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Company Registration No. 10394597 (England and Wales)
Michaelmas House Limited Unaudited accounts for the year ended 31 January 2024
Michaelmas House Limited Unaudited accounts Contents
Page
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Michaelmas House Limited Company Information for the year ended 31 January 2024
Director
Caroline Dwight
Company Number
10394597 (England and Wales)
Registered Office
Suite 8 57 High Street Ibstock Leicestershire LE67 6LH
Accountants
Lilley & Co (UK) Limited Suite 8 57 High Street Ibstock Leicestershire LE67 6LH
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Michaelmas House Limited Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
20,000 
27,500 
Tangible assets
445 
527 
20,445 
28,027 
Current assets
Inventories
7,806 
7,745 
Debtors
9,483 
9,483 
Cash at bank and in hand
36,543 
41,756 
53,832 
58,984 
Creditors: amounts falling due within one year
(59,420)
(58,178)
Net current (liabilities)/assets
(5,588)
806 
Total assets less current liabilities
14,857 
28,833 
Creditors: amounts falling due after more than one year
(11,901)
(13,923)
Provisions for liabilities
Deferred tax
(85)
(100)
Net assets
2,871 
14,810 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
2,771 
14,710 
Shareholders' funds
2,871 
14,810 
For the year ending 31 January 2024 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 her 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 4 October 2024 and were signed on its behalf by
Caroline Dwight Director Company Registration No. 10394597
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Michaelmas House Limited Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
Michaelmas House Limited is a private company, limited by shares, registered in England and Wales, registration number 10394597. The registered office is Suite 8, 57 High Street, Ibstock, Leicestershire, LE67 6LH.
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.
Intangible fixed assets
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is included at cost less accumulated amortisation. It is being amortised over its estimated useful life of ten years.
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:
Computer equipment
25% reducing balance
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.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Michaelmas House Limited Notes to the Accounts for the year ended 31 January 2024
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 February 2023
75,000 
At 31 January 2024
75,000 
Amortisation
At 1 February 2023
47,500 
Charge for the year
7,500 
At 31 January 2024
55,000 
Net book value
At 31 January 2024
20,000 
At 31 January 2023
27,500 
5
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 February 2023
1,138 
Additions
67 
At 31 January 2024
1,205 
Depreciation
At 1 February 2023
611 
Charge for the year
149 
At 31 January 2024
760 
Net book value
At 31 January 2024
445 
At 31 January 2023
527 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
9,483 
9,483 
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Michaelmas House Limited Notes to the Accounts for the year ended 31 January 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
1,999 
1,950 
VAT
3,188 
3,847 
Trade creditors
4,367 
3,895 
Taxes and social security
- 
(161)
Other creditors
2,070 
79 
Loans from directors
46,962 
48,018 
Accruals
834 
550 
59,420 
58,178 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
11,901 
13,923 
9
Operating lease commitments
2024 
2023 
£ 
£ 
At 31 January 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
22,000 
22,000 
Later than one year and not later than five years
48,400 
70,400 
70,400 
92,400 
10
Average number of employees
During the year the average number of employees was 1 (2023: 1).
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