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REGISTERED NUMBER: 08337038 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Michael Reed & Co Limited

Michael Reed & Co Limited (Registered number: 08337038)






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


Michael Reed & Co Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Wade Fazackarley





REGISTERED OFFICE: Castle Farm Barn North
Denmead Road
Southwick
Hampshire
PO17 6EX





REGISTERED NUMBER: 08337038 (England and Wales)





ACCOUNTANTS: KT Accountants Limited
Castle Farm Barn North
Denmead Road
Southwick
Hampshire
PO17 6EX

Michael Reed & Co Limited (Registered number: 08337038)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,275 24,076

CURRENT ASSETS
Debtors 5 25,429 26,542
Cash at bank 38,177 59,285
63,606 85,827
CREDITORS
Amounts falling due within one year 6 63,505 68,185
NET CURRENT ASSETS 101 17,642
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,376

41,718

PROVISIONS FOR LIABILITIES 3,927 4,433
NET ASSETS 17,449 37,285

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 17,299 37,135
SHAREHOLDERS' FUNDS 17,449 37,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Michael Reed & Co Limited (Registered number: 08337038)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 November 2023 and were signed by:





Wade Fazackarley - Director


Michael Reed & Co Limited (Registered number: 08337038)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Michael Reed & Co 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. 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.

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 has been fully amortised in the current year.

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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Michael Reed & Co Limited (Registered number: 08337038)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 33,301 4,138 30,010 67,449
Additions 20,473 - - 20,473
Disposals (16,000 ) - - (16,000 )
At 31 March 2023 37,774 4,138 30,010 71,922
DEPRECIATION
At 1 April 2022 19,392 2,604 21,377 43,373
Charge for year 11,690 520 2,158 14,368
Eliminated on disposal (7,094 ) - - (7,094 )
At 31 March 2023 23,988 3,124 23,535 50,647
NET BOOK VALUE
At 31 March 2023 13,786 1,014 6,475 21,275
At 31 March 2022 13,909 1,534 8,633 24,076

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 6,878 8,826
Prepayments 18,551 17,716
25,429 26,542

Michael Reed & Co Limited (Registered number: 08337038)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors - 494
Corporation tax 3,360 10,572
Social security and other taxes 1,673 1,612
VAT 13,970 16,328
Other creditors - 88
Directors' current accounts 42,619 37,526
Accrued expenses 1,883 1,565
63,505 68,185

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
Wade Fazackarley
Balance outstanding at start of year (37,526 ) (211 )
Amounts repaid (5,093 ) (37,315 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (42,619 ) (37,526 )

Michael John Reed
Balance outstanding at start of year - (26,091 )
Amounts repaid - 26,091
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The directors loan account balances are interest free, undated , unsecured and repayable on demand.










8. ULTIMATE CONTROLLING PARTY

No one has a controlling interest in the company