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COMPANY REGISTRATION NUMBER: 08809402
Mickley Corporation Limited
Filleted Unaudited Financial Statements
31 March 2023
Mickley Corporation Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
7
156,112
132,426
Current assets
Stocks
621,432
490,845
Debtors
8
36,493
24,895
Cash at bank and in hand
147,299
73,037
---------
---------
805,224
588,777
Creditors: amounts falling due within one year
9
538,608
397,945
---------
---------
Net current assets
266,616
190,832
---------
---------
Total assets less current liabilities
422,728
323,258
Creditors: amounts falling due after more than one year
10
21,667
31,667
Provisions
24,235
18,399
---------
---------
Net assets
376,826
273,192
---------
---------
Capital and reserves
Called up share capital
300
300
Profit and loss account
376,526
272,892
---------
---------
Members' funds
376,826
273,192
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities: - The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
Mickley Corporation Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 29 March 2024 , and are signed on behalf of the board by:
J S Barnett
Director
Company registration number: 08809402
Mickley Corporation Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. Statutory information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mickley Hall Farm, Mickley Hall Lane, Broomhall, Nantwich, Cheshire, CW5 8AJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(c) Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
(d) Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life.
(e) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(g) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvements to property
-
20% reducing balance and nil
Plant and machinery
-
20% reducing balance
Computer equipment
-
3 years straight line
(h) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(i) Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
(j) Government grants
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. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
(k) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
(l) Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
(m) Defined contribution plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
22,294
24,894
--------
--------
6. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
60,000
--------
Amortisation
At 1 April 2022 and 31 March 2023
60,000
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
7. Tangible assets
Improvements to property
Plant and machinery
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2022
107,002
125,457
1,647
234,106
Additions
23,582
21,463
45,045
Disposals
( 1,187)
( 1,187)
---------
---------
-------
---------
At 31 March 2023
130,584
146,920
460
277,964
---------
---------
-------
---------
Depreciation
At 1 April 2022
44,628
55,596
1,456
101,680
Charge for the year
5,357
15,887
115
21,359
Disposals
( 1,187)
( 1,187)
---------
---------
-------
---------
At 31 March 2023
49,985
71,483
384
121,852
---------
---------
-------
---------
Carrying amount
At 31 March 2023
80,599
75,437
76
156,112
---------
---------
-------
---------
At 31 March 2022
62,374
69,861
191
132,426
---------
---------
-------
---------
8. Debtors
2023
2022
£
£
Trade debtors
5,159
9,956
Prepayments and accrued income
1,244
2,173
Other debtors
30,090
12,766
--------
--------
36,493
24,895
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
10,000
10,000
Trade creditors
269,858
162,602
Accruals
31,432
4,675
Corporation tax
33,067
30,196
Social security and other taxes
2,579
Director loan accounts
183,294
169,726
Other creditors
10,957
18,167
---------
---------
538,608
397,945
---------
---------
The bank loan is secured by a first legal charge, dated 04 December 2006, over freehold property owned by J Barnett and Mrs D G Barnett and an unlimited debenture dated 19 October 2017 from the company.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
21,667
31,667
--------
--------
The bank loan is secured by a first legal charge, dated 04 December 2006, over freehold property owned by J Barnett and Mrs D G Barnett and an unlimited debenture dated 19 October 2017 from the company.
11. Pension commitments
At the year end, the company had a liability of £273 (2022: £223) in relation to its defined contribution pension plan.
12. Related party transactions
J Barnett , Mrs D G Barnett and J S Barnett are related parties by virtue of their directorships of and shareholdings in the company. During the year, the company paid equity dividends in the sum of £ 6,000 (2022: £ 6,000 ) to its shareholders. J Barnett and Mrs D G Barnett operated an inter-business account with the company such that, at the year end, they owed the company the sum of £38,077 (2022: £40,146) but, J Barnett, Mrs D G Barnett and J S Barnett also operated a directors' loan account with the company such that, at the year end, they were owed the, net overall, sum of £ 183,294 (2022: £ 169,726 ). This, net overall, loan to the company was interest free and repayable on demand. J Barnett and Mrs D G Barnett have given a personal guarantee in favour of the company's bankers, as security for the indebtedness of the company to the bank, in the sum of £130,000.