Registered number
06388568
Mirrorsphere Ltd.
Unaudited Filleted Accounts
31 December 2024
Mirrorsphere Ltd.
Registered number: 06388568
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 58,708 74,669
Current assets
Debtors 4 482,586 391,482
Cash at bank and in hand 131,260 162,678
613,846 554,160
Creditors: amounts falling due within one year 5 (192,843) (131,941)
Net current assets 421,003 422,219
Total assets less current liabilities 479,711 496,888
Creditors: amounts falling due after more than one year 7 (5,000) (15,000)
Provisions for liabilities (14,677) (18,668)
Net assets 460,034 463,220
Capital and reserves
Called up share capital 150 150
Profit and loss account 459,884 463,070
Shareholder's funds 460,034 463,220
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 29 April 2025
Mirrorsphere Ltd.
Notes to the Accounts
for the year ended 31 December 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).
Going concern
The director believes that the company is experiencing good levels of sales growth and profitability and is well placed to manage its business risks successfully. Accordingly, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the going concern basis continues to be adopted in preparing the financial statements.
Turnover
Turnover represents the fair value of consideration received or receivable in respect of the sale of goods and the rendering of services, net of discounts and value added tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the customer, which is typically upon delivery of the goods. Revenue from the rendering of services is recognised by reference to the stage of completion of the contract at the reporting date. The stage of completion is determined based on the proportion of costs incurred to date relative to the total estimated costs of fulfilling the contract. In order to ensure that turnover is matched to the period to which it relates, the company applies the principles of accruals accounting. Income is accrued or deferred as necessary to recognise revenue in the correct accounting period. Accrued income is recognised for services performed but not yet invoiced, where the company has an enforceable right to consideration. Deferred income is recognised where amounts have been invoiced or received in advance of the related services being delivered or goods being transferred. This policy is designed to ensure that turnover reflects the substance of the company’s contractual arrangements and performance obligations.
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:
Fixtures, fittings, tools and equipment over 4 years
Motor vehicles 25% reducing balance
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.
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 5 5
3 Tangible fixed assets
Fixtures, fittings, tools and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2024 56,788 68,195 124,983
Additions 3,579 1,877 5,456
At 31 December 2024 60,367 70,072 130,439
Depreciation
At 1 January 2024 40,432 9,882 50,314
Charge for the year 6,370 15,047 21,417
At 31 December 2024 46,802 24,929 71,731
Net book value
At 31 December 2024 13,565 45,143 58,708
At 31 December 2023 16,356 58,313 74,669
4 Debtors 2024 2023
£ £
Trade debtors 139,840 55,026
Amounts owed by group companies 267,535 244,081
Other debtors 75,211 92,375
482,586 391,482
Amounts due after more than one year included above 16,247 16,247
Included in other debtors above is accrued income of £2,765 (2023: £8,076) and prepayments of £20,711 (2023: £22,998).
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 34,734 35,814
Taxation and social security costs 59,551 37,372
Other creditors 88,558 48,755
192,843 131,941
Included in other creditors above is deferred income of £63,898 (2023: £30,311) and accruals of £5,915 (2023: £7,095).
6 Share capital 2024 2023
£ £
Allotted, called up share capital which has been paid up
50 ordinary shares of £1 each 50 50
100 ordinary 'B' shares of £1 each 100 100
150 150
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 5,000 15,000
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Loan 1 49,991 - 49,991
Loan 2 (4,937) 2,650 (12,216) (14,503)
45,054 2,650 (12,216) 35,488
During the year, the company advanced funds to the director of the company. The maximum loan balance outstanding during the year was £46,532. Interest has been charged at the HM Revenue and Customs authorised rate for beneficial loans. There are no fixed terms of repayment and this amount is included in other debtors.
9 Controlling party
The ultimate controlling party is S J Dauphin, who owns 100% of the ordinary shares of the total issued share capital of Mirrorsphere Group Ltd., which in turn owns 100% of the shares in the company.
10 Other information
Mirrorsphere Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
Bloxham Mill
Barford Road
Bloxham
Banbury
OX15 4FF
Mirrorsphere Ltd is a wholly owned subsidiary of Mirrorsphere Group Ltd., a private company limited by shares and incorporated in England, which shares the same registered office.
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