Registered number
07444577
Michael Farley & Associates Ltd
Filleted Accounts
31 December 2022
Michael Farley & Associates Ltd
Registered number: 07444577
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 97,453 97,453
Tangible assets 4 2,376 1,517
99,829 98,970
Current assets
Stocks 1,000 1,000
Debtors 5 29,870 8,952
Cash at bank and in hand 8,279 24,976
39,149 34,928
Creditors: amounts falling due within one year 6 (94,456) (74,089)
Net current liabilities (55,307) (39,161)
Total assets less current liabilities 44,522 59,809
Creditors: amounts falling due after more than one year 7 (43,844) (57,383)
Net assets 678 2,426
Capital and reserves
Called up share capital 1 1
Profit and loss account 677 2,425
Shareholder's funds 678 2,426
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.
M W Farley
Director
Approved by the board on 30 September 2023
Michael Farley & Associates Ltd
Notes to the Accounts
for the year ended 31 December 2022
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 rendering of services. 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:
Motor vehicles over 5 years reducing balance
Fixtures, fittings, tools and equipment over 5 years reducing balance
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2022 97,453
At 31 December 2022 97,453
Amortisation
At 31 December 2022 -
Net book value
At 31 December 2022 97,453
At 31 December 2021 97,453
Goodwill has been written off in equal annual instalments over its estimated economic life.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2022 7,233 27,500 34,733
Additions 1,453 - 1,453
Disposals - (27,500) (27,500)
At 31 December 2022 8,686 - 8,686
Depreciation
At 1 January 2022 5,716 27,500 33,216
Charge for the year 594 - 594
On disposals - (27,500) (27,500)
At 31 December 2022 6,310 - 6,310
Net book value
At 31 December 2022 2,376 - 2,376
At 31 December 2021 1,517 - 1,517
5 Debtors 2022 2021
£ £
Trade debtors 18,955 1,724
Other debtors 10,915 7,228
29,870 8,952
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 32,301 24,505
Trade creditors 32,830 16,039
Taxation and social security costs 29,325 32,926
Other creditors - 619
94,456 74,089
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 43,844 57,383
8 Other information
Michael Farley & Associates Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 9 Pine Court Business Centre
36 Gervis Road
Bournemouth
Dorset
BH1 3DH
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