Registered number
12314487
Michael Property Management Ltd
Filleted Accounts
12 May 2023
Michael Property Management Ltd
Registered number: 12314487
Balance Sheet
as at 12 May 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 284,926 284,926
Current assets
Cash at bank and in hand 775 1,138
Creditors: amounts falling due within one year 4 (266,856) (284,784)
Net current liabilities (266,081) (283,646)
Net assets 18,845 1,280
Capital and reserves
Called up share capital 100 100
Profit and loss account 18,745 1,180
Shareholders' funds 18,845 1,280
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
A I Michael
Director
Approved by the board on 1 February 2024
Michael Property Management Ltd
Notes to the Accounts
for the year ended 12 May 2023
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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:
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 13 May 2022 284,926
At 12 May 2023 284,926
Depreciation
At 12 May 2023 -
Net book value
At 12 May 2023 284,926
At 12 May 2022 284,926
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 840 360
Taxation and social security costs 5,828 1,239
Other creditors 260,188 283,185
266,856 284,784
5 Related party transactions
At the year end the company owed the directors £260,188 (2022: £283,185)
6 Controlling party
There is no controlling party.
7 Other information
Michael Property Management Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Six Acres
Mill Lane
Painswick
Stroud
GL6 6TX
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