11 false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2021 - FRS102_2021 29,475 23,413 2,984 26,397 3,078 6,062 xbrli:pure xbrli:shares iso4217:GBP 07635346 2022-05-01 2023-04-30 07635346 2023-04-30 07635346 2022-04-30 07635346 2021-05-01 2022-04-30 07635346 2022-04-30 07635346 core:LandBuildings core:LongLeaseholdAssets 2022-05-01 2023-04-30 07635346 core:PlantMachinery 2022-05-01 2023-04-30 07635346 bus:RegisteredOffice 2022-05-01 2023-04-30 07635346 bus:LeadAgentIfApplicable 2022-05-01 2023-04-30 07635346 bus:Director1 2022-05-01 2023-04-30 07635346 core:WithinOneYear 2023-04-30 07635346 core:WithinOneYear 2022-04-30 07635346 core:LandBuildings 2022-04-30 07635346 core:PlantMachinery 2022-04-30 07635346 core:LandBuildings 2023-04-30 07635346 core:PlantMachinery 2023-04-30 07635346 core:LandBuildings 2022-05-01 2023-04-30 07635346 core:ShareCapital 2023-04-30 07635346 core:ShareCapital 2022-04-30 07635346 core:RetainedEarningsAccumulatedLosses 2023-04-30 07635346 core:RetainedEarningsAccumulatedLosses 2022-04-30 07635346 core:BetweenOneFiveYears 2023-04-30 07635346 core:BetweenOneFiveYears 2022-04-30 07635346 core:LandBuildings 2022-04-30 07635346 core:PlantMachinery 2022-04-30 07635346 bus:SmallEntities 2022-05-01 2023-04-30 07635346 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 07635346 bus:FullAccounts 2022-05-01 2023-04-30 07635346 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 07635346 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 07635346 core:IntangibleAssetsOtherThanGoodwill 2022-05-01 2023-04-30 07635346 core:OfficeEquipment 2022-05-01 2023-04-30 07635346 core:IntangibleAssetsOtherThanGoodwill 2023-04-30 07635346 core:IntangibleAssetsOtherThanGoodwill 2022-04-30 07635346 core:OfficeEquipment 2022-04-30 07635346 core:OfficeEquipment 2023-04-30
COMPANY REGISTRATION NUMBER: 07635346
P A Michel Ltd
Filleted Unaudited Financial Statements
30 April 2023
P A Michel Ltd
Officers and Professional Advisers
Director
P Haddad
Registered office
9 Hamilton Business Park
Stirling Way
Borehamwood
Herts
WD6 2FR
Accountants
Warners
Chartered Accountants
3a The Wenta Business Centre
Colne Way
Watford
WD24 7ND
P A Michel Ltd
Balance Sheet
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
3,078
6,062
Tangible assets
6
43,837
41,207
--------
--------
46,915
47,269
Current assets
Stocks
112,546
326,396
Debtors
7
35,479
31,024
Cash at bank and in hand
186,281
143,025
---------
---------
334,306
500,445
Creditors: amounts falling due within one year
8
381,783
587,796
---------
---------
Net current liabilities
47,477
87,351
--------
--------
Total assets less current liabilities
( 562)
( 40,082)
Provisions
Taxation including deferred tax
3,694
-------
--------
Net liabilities
( 4,256)
( 40,082)
-------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 4,257)
( 40,083)
-------
--------
Shareholders deficit
( 4,256)
( 40,082)
-------
--------
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 profit and loss account has not been delivered.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
P A Michel Ltd
Balance Sheet (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 28 July 2024 , and are signed on behalf of the board by:
P Haddad _______________ Director
Company registration number: 07635346
P A Michel Ltd
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Hamilton Business Park, Stirling Way, Borehamwood, Herts, WD6 2FR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the value of retail sales made during the period.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
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:
Website
-
30% 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Leasehold property
-
10% straight line
Computers
-
30% straight line
Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 9 ).
5. Intangible assets
Website
£
Cost
At 1 May 2022 and 30 April 2023
29,475
--------
Amortisation
At 1 May 2022
23,413
Charge for the year
2,984
--------
At 30 April 2023
26,397
--------
Carrying amount
At 30 April 2023
3,078
--------
At 30 April 2022
6,062
--------
6. Tangible assets
Land and buildings
Computer equipment
Equipment
Total
£
£
£
£
Cost
At 1 May 2022
106,780
2,612
51,982
161,374
Additions
2,415
5,695
8,110
Disposals
( 2,242)
( 3,908)
( 6,150)
---------
-------
--------
---------
At 30 April 2023
106,780
2,785
53,769
163,334
---------
-------
--------
---------
Depreciation
At 1 May 2022
77,722
2,609
39,836
120,167
Charge for the year
1,589
181
3,073
4,843
Disposals
( 2,240)
( 3,273)
( 5,513)
---------
-------
--------
---------
At 30 April 2023
79,311
550
39,636
119,497
---------
-------
--------
---------
Carrying amount
At 30 April 2023
27,469
2,235
14,133
43,837
---------
-------
--------
---------
At 30 April 2022
29,058
3
12,146
41,207
---------
-------
--------
---------
7. Debtors
2023
2022
£
£
Prepayments and accrued income
15,064
9,959
Corporation tax repayable
8,690
Deposits paid
12,375
12,375
Other debtors
8,040
--------
--------
35,479
31,024
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
49,422
94,606
Accruals and deferred income
5,312
4,929
Corporation tax
4,481
Social security and other taxes
4,867
Director loan accounts
322,335
473,077
Other creditors
233
10,317
---------
---------
381,783
587,796
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
61,872
103,120
--------
---------
The lease obligation shown is the aggregate amount due and is spread over some 18 months.
10. Transactions with directors
During the year dividends of Nil (2022: Nil) were paid to the director.