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
J & M MICHAELS LIMITED
Company Information
for the year ended 31 December 2023
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
J & M MICHAELS LIMITED
Statement of financial position
as at 31 December 2023
Tangible assets
1,547,930
1,562,462
Investments
174,278
172,528
Inventories
490,184
436,310
Cash at bank and in hand
1,011,663
882,380
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
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
J & M MICHAELS LIMITED
Notes to the Accounts
for the year ended 31 December 2023
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.
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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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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.
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 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 (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
J & M MICHAELS LIMITED
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
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Intangible fixed assets
Goodwill
At 31 December 2023
50,000
At 31 December 2023
50,000
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
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
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.
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Investments
Other investments
Valuation at 1 January 2023
172,528
Valuation at 31 December 2023
174,278
J & M MICHAELS LIMITED
Notes to the Accounts
for the year ended 31 December 2023
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
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Creditors: amounts falling due within one year
2023
2022
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
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Creditors: amounts falling due after more than one year
2023
2022
Bank loans
396,310
644,815
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Average number of employees
During the year the average number of employees was 28 (2022: 27).