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Registration number: 05007641

Michael Clarke Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Michael Clarke Limited
(Registration number: 05007641)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Michael Clarke Limited
(Registration number: 05007641)

Company Information

Directors

Mr S M Clarke

Mr D Clarke

Mrs J Clarke

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Michael Clarke Limited
(Registration number: 05007641)

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

56,149

40,802

Current assets

 

Stocks

5

74,854

68,500

Debtors

6

18,843

13,488

Cash at bank and in hand

 

28,276

14,630

 

121,973

96,618

Creditors: Amounts falling due within one year

7

(135,921)

(103,190)

Net current liabilities

 

(13,948)

(6,572)

Total assets less current liabilities

 

42,201

34,230

Creditors: Amounts falling due after more than one year

7

(56,515)

(54,117)

Provisions for liabilities

(10,668)

(7,752)

Net liabilities

 

(24,982)

(27,639)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(25,082)

(27,739)

Total equity

 

(24,982)

(27,639)

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 October 2024 and signed on its behalf by:
 

 

Michael Clarke Limited
(Registration number: 05007641)

Balance Sheet as at 30 April 2024

.........................................
Mr S M Clarke
Director

 

Michael Clarke Limited
(Registration number: 05007641)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors acknowledge the insolvent balance sheet after this trading period. They have pledged to continue to support the company so it can continue to meet its obligations as they arise. Therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Michael Clarke Limited
(Registration number: 05007641)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line basis

Fixtures and fittings

20% straight line basis

Motor vehicles

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Michael Clarke Limited
(Registration number: 05007641)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Some of the dividends paid out during the year are illegal due to the current level of shareholder's funds. The directors and shareholders are aware of this and acknowledges that, if the company were to cease trading, part or all of the dividends would be repayable.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Michael Clarke Limited
(Registration number: 05007641)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 11).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

5,370

89,016

17,963

112,349

Additions

-

36,799

2,162

38,961

Disposals

-

(3,200)

-

(3,200)

At 30 April 2024

5,370

122,615

20,125

148,110

Depreciation

At 1 May 2023

4,408

51,891

15,248

71,547

Charge for the year

267

21,575

1,772

23,614

Eliminated on disposal

-

(3,200)

-

(3,200)

At 30 April 2024

4,675

70,266

17,020

91,961

Carrying amount

At 30 April 2024

695

52,349

3,105

56,149

At 30 April 2023

962

37,125

2,715

40,802

5

Stocks

2024
£

2023
£

Work in progress

57,500

47,500

Other stocks

17,354

21,000

74,854

68,500

 

Michael Clarke Limited
(Registration number: 05007641)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

2024
£

2023
£

Trade debtors

7,034

8,135

Other debtors

7,070

-

Prepayments and accrued income

4,739

5,353

Total current trade and other debtors

18,843

13,488

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

28,345

21,598

Trade creditors

 

29,232

47,928

Taxation and social security

 

11,269

6,355

Other creditors

 

62,657

23,809

Accrued expenses

 

4,418

3,500

 

135,921

103,190

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

56,515

54,117

 

Michael Clarke Limited
(Registration number: 05007641)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Other borrowings

18,345

11,598

28,345

21,598

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

12,437

22,387

Other borrowings

44,078

31,730

56,515

54,117