Mirace Limited Filleted Accounts Cover
Mirace Limited
Company No. 09549272
Information for Filing with The Registrar
31 May 2024
Mirace Limited Directors Report Registrar
The Director presents his report and the accounts for the year ended 31 May 2024.
Principal activities
The principal activity of the company during the year under review was that of property rental.
Director
The Director who served at any time during the year was as follows:
W.U. Abaleke
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
W.U. Abaleke
Director
28 October 2024
Mirace Limited Balance Sheet Registrar
at
31 May 2024
Company No.
09549272
Notes
2024
2023
£
£
Fixed assets
Investment property
4
1,500,0001,400,000
1,500,0001,400,000
Current assets
Debtors
5
127,069127,069
Cash at bank and in hand
19,27324,429
146,342151,498
Creditors: Amount falling due within one year
6
(64,118)
(69,871)
Net current assets
82,22481,627
Total assets less current liabilities
1,582,2241,481,627
Creditors: Amounts falling due after more than one year
7
(322,434)
(347,625)
Provisions for liabilities
Deferred taxation
(50,288)
(29,548)
Net assets
1,209,5021,104,454
Capital and reserves
Called up share capital
10,00010,000
Share premium account
10
755,000755,000
Profit and loss account
10
444,502339,454
Total equity
1,209,5021,104,454
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 May 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 28 October 2024 and signed on its behalf by:
W.U. Abaleke
Director
28 October 2024
Mirace Limited Notes to the Accounts Registrar
for the year ended 31 May 2024
1
General information
Mirace Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 09549272
Its registered office is:
131 Ley Street
Ilford
Essex
IG1 4BH
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
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 profit and loss account 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 temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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.

Current or deferred tax for the year is recognised in profit or loss, except when they relate 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.
Freehold investment property
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
11
4
Investment property
Freehold Investment Property
£
Valuation
At 1 June 2023
1,400,000
Revaluation
100,000
At 31 May 2024
1,500,000
The freehold investment property was acquired on 17/09/2015 and 29/01/2016. The property was revalued on 31 May 2024 by W U Abaleke.
5
Debtors
2024
2023
£
£
Other debtors
127,069127,069
127,069127,069
6
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
31,02636,782
Taxes and social security
6,747
9,465
Loans from directors
20,12820,128
Other creditors
5,2983,377
Accruals and deferred income
919119
64,11869,871
The bank loans are secured by a fixed and floating charge over the Company's assets.
7
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
322,434347,625
322,434347,625
Liabilities repayable in more than five years after the balance sheet date
Amount repayable by instalments
234,498
221,281
234,498221,281
The bank loans are secured by a fixed and floating charge over the Company's assets.
8
Creditors: secured liabilities
2024
2023
£
£
The aggregate amount of secured liabilities included within creditors
346,452374,448
9
Share Capital
1000 x £1 Ordinary A Shares, 9000 x £1 Ordinary B Shares.
10
Reserves
Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account - includes all current and prior period retained profits and losses.
11
Related party disclosures
Transactions with related parties
Esthetics Limited a company under common control owes Mirace Limited £127,069(2024), £127,069(2023).
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