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REGISTERED NUMBER: 02862615 (England and Wales)







Unaudited Financial Statements for the Year Ended 30 June 2023

for

Michiko Pearls Ltd

Michiko Pearls Ltd (Registered number: 02862615)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Michiko Pearls Ltd

Company Information
for the Year Ended 30 June 2023







DIRECTORS: Mr R I Gardner
Mrs M Gardner





SECRETARY: Mrs M Gardner





REGISTERED OFFICE: Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY





REGISTERED NUMBER: 02862615 (England and Wales)





ACCOUNTANTS: Dunkley's
Chartered Accountants
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY

Michiko Pearls Ltd (Registered number: 02862615)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 42,127 45,447
42,127 45,447

CURRENT ASSETS
Stocks 16,976 33,000
Debtors 6 27,064 30,814
Cash at bank 5,556 21,964
49,596 85,778
CREDITORS
Amounts falling due within one year 7 160,328 169,687
NET CURRENT LIABILITIES (110,732 ) (83,909 )
TOTAL ASSETS LESS CURRENT LIABILITIES (68,605 ) (38,462 )

CREDITORS
Amounts falling due after more than one year 8 (8,466 ) (10,848 )

PROVISIONS FOR LIABILITIES (1,908 ) (2,539 )
NET LIABILITIES (78,979 ) (51,849 )

CAPITAL AND RESERVES
Called up share capital 11 200 200
Retained earnings 12 (79,179 ) (52,049 )
SHAREHOLDERS' FUNDS (78,979 ) (51,849 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Michiko Pearls Ltd (Registered number: 02862615)

Balance Sheet - continued
30 June 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 31 October 2023 and were signed on its behalf by:





Mr R I Gardner - Director


Michiko Pearls Ltd (Registered number: 02862615)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Michiko Pearls Ltd 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.

2. ACCOUNTING POLICIES

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

The company is reliant on the support of its director and shareholders and having made appropriate enquiries, the directors have considered the future cashflow of the company and is not aware of any reason why the company will not be able to meet its liabilities as they fall due for the foreseeable future. As a result, the directors have continued to adopt the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Michiko Pearls Ltd (Registered number: 02862615)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 66,900
AMORTISATION
At 1 July 2022
and 30 June 2023 66,900
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2022
and 30 June 2023 32,085 7,988 1,191
DEPRECIATION
At 1 July 2022 - 7,442 1,146
Charge for year - 82 7
At 30 June 2023 - 7,524 1,153
NET BOOK VALUE
At 30 June 2023 32,085 464 38
At 30 June 2022 32,085 546 45

Michiko Pearls Ltd (Registered number: 02862615)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 16,425 2,991 60,680
DEPRECIATION
At 1 July 2022 3,764 2,881 15,233
Charge for year 3,165 66 3,320
At 30 June 2023 6,929 2,947 18,553
NET BOOK VALUE
At 30 June 2023 9,496 44 42,127
At 30 June 2022 12,661 110 45,447

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2022
and 30 June 2023 16,425
DEPRECIATION
At 1 July 2022 3,764
Charge for year 3,165
At 30 June 2023 6,929
NET BOOK VALUE
At 30 June 2023 9,496
At 30 June 2022 12,661

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 26,702 30,496
Prepayments 362 318
27,064 30,814

Michiko Pearls Ltd (Registered number: 02862615)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Hire purchase contracts (see note 9) 2,428 2,473
Trade creditors 17,312 22,671
Social security and other taxes 1,134 1,080
VAT 7,033 10,636
Other creditors 443 900
Directors' loan accounts 129,429 129,501
Accrued expenses 2,549 2,426
160,328 169,687

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.23 30.6.22
£    £   
Hire purchase contracts (see note 9) 8,466 10,848

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.6.23 30.6.22
£    £   
Net obligations repayable:
Within one year 2,428 2,473
Between one and five years 8,466 10,848
10,894 13,321

10. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Hire purchase contracts 10,894 13,321

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
100 Ordinary £1 100 100
100 Ordinary B £1 100 100
200 200

Michiko Pearls Ltd (Registered number: 02862615)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

12. RESERVES
Retained
earnings
£   

At 1 July 2022 (52,049 )
Deficit for the year (27,130 )
At 30 June 2023 (79,179 )