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REGISTERED NUMBER: 04577338 (England and Wales)















Unaudited Financial Statements for the Year Ended 29th February 2024

for

MICHAEL LOMAX LIMITED

MICHAEL LOMAX LIMITED (REGISTERED NUMBER: 04577338)






Contents of the Financial Statements
for the Year Ended 29th February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MICHAEL LOMAX LIMITED

Company Information
for the Year Ended 29th February 2024







DIRECTOR: Mr M Lomax





SECRETARY: Mrs G Lomax





REGISTERED OFFICE: 41 St Thomas's Road
Chorley
Lancashire
PR7 1JE





REGISTERED NUMBER: 04577338 (England and Wales)





ACCOUNTANTS: Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

MICHAEL LOMAX LIMITED (REGISTERED NUMBER: 04577338)

Balance Sheet
29th February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 169,928 202,098

CURRENT ASSETS
Stocks 5 63,916 44,700
Debtors 6 134,586 168,029
Cash at bank 22,777 79,189
221,279 291,918
CREDITORS
Amounts falling due within one year 7 239,640 249,609
NET CURRENT (LIABILITIES)/ASSETS (18,361 ) 42,309
TOTAL ASSETS LESS CURRENT
LIABILITIES

151,567

244,407

CREDITORS
Amounts falling due after more than one
year

8

(14,251

)

(35,250

)

PROVISIONS FOR LIABILITIES (15,471 ) (27,426 )
NET ASSETS 121,845 181,731

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 121,745 181,631
SHAREHOLDERS' FUNDS 121,845 181,731

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MICHAEL LOMAX LIMITED (REGISTERED NUMBER: 04577338)

Balance Sheet - continued
29th February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27th November 2024 and were signed by:





Mr M Lomax - Director


MICHAEL LOMAX LIMITED (REGISTERED NUMBER: 04577338)

Notes to the Financial Statements
for the Year Ended 29th February 2024

1. STATUTORY INFORMATION

Michael Lomax Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue is recognised when goods have been delivered to customers and services have been supplied such that risks and rewards of ownership have transferred to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 5% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value.

MICHAEL LOMAX LIMITED (REGISTERED NUMBER: 04577338)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all 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.

Basic financial assets
Basic financial assets, which include debtors, loans to common controlled companies and cash and bank balances, are initially measured at transaction price including transaction costs. They are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
All the company's financial assets fall to be classified as basic financial assets under Section 11 of FRS 102 and the company therefore holds no other financial assets.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
All the companies financial liabilities fall to be classified as basic financial liabilities under Section 11 of FRS 102 and the company therefore has no other financial instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MICHAEL LOMAX LIMITED (REGISTERED NUMBER: 04577338)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 5 ) .

MICHAEL LOMAX LIMITED (REGISTERED NUMBER: 04577338)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st March 2023 17,481 94,167 3,128 204,325 319,101
Additions 5,800 - 579 - 6,379
At 29th February 2024 23,281 94,167 3,707 204,325 325,480
DEPRECIATION
At 1st March 2023 1,657 24,140 2,623 88,583 117,003
Charge for year 1,141 8,193 279 28,936 38,549
At 29th February 2024 2,798 32,333 2,902 117,519 155,552
NET BOOK VALUE
At 29th February 2024 20,483 61,834 805 86,806 169,928
At 28th February 2023 15,824 70,027 505 115,742 202,098

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st March 2023 24,925 56,000 80,925
Transfer to ownership (24,925 ) - (24,925 )
At 29th February 2024 - 56,000 56,000
DEPRECIATION
At 1st March 2023 7,479 24,500 31,979
Charge for year 2,493 7,875 10,368
Transfer to ownership (9,972 ) - (9,972 )
At 29th February 2024 - 32,375 32,375
NET BOOK VALUE
At 29th February 2024 - 23,625 23,625
At 28th February 2023 17,446 31,500 48,946

5. STOCKS
29.2.24 28.2.23
£    £   
Stocks 63,916 44,700

MICHAEL LOMAX LIMITED (REGISTERED NUMBER: 04577338)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 131,088 164,024
Other debtors 1,205 1,796
Prepayments and accrued income 2,293 2,209
134,586 168,029

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 9) 11,000 17,227
Trade creditors 149,415 173,527
Amounts owed to group undertakings 21,785 4,392
Social security and other taxes 3,066 6,891
Other creditors 5,763 3,254
Directors' current accounts 35,291 31,101
Accrued expenses 3,320 3,217
239,640 249,609

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 3,334 13,333
Hire purchase contracts (see note 9) 917 11,917
14,251 35,250

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

29.2.24 28.2.23
£    £   
Net obligations repayable:
Within one year 11,000 17,227
Between one and five years 917 11,917
11,917 29,144

MICHAEL LOMAX LIMITED (REGISTERED NUMBER: 04577338)

Notes to the Financial Statements - continued
for the Year Ended 29th February 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank loans 23,334 33,333
Hire purchase contracts 11,917 29,144
35,251 62,477

The hire purchase contracts are secured against the assets to which they relate.

The bank loan is secured by way of fixed and floating charges over all assets of the company.

11. RELATED PARTY DISCLOSURES

As at 29 February 2024 the company owed £35,291 to its directors (2023: £31,101). No interest has been charged to the company in respect of this loan and it is repayable on demand.

12. CONTROLLING PARTY

The controlling party is MG Millbrook Limited.

The registered address of MG Millbrook Limited is 41 St Thomas's Road, Chorley, Lancashire, PR7 1JE.