Company Registration No. 08948133 (England and Wales)
Mirror Properties Limited
Financial Statements
for the year ended 31 March 2018
PAGES FOR FILING WITH REGISTRAR
Mirror Properties Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 4
Mirror Properties Limited
Statement of financial position
as at 31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
3
154,356
154,356
Current assets
Debtors
4
-
23,812
Cash at bank and in hand
283
19
283
23,831
Creditors: amounts falling due within one year
5
(46,000)
(66,482)
Net current liabilities
(45,717)
(42,651)
Total assets less current liabilities
108,639
111,705
Creditors: amounts falling due after more than one year
6
(95,880)
(102,518)
Net assets
12,759
9,187
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
12,757
9,185
Total equity
12,759
9,187
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
Mirror Properties Limited
Statement of financial position (continued)
as at 31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 January 2019 and are signed on its behalf by:
Mr J P Wright
Director
Company Registration No. 08948133
Mirror Properties Limited
Notes to the financial statements
for the year ended 31 March 2018
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Turnover
Turnover
represents the total invoice value of rents receivable for the year. Turnover is recognised on an
accruals basis in the period to which it relates.
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 -
2
).
3
Investments
Investment property
£
Cost
At 1 April 2017 and 31 March 2018
154,356
Depreciation and impairment
At 1 April 2017 and 31 March 2018
-
Carrying amount
At 31 March 2017 and 31 March 2018
154,356
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
-
23,812
Mirror Properties Limited
Notes to the financial statements (continued)
for the year ended 31 March 2018
- 4 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans
6,515
6,392
Corporation tax
838
889
Other creditors
38,647
59,201
46,000
66,482
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans
95,880
102,518
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
8
Company information
Mirror Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
21 Curzen Crescent, Kirk Sandall, Doncaster, DN3 1PR.