Registered number
11952561
Mirrorsphere Group Ltd.
Unaudited Filleted Accounts
30 April 2024
Mirrorsphere Group Ltd.
Registered number: 11952561
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 303,110 303,110
Current assets
Debtors 4 165,238 149,846
Cash at bank and in hand 614 710
165,852 150,556
Creditors: amounts falling due within one year 5 (281,804) (260,955)
Net current liabilities (115,952) (110,399)
Net assets 187,158 192,711
Capital and reserves
Called up share capital 91 91
Share premium 181,500 181,500
Profit and loss account 5,567 11,120
Shareholder's funds 187,158 192,711
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S J Dauphin
Director
Approved by the board on 18 November 2024
Mirrorsphere Group Ltd.
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts present information of the companies affairs and not of its group, as it is exempt from preparing consolidated financial statements on the grounds that the group qualifies as small, as set out in section 383 of the Companies Act 2006 and that the group is not ineligible as set out in section 384 of the Act. The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The director has carefully considered the company and its subsidiary's current and forecast trading, the bank balances and available facilities which may effect future ability to continue operating as a going concern, and believes that that the company and its subsidiary will be able to meet their debts as they fall due for the period of 12 months after the approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
Investments
Investments in subsidiaries are measured at cost less any accumulated impairment losses.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 May 2023 303,110
At 30 April 2024 303,110
4 Debtors 2024 2023
£ £
Other debtors 165,238 149,846
Amounts due after more than one year included above 17,822 15,092
Included in other debtors above is accrued income totalling £3,047 (2023: £2,227)
5 Creditors: amounts falling due within one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 280,574 260,167
Taxation and social security costs 497 295
Other creditors 733 493
281,804 260,955
6 Share capital 2024 2023
£ £
Allotted, called up share capital which has been paid up
31 ordinary shares of £1 each 31 31
60 ordinary B shares of £1 each 60 60
91 91
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Loan 1 46,435 - - 46,435
Loan 2 86,091 - - 86,091
Loan 3 - 89,842 (78,000) 11,842
132,526 89,842 (78,000) 144,368
During the year, the company advanced funds to the company director. The maximum outstanding during the year was £173,948 (2023: £155,440). Interest has been charged on the loans at the HM Revenue and Customs official rates for beneficial loans. There are no fixed terms of repayment.
8 Controlling party
The company is under the control of S J Dauphin who holds 100% of the issued share capital.
9 Other information
Mirrorsphere Group Ltd. whose company number is 11952561, is a private company limited by shares and incorporated in England. Its registered office is:
Bloxham Mill
Barford Road
Bloxham
Oxfordshire
OX15 4FE
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