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REGISTERED NUMBER: 08074146 (England and Wales)















Financial Statements for the Year Ended 31st May 2023

for

MICHAELS EXPRESS LIMITED

MICHAELS EXPRESS LIMITED (Registered number: 08074146)

Contents of the Financial Statements
for the Year Ended 31st May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MICHAELS EXPRESS LIMITED

Company Information
for the Year Ended 31st May 2023







DIRECTOR: MRS S K DHESI





SECRETARY:





REGISTERED OFFICE: 106-108 HOLLYHEDGE ROAD
WEST BROMWICH
BIRMINGHAM
West Midlands
B71 3AH





REGISTERED NUMBER: 08074146 (England and Wales)





ACCOUNTANT: A K & Co Accountants
732 Walsall Road
Great Barr
Birmingham
West Midlands
B42 1EX

MICHAELS EXPRESS LIMITED (Registered number: 08074146)

Balance Sheet
31st May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 59,000 59,000
Property, plant and equipment 5 30,598 32,718
89,598 91,718

CURRENT ASSETS
Inventories 6 74,659 66,874
Debtors 7 4,810 4,810
Cash at bank 3,099 2,895
82,568 74,579
CREDITORS
Amounts falling due within one year 8 108,265 101,004
NET CURRENT LIABILITIES (25,697 ) (26,425 )
TOTAL ASSETS LESS CURRENT LIABILITIES 63,901 65,293

CREDITORS
Amounts falling due after more than one
year

9

30,464

39,476
NET ASSETS 33,437 25,817

CAPITAL AND RESERVES
Called up share capital 11 1 100
Retained earnings 12 33,436 25,717
SHAREHOLDERS' FUNDS 33,437 25,817

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

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

The director acknowledges her 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.

MICHAELS EXPRESS LIMITED (Registered number: 08074146)

Balance Sheet - continued
31st May 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 director and authorised for issue on 16th July 2023 and were signed by:





MRS S K DHESI - Director


MICHAELS EXPRESS LIMITED (Registered number: 08074146)

Notes to the Financial Statements
for the Year Ended 31st May 2023


1. STATUTORY INFORMATION

MICHAELS EXPRESS 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.

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
Revenue 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 0, is being amortised evenly over its estimated useful life of nil 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.

Fixtures and fittings 15% pa

Stocks
Inventories 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.

MICHAELS EXPRESS LIMITED (Registered number: 08074146)

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


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st June 2022
and 31st May 2023 59,000
NET BOOK VALUE
At 31st May 2023 59,000
At 31st May 2022 59,000

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Long and
leasehold fittings Totals
£    £    £   
COST
At 1st June 2022
and 31st May 2023 16,137 28,946 45,083
DEPRECIATION
At 1st June 2022 - 12,365 12,365
Charge for year - 2,120 2,120
At 31st May 2023 - 14,485 14,485
NET BOOK VALUE
At 31st May 2023 16,137 14,461 30,598
At 31st May 2022 16,137 16,581 32,718

6. INVENTORIES
31.5.23 31.5.22
£    £   
Stocks 74,659 66,874

MICHAELS EXPRESS LIMITED (Registered number: 08074146)

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


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Prepayments (rent) 4,810 4,810

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 17,681 3,778
Tax 1,790 2,213
Social security and other taxes 5,015 1,492
Directors' current accounts 82,244 92,521
Accrued expenses 1,535 1,000
108,265 101,004

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23 31.5.22
£    £   
Other loans (see note 10) 30,464 39,476

10. LOANS

An analysis of the maturity of loans is given below:

31.5.23 31.5.22
£    £   
Amounts falling due between one and two years:
Other loans - 1-2 years 30,464 39,476

11. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
100 ordinary share capital £1 1 100

12. RESERVES
Retained
earnings
£   

At 1st June 2022 25,717
Profit for the year 7,719
At 31st May 2023 33,436