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REGISTERED NUMBER: 02914870 (England and Wales)





ELIZABETH MICHAEL ASSOCIATES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






ELIZABETH MICHAEL ASSOCIATES LIMITED (REGISTERED NUMBER: 02914870)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ELIZABETH MICHAEL ASSOCIATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr A Charlesworth
Mr A Spalding





REGISTERED OFFICE: Unit 8 Chase Park
Daleside Road
Nottingham
Nottinghamshire
NG2 4GT





REGISTERED NUMBER: 02914870 (England and Wales)





AUDITORS: APC Accountants Limited
Chartered Accountants
and Statutory Auditors
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH

ELIZABETH MICHAEL ASSOCIATES LIMITED (REGISTERED NUMBER: 02914870)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 4,456 -
Tangible assets 6 4,164 5,636
8,620 5,636

CURRENT ASSETS
Debtors 7 1,016,286 1,010,818
Cash at bank 110,953 104,322
1,127,239 1,115,140
CREDITORS
Amounts falling due within one year 8 485,087 271,130
NET CURRENT ASSETS 642,152 844,010
TOTAL ASSETS LESS CURRENT
LIABILITIES

650,772

849,646

CREDITORS
Amounts falling due after more than one
year

9

(1,929

)

(3,823

)

PROVISIONS FOR LIABILITIES (1,911 ) (1,068 )
NET ASSETS 646,932 844,755

CAPITAL AND RESERVES
Called up share capital 12 2 2
Retained earnings 646,930 844,753
SHAREHOLDERS' FUNDS 646,932 844,755

ELIZABETH MICHAEL ASSOCIATES LIMITED (REGISTERED NUMBER: 02914870)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2023 and were signed on its behalf by:




Mr A Charlesworth - Director



Mr A Spalding - Director


ELIZABETH MICHAEL ASSOCIATES LIMITED (REGISTERED NUMBER: 02914870)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Elizabeth Michael Associates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% straight line
Computer equipment - 33% straight line


ELIZABETH MICHAEL ASSOCIATES LIMITED (REGISTERED NUMBER: 02914870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

ELIZABETH MICHAEL ASSOCIATES LIMITED (REGISTERED NUMBER: 02914870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 71 (2022 - 57 ) .

5. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
Additions 5,484
At 31 March 2023 5,484
AMORTISATION
Amortisation for year 1,028
At 31 March 2023 1,028
NET BOOK VALUE
At 31 March 2023 4,456

ELIZABETH MICHAEL ASSOCIATES LIMITED (REGISTERED NUMBER: 02914870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 1,620 18,241 19,861
Additions - 5,951 5,951
At 31 March 2023 1,620 24,192 25,812
DEPRECIATION
At 1 April 2022 965 13,260 14,225
Charge for year 324 7,099 7,423
At 31 March 2023 1,289 20,359 21,648
NET BOOK VALUE
At 31 March 2023 331 3,833 4,164
At 31 March 2022 655 4,981 5,636

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 267,649 132,201
Prepayments and accrued income 32,674 6,827
300,323 139,028

Amounts falling due after more than one year:
Amounts owed by group undertakings 715,963 871,790

Aggregate amounts 1,016,286 1,010,818

ELIZABETH MICHAEL ASSOCIATES LIMITED (REGISTERED NUMBER: 02914870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 1,755 2,513
Trade creditors 19,139 2,850
Corporation tax 84,195 68,488
Social security and other taxes 24,135 15,834
VAT 72,567 42,429
Other creditors 2,194 -
Credit card 1,211 1,481
Receivables financing 195,172 112,582
Accruals and deferred income 84,719 24,953
485,087 271,130

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) 1,929 3,823

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 1,755 2,513
Between one and five years 1,929 3,823
3,684 6,336

ELIZABETH MICHAEL ASSOCIATES LIMITED (REGISTERED NUMBER: 02914870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Between one and five years 120,000 -

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 3,684 6,336
Receivables financing 195,172 112,582
198,856 118,918

The hire purchase is secured over the fixed assets on finance.
The receivables financing is secured over the fixed and floating charge over the assets of the business.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary 1 2 2

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven Pincott ACA, FCCA, ATT (Senior Statutory Auditor)
for and on behalf of APC Accountants Limited

ELIZABETH MICHAEL ASSOCIATES LIMITED (REGISTERED NUMBER: 02914870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


14. RELATED PARTY DISCLOSURES

At the balance sheet date an amount of £715,963 (2022 £871,790) was owed to the company by Approach Personnel Limited, a company which is controlled by Mr A Charlesworth and Mr A Spalding.
During the year the company rented premises from Aspire Estates Limited, a company in which Mr A Charlesworth and Mr A Spalding are directors and shareholders, to the value of £30,000 (2022 - £30,000). At the balance sheet date an amount of £nil (2022 £nil) was owed by the company to Aspire Estates Limited.
Key Management in relation to the company are remunerated through Approach Personnel Limited.