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
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
Michaelangelo's of Durham Limited
Statement of financial position
as at 29 February 2024
Investment property
500,000
500,000
Cash at bank and in hand
3,864
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
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
Michaelangelo's of Durham Limited
Notes to the Accounts
for the year ended 29 February 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
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.
Amounts falling due within one year
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
Loans from directors
184,754
184,899
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
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).