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Company Registration No. 04322933 (England and Wales)
Michaelangelo's of Durham Limited Unaudited accounts for the year ended 29 February 2024
Michaelangelo's of Durham Limited Unaudited accounts Contents
Page
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Michaelangelo's of Durham Limited Company Information for the year ended 29 February 2024
Directors
Susan Tamburrino Pasquale Taburrino
Company Number
04322933 (England and Wales)
Registered Office
Hope Street Xchange C/o Office 516 Sunderland Tyne and Wear SR1 3QD England
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Michaelangelo's of Durham Limited Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
500,000 
500,000 
Current assets
Debtors
9,000 
- 
Cash at bank and in hand
3,864 
9,222 
12,864 
9,222 
Creditors: amounts falling due within one year
(212,364)
(210,648)
Net current liabilities
(199,500)
(201,426)
Total assets less current liabilities
300,500 
298,574 
Creditors: amounts falling due after more than one year
(92,719)
(113,115)
Provisions for liabilities
Deferred tax
(3,928)
(3,928)
Net assets
203,853 
181,531 
Capital and reserves
Share premium
2 
2 
Revaluation reserve
16,747 
16,747 
Profit and loss account
187,104 
164,782 
Shareholders' funds
203,853 
181,531 
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 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 of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by
Pasquale Taburrino Director Company Registration No. 04322933
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Michaelangelo's of Durham Limited Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
Michaelangelo's of Durham Limited is a private company, limited by shares, registered in England and Wales, registration number 04322933. The registered office is Hope Street Xchange, C/o Office 516, Sunderland, Tyne and Wear, SR1 3QD, England.
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.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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.
4
Investment property
2024 
£ 
Fair value at 1 March 2023
500,000 
At 29 February 2024
500,000 
Investment property has been valued at fair value based on estimates by the directors.
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Other debtors
9,000 
- 
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Michaelangelo's of Durham Limited Notes to the Accounts for the year ended 29 February 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
19,964 
19,445 
Taxes and social security
5,472 
4,237 
Other creditors
867 
867 
Loans from directors
184,754 
184,899 
Accruals
1,307 
1,200 
212,364 
210,648 
Amounts within bank loans are secured with fixed and floating charge over the assets of the company.
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
92,719 
113,115 
Aggregate of amounts that fall due for payment after five years
36,671 
42,414 
8
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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