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Registration number: 00841342

Michael Norman Antiques Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Michael Norman Antiques Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Michael Norman Antiques Limited

Company Information

Directors

P D J Keehan

M S Hastilow

J B J Keehan

Company secretary

M S Hastilow

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Michael Norman Antiques Limited

(Registration number: 00841342)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,565,000

5,565,000

Current assets

 

Stocks

5

36,200

36,200

Debtors

6

743,389

705,379

Cash at bank and in hand

 

281,662

253,316

 

1,061,251

994,895

Creditors: Amounts falling due within one year

7

(284,471)

(320,354)

Net current assets

 

776,780

674,541

Total assets less current liabilities

 

6,341,780

6,239,541

Creditors: Amounts falling due after more than one year

7

(1,335,675)

(1,387,869)

Provisions for liabilities

(845,723)

(642,750)

Net assets

 

4,160,382

4,208,922

Capital and reserves

 

Called up share capital

9

52

52

Share premium reserve

8,256

8,256

Other reserves

2,935,449

3,138,423

Retained earnings

1,216,625

1,062,191

Shareholders' funds

 

4,160,382

4,208,922

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 December 2024 and signed on its behalf by:
 

 

Michael Norman Antiques Limited

(Registration number: 00841342)
Balance Sheet as at 31 December 2023

.........................................
J B J Keehan
Director

   
     
 

Michael Norman Antiques Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Maria House
35 Millers Road
Brighton
BN1 5NP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Non-distributable reserve

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Michael Norman Antiques Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

33% Straight Line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Michael Norman Antiques Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

5,565,000

2,595

5,567,595

At 31 December 2023

5,565,000

2,595

5,567,595

Depreciation

At 1 January 2023

-

2,595

2,595

At 31 December 2023

-

2,595

2,595

Carrying amount

At 31 December 2023

5,565,000

-

5,565,000

At 31 December 2022

5,565,000

-

5,565,000

Included within the net book value of land and buildings above is £5,565,000 (2022 - £5,565,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land and buildings was revalued on 31 December 2020. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £Nil (2022 - £1,783,828).

5

Stocks

2023
£

2022
£

Other inventories

36,200

36,200

6

Debtors

 

Michael Norman Antiques Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Current

2023
£

2022
£

Trade debtors

118,294

86,172

Prepayments

5,888

-

Other debtors

619,207

619,207

 

743,389

705,379

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

836

8,664

Taxation and social security

70,100

56,086

Accruals and deferred income

93,519

60,312

Other creditors

120,016

195,292

284,471

320,354

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

1,335,675

1,387,869

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

1,335,675

1,387,869

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

50

50

50

50

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

52

52

52

52