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Registered number: 6493577
St Michael's Vicarage Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Abbotstones
Lemanis House
Stone Street
Lympne
Kent
CT21 4JN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 6493577
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 508,892 505,264
508,892 505,264
CURRENT ASSETS
Debtors 5 457,740 605,972
Cash at bank and in hand 1,306,852 1,001,258
1,764,592 1,607,230
Creditors: Amounts Falling Due Within One Year 6 (291,336 ) (534,984 )
NET CURRENT ASSETS (LIABILITIES) 1,473,256 1,072,246
TOTAL ASSETS LESS CURRENT LIABILITIES 1,982,148 1,577,510
NET ASSETS 1,982,148 1,577,510
CAPITAL AND RESERVES
Called up share capital 7 1,050 1,050
Share premium account 15,190 15,190
Profit and Loss Account 1,965,908 1,561,270
SHAREHOLDERS' FUNDS 1,982,148 1,577,510
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Page 2
For the year ending 29 February 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Withers
Director
05/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
St Michael's Vicarage Limited is a private company, limited by shares, incorporated in England & Wales, registered number 6493577 . The registered office is Unit 9 Montpelier Business Park, Leacon Road, Ashford, Kent, TN23 4FG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciated
Plant & Machinery 20% cost
2.4. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 4)
3 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 March 2023 498,436 31,558 529,994
Additions - 6,242 6,242
As at 29 February 2024 498,436 37,800 536,236
Depreciation
As at 1 March 2023 - 24,730 24,730
Provided during the period - 2,614 2,614
As at 29 February 2024 - 27,344 27,344
...CONTINUED
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Net Book Value
As at 29 February 2024 498,436 10,456 508,892
As at 1 March 2023 498,436 6,828 505,264
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 427,072
Other debtors - 50,020
Other loan 455,000 100,000
VAT 2,740 28,880
457,740 605,972
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 38,800 337,851
Corporation tax 168,210 82,840
Other taxes and social security 405 2,544
Other creditors 80,709 84,600
Accruals and deferred income 2,905 25,802
Directors' loan accounts 307 1,347
291,336 534,984
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,050 1,050
8. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 106,000 133,000
9. Ultimate Controlling Party
The company's ultimate controlling party is P Withers Esq. by virtue of his shareholding in the company.
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