1 January 2023 false No description of principal activity Taxfiler 2024.5 06589642business:PrivateLimitedCompanyLtd2023-01-012023-12-31 065896422022-12-31 065896422023-01-012023-12-31 06589642business:AuditExemptWithAccountantsReport2023-01-012023-12-31 06589642business:FilletedAccounts2023-01-012023-12-31 065896422023-12-31 06589642business:Director12023-01-012023-12-31 06589642business:RegisteredOffice2023-01-012023-12-31 065896422022-12-31 06589642core:WithinOneYear2023-12-31 06589642core:WithinOneYear2022-12-31 06589642core:AfterOneYear2023-12-31 06589642core:AfterOneYear2022-12-31 06589642core:ShareCapitalcore:PreviouslyStatedAmount2023-12-31 06589642core:ShareCapitalcore:PreviouslyStatedAmount2022-12-31 06589642core:RevaluationReservecore:PreviouslyStatedAmount2023-12-31 06589642core:RevaluationReservecore:PreviouslyStatedAmount2022-12-31 06589642core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-12-31 06589642core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-12-31 06589642core:PreviouslyStatedAmount2023-12-31 06589642core:PreviouslyStatedAmount2022-12-31 06589642business:SmallEntities2023-01-012023-12-31 06589642countries:EnglandWales2023-01-012023-12-31 06589642core:PlantMachinery2023-01-012023-12-31 06589642core:MotorVehicles2023-01-012023-12-31 06589642core:FurnitureFittings2023-01-012023-12-31 06589642core:ComputerEquipment2023-01-012023-12-31 06589642core:Goodwill2022-12-31 06589642core:Goodwill2023-12-31 06589642core:LandBuildings2022-12-31 06589642core:PlantMachinery2022-12-31 06589642core:MotorVehicles2022-12-31 06589642core:FurnitureFittings2022-12-31 06589642core:ComputerEquipment2022-12-31 06589642core:LandBuildings2023-01-012023-12-31 06589642core:LandBuildings2023-12-31 06589642core:PlantMachinery2023-12-31 06589642core:MotorVehicles2023-12-31 06589642core:FurnitureFittings2023-12-31 06589642core:ComputerEquipment2023-12-31 06589642core:AdditionsToInvestments2023-12-31 065896422022-06-012022-12-31 iso4217:GBP xbrli:pure
Company Registration No. 06589642 (England and Wales)
J & M MICHAELS LIMITED Unaudited accounts for the year ended 31 December 2023
J & M MICHAELS LIMITED Unaudited accounts Contents
Page
- 2 -
J & M MICHAELS LIMITED Company Information for the year ended 31 December 2023
Director
Mr Jayesh Patel
Company Number
06589642 (England and Wales)
Registered Office
Vyman House 3rd Floor 104 College Road Harrow Middlesex HA1 1BQ
Accountants
RMR Partnership LLP 3rd Floor, Vyman House 104 College Road Harrow Middlesex HA1 1BQ
- 3 -
J & M MICHAELS LIMITED Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,547,930 
1,562,462 
Investments
174,278 
172,528 
1,722,208 
1,734,990 
Current assets
Inventories
490,184 
436,310 
Debtors
363,320 
378,469 
Cash at bank and in hand
1,011,663 
882,380 
1,865,167 
1,697,159 
Creditors: amounts falling due within one year
(461,014)
(466,769)
Net current assets
1,404,153 
1,230,390 
Total assets less current liabilities
3,126,361 
2,965,380 
Creditors: amounts falling due after more than one year
(396,310)
(644,815)
Net assets
2,730,051 
2,320,565 
Capital and reserves
Called up share capital
10,000 
10,000 
Revaluation reserve
218,627 
218,627 
Profit and loss account
2,501,424 
2,091,938 
Shareholders' funds
2,730,051 
2,320,565 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 August 2024 and were signed on its behalf by
Mr Jayesh Patel Director Company Registration No. 06589642
- 4 -
J & M MICHAELS LIMITED Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
J & M MICHAELS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 06589642. The registered office is Vyman House 3rd Floor , 104 College Road, Harrow, Middlesex, HA1 1BQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33% as per reducing balance
Motor vehicles
25% as per reducing balance
Fixtures & fittings
20% as per reducing balance
Computer equipment
33% as per reducing balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated 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 - 10% straight line
- 5 -
J & M MICHAELS LIMITED Notes to the Accounts for the year ended 31 December 2023
Investments
Fixed asset investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognized in profit or loss.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 January 2023
50,000 
At 31 December 2023
50,000 
Amortisation
At 1 January 2023
50,000 
At 31 December 2023
50,000 
Net book value
At 31 December 2023
- 
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 January 2023
1,330,219 
22,145 
74,081 
457,703 
16,233 
1,900,381 
Additions
- 
4,051 
36,775 
2,893 
1,005 
44,724 
At 31 December 2023
1,330,219 
26,196 
110,856 
460,596 
17,238 
1,945,105 
Depreciation
At 1 January 2023
- 
3,049 
44,392 
276,378 
14,100 
337,919 
Charge for the year
- 
7,102 
15,084 
36,331 
739 
59,256 
At 31 December 2023
- 
10,151 
59,476 
312,709 
14,839 
397,175 
Net book value
At 31 December 2023
1,330,219 
16,045 
51,380 
147,887 
2,399 
1,547,930 
At 31 December 2022
1,330,219 
19,096 
29,689 
181,325 
2,133 
1,562,462 
The company's freehold property was professionally revalued in 2020. The revalued amount as at 31st May 2021 is the adjusted value by the Director.
6
Investments
Other investments 
£ 
Valuation at 1 January 2023
172,528 
Additions
1,750 
Valuation at 31 December 2023
174,278 
- 6 -
J & M MICHAELS LIMITED Notes to the Accounts for the year ended 31 December 2023
7
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
124,744 
148,101 
Accrued income and prepayments
57,343 
59,371 
Other debtors
181,233 
170,997 
363,320 
378,469 
8
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
129,296 
93,739 
Trade creditors
54,322 
55,068 
Taxes and social security
172,040 
196,819 
Other creditors
96,896 
108,273 
Loans from directors
1,010 
7,170 
Accruals
7,450 
5,700 
461,014 
466,769 
9
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
396,310 
644,815 
10
Average number of employees
During the year the average number of employees was 28 (2022: 27).
- 7 -