Registered number
04030195
Mike O'Dwyer Limited
Unaudited Filleted Accounts
31 July 2024
Mike O'Dwyer Limited
Registered number: 04030195
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 41,996 55,195
Cash at bank and in hand 427,675 355,410
469,671 410,605
Creditors: amounts falling due within one year 4 (112,976) (101,874)
Net current assets 356,695 308,731
Net assets 356,695 308,731
Capital and reserves
Called up share capital 1,030 1,030
Profit and loss account 355,665 307,701
Shareholders' funds 356,695 308,731
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.
Mr M A O'Dwyer
Director
Approved by the board on 22 August 2024
Mike O'Dwyer Limited
Notes to the Accounts
for the year ended 31 July 2024
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).
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
Debtors
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2024 2023
£ £
Trade debtors 41,996 55,195
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 73,947 64,084
Taxation and social security costs 30,428 26,337
Other creditors 8,601 11,453
112,976 101,874
5 Related party transactions
At 31 July 2024 the company owed Mr M A O'Dwyer £780. This loan is interest free and repayable on demand.
Dividends of £31,250 (2023 : £19,150) were paid to the directors during the year.
6 Controlling party
The company is controlled by Mr M A O'Dwyer.
7 Other information
Mike O'Dwyer Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Gleneagles
Tamworth
Staffs
B77 4NS
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