Registered number
06634277
Mirage Cosmetics Ltd
Filleted Accounts
30 June 2024
Mirage Cosmetics Ltd
Registered number: 06634277
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 16,500 22,000
Tangible assets 4 887,517 616,437
904,017 638,437
Current assets
Stocks 694,004 717,005
Debtors 5 19,868 21,096
Cash at bank and in hand 163,093 165,746
876,965 903,847
Creditors: amounts falling due within one year 6 (402,633) (440,277)
Net current assets 474,332 463,570
Total assets less current liabilities 1,378,349 1,102,007
Creditors: amounts falling due after more than one year 7 (227,990) (2,478)
Net assets 1,150,359 1,099,529
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,150,259 1,099,429
Shareholders' funds 1,150,359 1,099,529
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
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.
Mr M Perkins
Director
Approved by the board on 5 March 2025
Mirage Cosmetics Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 18% per year reducing balance method
Fixtures, fittings, tools and equipment 18% per year reducing balance method
Stocks
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.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 40 47
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 55,000
At 30 June 2024 55,000
Amortisation
At 1 July 2023 33,000
Provided during the year 5,500
At 30 June 2024 38,500
Net book value
At 30 June 2024 16,500
At 30 June 2023 22,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 556,564 146,934 72,929 776,427
Additions 259,315 3,285 30,995 293,595
Disposals - - (11,740) (11,740)
At 30 June 2024 815,879 150,219 92,184 1,058,282
Depreciation
At 1 July 2023 - 91,868 68,122 159,990
Charge for the year - 9,910 865 10,775
At 30 June 2024 - 101,778 68,987 170,765
Net book value
At 30 June 2024 815,879 48,441 23,197 887,517
At 30 June 2023 556,564 55,066 4,807 616,437
5 Debtors 2024 2023
£ £
Trade debtors 204 7,561
Other debtors 19,664 13,535
19,868 21,096
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 34,319 118,868
Trade creditors 285,141 251,765
Taxation and social security costs 79,387 62,240
Other creditors 3,786 7,404
402,633 440,277
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 224,512 -
Other creditors 3,478 2,478
227,990 2,478
8 Related party transactions
The company owes the director Mr M Perkins the sum of £3478.39 (2023 £2478.39) which is repayable upon demand. This sum is shown in other creditors due after one year.
9 Controlling party
The Director Mr M Perkins holds 100% of the shareholding of the company.
10 Other information
Mirage Cosmetics Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit D3 Atex Business Park
Gun Cotton Way
Stowmarket
Suffolk
IP14 5XE
Mirage Cosmetics Ltd 06634277 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts July 2024 Mr M Perkins No description of principal activity 06634277 2022-07-01 2023-06-30 06634277 core:WithinOneYear 2023-06-30 06634277 core:AfterOneYear 2023-06-30 06634277 core:ShareCapital 2023-06-30 06634277 core:RetainedEarningsAccumulatedLosses 2023-06-30 06634277 2023-07-01 2024-06-30 06634277 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 06634277 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 06634277 bus:Director40 2023-07-01 2024-06-30 06634277 1 2023-07-01 2024-06-30 06634277 2 2023-07-01 2024-06-30 06634277 core:Goodwill 2023-07-01 2024-06-30 06634277 core:LandBuildings 2023-07-01 2024-06-30 06634277 core:PlantMachinery 2023-07-01 2024-06-30 06634277 core:Vehicles 2023-07-01 2024-06-30 06634277 countries:England 2023-07-01 2024-06-30 06634277 bus:FRS102 2023-07-01 2024-06-30 06634277 bus:FilletedAccounts 2023-07-01 2024-06-30 06634277 2024-06-30 06634277 core:WithinOneYear 2024-06-30 06634277 core:AfterOneYear 2024-06-30 06634277 core:ShareCapital 2024-06-30 06634277 core:RetainedEarningsAccumulatedLosses 2024-06-30 06634277 core:Goodwill 2024-06-30 06634277 core:LandBuildings 2024-06-30 06634277 core:PlantMachinery 2024-06-30 06634277 core:Vehicles 2024-06-30 06634277 2023-06-30 06634277 core:Goodwill 2023-06-30 06634277 core:LandBuildings 2023-06-30 06634277 core:PlantMachinery 2023-06-30 06634277 core:Vehicles 2023-06-30 iso4217:GBP xbrli:pure