET BOOK VALUE
At 31 March 2024 1,500,000
At 31 March 2023 1,500,000

Investment property was valued in December 2021 by Opes Real Estate. The fair value of £1,500,000 was assessed by the directors during the current financial year.

7. STOCKS
2024 2023
£    £   
Finished goods 1,625,184 3,455,173

8. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 693,770 867,181
Other debtors - 690
Prepayments and accrued income 204,934 227,989
Accrued Income 18,938 -
917,642 1,095,860

Amounts falling due after more than one year:
Amounts owed by participating interests 694,694 886,284

Aggregate amounts 1,612,336 1,982,144

MIRZA (UK) LIMITED (REGISTERED NUMBER: 02802325)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 11) 1,486,902 218,525
Trade creditors 345,101 244,983
Amounts owed to group undertakings 1,755,981 3,328,796
Corporation tax 13,451 67,508
Social security and other taxes 16,677 -
VAT 60,081 67,841
Other creditors 10,820 18,360
Accruals and deferred income 78,526 87,386
3,767,539 4,033,399

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 11) - 1,470,463

11. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 1,486,902 218,525

Amounts falling due between one and two years:
Bank loans - 1-2 years - 218,525

Amounts falling due between two and five years:
Bank loans - 2-5 years - 1,251,938

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 15,594 17,362
Between one and five years 14,106 29,701
29,700 47,063

MIRZA (UK) LIMITED (REGISTERED NUMBER: 02802325)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,486,902 1,688,988

The bank loans are secured by a first charge over the company's freehold property.

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 501,881 501,881

Deferred
tax
£   
Balance at 1 April 2023 501,881
Other comprehensive income
Balance at 31 March 2024 501,881

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,100 Ordinary £100 110,000 110,000

16. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Jones FCCA (Senior Statutory Auditor)
for and on behalf of TC Group

17. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

In previous years, Mirza (UK) Limited made loans totalling £1,966,193 to other related parties. The balance outstanding on these loans as at 31 March 2024 was £694,694 (2023: £886,284).

18. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Mirza International Limited, a company registered in Kanpur, India, The results of this company are included in the financial statements of Mirza International Limited, copies are available from its registered office: 14/6 Civil Lines, Kanpur, UP 208001, India.

The immediate parent company is RTS Fashion Limited, a company registered in Dubai.