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Company registration number: 02074059
Michael Spracklen Limited
Unaudited financial statements
31 March 2024
Michael Spracklen Limited
Contents
Directors and other information
Directors report
Accountants report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Michael Spracklen Limited
Directors and other information
Directors Mr Michael Spracklen
Mrs Ann Spracklen
Secretary Michael Spracklen
Company number 02074059
Registered office Pergola
Gossmore Close
Marlow
Bucks
SL7 1QG
Accountants Pink Affinity Limited
Michael Spracklen Limited
Directors report
Year ended 31 March 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024.
Directors
The directors who served the company during the year were as follows:
Mr Michael Spracklen
Mrs Ann Spracklen
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 02 July 2024 and signed on behalf of the board by:
Mr Michael Spracklen
Director
Michael Spracklen Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Michael Spracklen Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Michael Spracklen Limited for the year ended 31 March 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Michael Spracklen Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Michael Spracklen Limited and state those matters that we have agreed to state to the board of directors of Michael Spracklen Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Michael Spracklen Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Michael Spracklen Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Michael Spracklen Limited. You consider that Michael Spracklen Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Michael Spracklen Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Pink Affinity Limited
2 July 2024
Michael Spracklen Limited
Statement of comprehensive income
Year ended 31 March 2024
2024 2023
Note £ £
Turnover 66,096 72,166
Cost of sales ( 600) ( 4,159)
_______ _______
Gross profit 65,496 68,007
Administrative expenses ( 55,353) ( 28,059)
_______ _______
Operating profit 10,143 39,948
Profit before taxation 10,143 39,948
Tax on profit 4 ( 1,927) ( 7,590)
_______ _______
Profit for the financial year and total comprehensive income 8,216 32,358
_______ _______
All the activities of the company are from continuing operations.
Michael Spracklen Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 420,045 420,045
_______ _______
420,045 420,045
Current assets
Cash at bank and in hand 11,847 32,509
_______ _______
11,847 32,509
Creditors: amounts falling due
within one year 6 ( 8,017) ( 19,895)
_______ _______
Net current assets 3,830 12,614
_______ _______
Total assets less current liabilities 423,875 432,659
Accruals and deferred income ( 1,350) ( 1,350)
_______ _______
Net assets 422,525 431,309
_______ _______
Capital and reserves
Called up share capital 322,768 322,768
Profit and loss account 99,757 108,541
_______ _______
Shareholders funds 422,525 431,309
_______ _______
For the year ending 31 March 2024 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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 105 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 02 July 2024 , and are signed on behalf of the board by:
Mr Michael Spracklen
Director
Company registration number: 02074059
Michael Spracklen Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 322,768 100,183 422,951
Profit for the year 32,358 32,358
_______ _______ _______
Total comprehensive income for the year - 32,358 32,358
Dividends paid and payable ( 24,000) ( 24,000)
_______ _______ _______
Total investments by and distributions to owners - ( 24,000) ( 24,000)
_______ _______ _______
At 31 March 2023 and 1 April 2023 322,768 108,541 431,309
Profit for the year 8,216 8,216
_______ _______ _______
Total comprehensive income for the year - 8,216 8,216
Dividends paid and payable ( 17,000) ( 17,000)
_______ _______ _______
Total investments by and distributions to owners - ( 17,000) ( 17,000)
_______ _______ _______
At 31 March 2024 322,768 99,757 422,525
_______ _______ _______
Michael Spracklen Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Pergola, Gossmore Close, Marlow, Bucks, SL7 1QG.
2. Accounting policies
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation, if material is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - not material
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.Debt instruments are subsequently measured at amortised cost.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
4. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 1,927 7,590
_______ _______
Tax on profit 1,927 7,590
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is the same as (2023: the same as) the standard rate of corporation tax in the UK of 19.00 % (2023: 19.00%).
Profit multiplied by rate of tax 1,927 7,590
_______ | _______ |
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2023 and 31 March 2024 420,044 23,677 443,721
_______ _______ _______
Depreciation
At 1 April 2023 and 31 March 2024 - 23,676 23,676
_______ _______ _______
Carrying amount
At 31 March 2024 420,044 1 420,045
_______ _______ _______
At 31 March 2023 420,044 1 420,045
_______ _______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 1,915 7,590
Other creditors 6,102 12,305
_______ _______
8,017 19,895
_______ _______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Michael Spracklen ( 397) 307 ( 90)
Mrs Ann Spracklen ( 6,358) 5,896 ( 462)
_______ _______ _______
( 6,755) 6,203 ( 552)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Michael Spracklen ( 1,261) 864 ( 397)
Mrs Ann Spracklen ( 7,461) 1,103 ( 6,358)
_______ _______ _______
( 8,722) 1,967 ( 6,755)
_______ _______ _______