Company Registration No. 09054872 (England and Wales)
MICHAEL WHEATLEY FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
MICHAEL WHEATLEY FINANCE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
MICHAEL WHEATLEY FINANCE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr F M Wheatley
Mrs L S Wheatley
Secretary
Mrs L S Wheatley
Company number
09054872
Registered office
Grays Mill House
2 Beaconsfield Court
Garforth
West Yorkshire
LS25 1QH
Accountants
TC Group
6 Queen Street
Leeds
West Yorkshire
LS1 2TW
MICHAEL WHEATLEY FINANCE LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
5,723,237
5,962,137
Investments
4
-
0
1,039,086
Cash at bank and in hand
720,295
178,385
6,443,532
7,179,608
Creditors: amounts falling due within one year
5
(165,017)
(474,988)
Net current assets
6,278,515
6,704,620
Capital and reserves
Called up share capital
2,201
2,201
Share premium account
5,382,165
5,382,165
Profit and loss reserves
894,149
1,320,254
Total equity
6,278,515
6,704,620

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

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 21 October 2024 and are signed on its behalf by:
Mr F M Wheatley
Director
Company registration number 09054872 (England and Wales)
MICHAEL WHEATLEY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Michael Wheatley Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Grays Mill House, 2 Beaconsfield Court, Garforth, West Yorkshire, LS25 1QH.

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.

1.2
Turnover

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

1.3
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.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.5
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.

MICHAEL WHEATLEY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.

2
Employees

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

2024
2023
Number
Number
Total
2
2
MICHAEL WHEATLEY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,066
2,854
Corporation tax recoverable
40,696
-
0
Amounts owed by group undertakings
1,105,394
482,608
Other debtors
3,239,497
3,965,234
Prepayments and accrued income
7,363
7,670
4,402,016
4,458,366
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
1,321,221
1,503,771
Total debtors
5,723,237
5,962,137
4
Current asset investments
2024
2023
£
£
Unlisted investments at market valuation
-
0
1,039,086

The historical cost of the current asset investments as at the balance sheet date was £Nil (2023 - £1,073,910)

5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
-
0
430,505
Corporation tax
-
0
40,696
Other creditors
165,000
-
0
Accruals and deferred income
17
3,787
165,017
474,988
MICHAEL WHEATLEY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
6
Related party transactions
Transactions with related parties

The Company has availed of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.

7
Parent company

Michael Wheatley Management Limited - incorporated in England and Wales.

Grays Mill House, 2 Beaconsfield Court, Garforth, Leeds, West Yorkshire, LS25 1QH.

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