Company registration number 04718172 (England and Wales)
MIRACLE WORKERS AGENCY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MIRACLE WORKERS AGENCY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MIRACLE WORKERS AGENCY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
40,805
9,097
Current assets
Debtors
4
131,184
137,760
Cash at bank and in hand
207,626
237,402
338,810
375,162
Creditors: amounts falling due within one year
5
(102,237)
(105,844)
Net current assets
236,573
269,318
Total assets less current liabilities
277,378
278,415
Creditors: amounts falling due after more than one year
6
(23,941)
Provisions for liabilities
(8,125)
Net assets
245,312
278,415
Capital and reserves
Called up share capital
7
100
100
Capital redemption reserve
1,500
1,500
Profit and loss reserves
243,712
276,815
Total equity
245,312
278,415
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 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.
The 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.
MIRACLE WORKERS AGENCY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
Mr D A Warner
Director
Company Registration No. 04718172
MIRACLE WORKERS AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Miracle Workers Agency Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sterling House, Lewis's Lane, Abergavenny, Monmouthshire, NP7 5BA.
1.1
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
For operational reasons some of the company's turnover has been collected by the independent subcontractors used by the company to supply its services. This turnover exactly equals the amount due to subcontractors for the services supplied but has not, to date, been captured by the accounting system and therefore both turnover and subcontractors expense have been understated by equal amounts. This has no effect on the profit of the business.
Revenue from contracts for the provision of home care services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% on cost
Computer equipment
15% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MIRACLE WORKERS AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
11
13
MIRACLE WORKERS AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
22,106
54,482
76,588
Additions
140
35,920
36,060
At 31 March 2023
22,246
54,482
35,920
112,648
Depreciation and impairment
At 1 April 2022
16,839
50,652
67,491
Depreciation charged in the year
1,674
1,182
1,496
4,352
At 31 March 2023
18,513
51,834
1,496
71,843
Carrying amount
At 31 March 2023
3,733
2,648
34,424
40,805
At 31 March 2022
5,267
3,830
9,097
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
19,668
40,827
Other debtors
93,982
65,429
Prepayments and accrued income
17,534
31,504
131,184
137,760
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under hire purchase
3,672
Trade creditors
25,970
36,968
Corporation tax
9,756
23,233
Other taxation and social security
10,544
8,944
Other creditors
11,884
11,962
Accruals and deferred income
40,411
24,737
102,237
105,844
Included in creditors due within one year is secured debt from hire purchase contracts of £3,672 (2022: £nil), secured over the company's motor vehicle.
MIRACLE WORKERS AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
23,941
Included in creditors due after one year is secured debt from hire purchase contracts of £23,941 (2022: £nil), secured over the company's motor vehicle.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
80
80
80
80
Ordinary B of £1 each
5
5
5
5
Ordinary C of £1 each
5
5
5
5
Ordinary D of £1 each
5
5
5
5
Ordinary E of £1 each
5
5
5
5
100
100
100
100
8
Pension Commitments
The company operates a defined contribution scheme for the benefit of the employees. The assets of the scheme are administered by trustees in a fund independent from those of the company.
The total contributions paid in the year amounted to £7,896 (2022: £7,896).
9
Directors' transactions
Dividends totalling £26,994 (2022 - £30,600) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors
2.00
44,945
62,461
1,483
(36,547)
72,342
44,945
62,461
1,483
(36,547)
72,342