Company registration number 12776722 (England and Wales)
MIKHAIL CONTRACT INTERIORS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MIKHAIL CONTRACT INTERIORS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
MIKHAIL CONTRACT INTERIORS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
225
360
Tangible assets
4
406
568
631
928
Current assets
Debtors
5
71,936
89,146
Cash at bank and in hand
15,672
45,669
87,608
134,815
Creditors: amounts falling due within one year
6
(73,978)
(114,201)
Net current assets
13,630
20,614
Total assets less current liabilities
14,261
21,542
Provisions for liabilities
-
0
(72)
Net assets
14,261
21,470
Capital and reserves
Called up share capital
7
99
99
Profit and loss reserves
8
14,162
21,371
Total equity
14,261
21,470

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 May 2024 and are signed on its behalf by:
R Ashcroft
Director
Company registration number 12776722 (England and Wales)
MIKHAIL CONTRACT INTERIORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
99
18,445
18,544
Year ended 31 December 2022:
Profit and total comprehensive income
-
8,926
8,926
Dividends
-
(6,000)
(6,000)
Balance at 31 December 2022
99
21,371
21,470
Year ended 31 December 2023:
Loss and total comprehensive income
-
(2,933)
(2,933)
Dividends
-
(4,276)
(4,276)
Balance at 31 December 2023
99
14,162
14,261
MIKHAIL CONTRACT INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Mikhail Contract Interiors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bold Hotel, 583 Lord Street, Southport, England, PR9 0BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Mikhail Hotels & Leisure Holdings Limited. These consolidated financial statements are available from its registered office, 583 The Bold Hotel, Lord Street, Southport, PR9 0BE.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
10% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line
MIKHAIL CONTRACT INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

MIKHAIL CONTRACT INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
2
3
Intangible fixed assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
675
Amortisation and impairment
At 1 January 2023
315
Amortisation charged for the year
135
At 31 December 2023
450
Carrying amount
At 31 December 2023
225
At 31 December 2022
360
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023 and 31 December 2023
811
Depreciation and impairment
At 1 January 2023
243
Depreciation charged in the year
162
At 31 December 2023
405
Carrying amount
At 31 December 2023
406
At 31 December 2022
568
MIKHAIL CONTRACT INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,646
53,463
Amounts owed by group undertakings
34,144
-
0
Other debtors
28,146
35,683
71,936
89,146
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
66,943
73,799
Amounts owed to group undertakings
-
0
29,564
Corporation tax
(1,054)
543
Other taxation and social security
708
1,463
Other creditors
7,381
8,832
73,978
114,201
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
99
99
99
99
8
Profit and loss reserves

Profit and loss reserve represents earnings net of distributions to owners.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Stephen Grayson ACA FCCA
Statutory Auditor:
UHY Hacker Young Manchester LLP
Date of audit report:
24 May 2024
10
Financial commitments, guarantees and contingent liabilities

The company has two charges in favour of Lloyds Bank PLC. The charges contained a fixed and floating charge over all the property or undertaking of the company.

MIKHAIL CONTRACT INTERIORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

Mikhail Hotels and Leisure Holdings Limited and its subsidiary undertakings are related parties by virtue of their common control.

 

Debtors and creditors due within one year include the amounts owed to other group companies.

12
Parent company

The immediate and ultimate parent company is Mikhail Hotels and Leisure Holdings Limited, a company registered in England and Wales. Copies of the financial statements of the immediate parent undertaking can be obtained from Mikhail Hotels and Leisure Holdings Limited, 583 The Bold Hotel, Lord Street, Southport, PR9 6HY.

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