2022-06-012023-05-312023-05-31false09588362Mike Neville 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Mike Neville Limited

Registered Number
09588362
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

Mike Neville Limited
Company Information
for the year from 1 June 2022 to 31 May 2023

Director

Michael Andrew Neville

Registered Address

1 Park Gardens
Yeovil
BA20 1DW

Registered Number

09588362 (England and Wales)
Mike Neville Limited
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets545,51211,847
45,51211,847
Current assets
Stocks11,3166,992
Debtors64,8681,127
Cash at bank and on hand32,97438,894
49,15847,013
Creditors amounts falling due within one year7(19,754)(17,845)
Net current assets (liabilities)29,40429,168
Total assets less current liabilities74,91641,015
Creditors amounts falling due after one year(21,162)-
Provisions for liabilities(8,647)(1,702)
Net assets45,10739,313
Capital and reserves
Called up share capital100100
Profit and loss account45,00739,213
Shareholders' funds45,10739,313
The financial statements were approved and authorised for issue by the Director on 2 February 2024, and are signed on its behalf by:
Michael Andrew Neville
Director
Registered Company No. 09588362
Mike Neville Limited
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings15
Vehicles25
Office Equipment25
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
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.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants and other government assistance policy
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year33
5.Property, plant and equipment

Total

£
Cost or valuation
At 01 June 2237,310
Additions38,500
At 31 May 2375,810
Depreciation and impairment
At 01 June 2225,464
Charge for year4,834
At 31 May 2330,298
Net book value
At 31 May 2345,512
At 31 May 2211,847
6.Debtors

2023

2022

££
Trade debtors / trade receivables-1,127
Other debtors4,868-
Total4,8681,127
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
7.Creditors within one year

2023

2022

££
Trade creditors / trade payables3,110542
Taxation and social security6315,405
Finance lease and HP contracts4,358-
Other creditors9,1359,421
Accrued liabilities and deferred income2,5202,477
Total19,75417,845
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.
8.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts21,162-