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Registered number: 10107661
Mirrorstone Heating Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10107661
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,321 8,079
8,321 8,079
CURRENT ASSETS
Stocks 5 449,239 232,082
Debtors 6 611,433 751,653
Cash at bank and in hand 655,415 351,748
1,716,087 1,335,483
Creditors: Amounts Falling Due Within One Year 7 (407,971 ) (280,908 )
NET CURRENT ASSETS (LIABILITIES) 1,308,116 1,054,575
TOTAL ASSETS LESS CURRENT LIABILITIES 1,316,437 1,062,654
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,080 ) (1,536 )
NET ASSETS 1,314,357 1,061,118
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 1,314,257 1,061,018
SHAREHOLDERS' FUNDS 1,314,357 1,061,118
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For the year ending 31 January 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 the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Prashant Soni
Director
8 October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Mirrorstone Heating Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10107661 . The registered office is 21 High View Close, Hamilton Office Park, Leicester, Leicestershire, LE4 9LJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings over 5 years
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Debtors & Creditors
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.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 7)
8 7
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4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 February 2023 22,807
Additions 4,521
As at 31 January 2024 27,328
Depreciation
As at 1 February 2023 14,728
Provided during the period 4,279
As at 31 January 2024 19,007
Net Book Value
As at 31 January 2024 8,321
As at 1 February 2023 8,079
5. Stocks
2024 2023
£ £
Finished goods 237,139 95,908
Work in progress 212,100 136,174
449,239 232,082
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 17,628 35,196
Prepayments and accrued income 3,000 3,000
Other debtors 590,805 713,457
611,433 751,653
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 101,873 147,861
Other taxes and social security 266,206 83,273
Other creditors 39,892 49,774
407,971 280,908
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
Directors Loan Account 
Directors Loan Account - these loans are free of interest and repayable on demand. 
The amount is included within other creditors. 
Amount due to the related party: £2,905 (2023: £49,776) 
Mirrorstone Lighting Ltd 
A company in which the directors are also directors and shareholders. 
Loan account - The loan is free of interest and repayable on demand.
The amount is included within debtors/creditors.
Amount due to/(from) the related party: £36,987 (2023: (£22,741)) 
Soni Property Group Ltd 
A company in which the directors are also directors and shareholders. 
Loan account - The loan is free of interest and repayable on demand.
The amount is included within debtors.
Amount due from the related party: £590,805 (2023: £690,716)
10. Ultimate Controlling Party
Mr P Soni, Mr A Soni, Ms C Soni & Ms N Soni are the ultimate controlling parties by virtue of their joint beneficial ownership of 100% of the issued ordinary share capital of the company.
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