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 |