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REGISTERED NUMBER: SC297829 (Scotland)



















MICHAEL'S 88 FASTFOOD LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2024






MICHAEL'S 88 FASTFOOD LIMITED (REGISTERED NUMBER: SC297829)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MICHAEL'S 88 FASTFOOD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: Wing Kwong Chung





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC297829 (Scotland)





ACCOUNTANTS: CW
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

MICHAEL'S 88 FASTFOOD LIMITED (REGISTERED NUMBER: SC297829)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 456 170
Investment property 5 386,613 386,613
387,069 386,783

CURRENT ASSETS
Debtors 6 2,133 2,218
Cash at bank 7,080 17,621
9,213 19,839
CREDITORS
Amounts falling due within one year 7 54,678 56,447
NET CURRENT LIABILITIES (45,465 ) (36,608 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

341,604

350,175

CREDITORS
Amounts falling due after more than one
year

8

(172,163

)

(181,850

)

PROVISIONS FOR LIABILITIES (5,541 ) (5,486 )
NET ASSETS 163,900 162,839

MICHAEL'S 88 FASTFOOD LIMITED (REGISTERED NUMBER: SC297829)

BALANCE SHEET - continued
30 APRIL 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 23,249 23,249
Retained earnings 10 140,551 139,490
SHAREHOLDERS' FUNDS 163,900 162,839

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 28 November 2024 and were signed by:





Wing Kwong Chung - Director


MICHAEL'S 88 FASTFOOD LIMITED (REGISTERED NUMBER: SC297829)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Michael's 88 Fastfood Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents rental income receivable during the year. Income is recognised on the basis of rent due for the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment and Fittings - 15% on cost

Investment property
Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent.

This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

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'S 88 FASTFOOD LIMITED (REGISTERED NUMBER: SC297829)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Loans and borrowings
Loans and borrowings are initially recorded at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

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

MICHAEL'S 88 FASTFOOD LIMITED (REGISTERED NUMBER: SC297829)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. TANGIBLE FIXED ASSETS
Equipment
and
Fittings
£   
COST
At 1 May 2023 240
Additions 365
At 30 April 2024 605
DEPRECIATION
At 1 May 2023 70
Charge for year 79
At 30 April 2024 149
NET BOOK VALUE
At 30 April 2024 456
At 30 April 2023 170


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 386,613
NET BOOK VALUE
At 30 April 2024 386,613
At 30 April 2023 386,613

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2018 28,704
Cost 357,909
386,613

MICHAEL'S 88 FASTFOOD LIMITED (REGISTERED NUMBER: SC297829)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. INVESTMENT PROPERTY - continued

The investment properties was revalued on an open market by the director on 30 April 2018. The director's valuation at 30 April 2024 remains unchanged.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax recoverable 980 980
Prepayments and accrued income 1,153 1,238
2,133 2,218

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation Tax 195 1,541
Director's current account 51,817 51,817
Accruals and prepaid income 2,666 3,089
54,678 56,447

The loan from director is interest free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loan > one year 172,163 181,850

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 172,163 181,850

The Bank Loan is secured by standard security over the company's investment property.

MICHAEL'S 88 FASTFOOD LIMITED (REGISTERED NUMBER: SC297829)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 May 2023 139,490 23,249 162,739
Profit for the year 1,061 1,061
At 30 April 2024 140,551 23,249 163,800

11. RELATED PARTY DISCLOSURES

The loan balance due to the director at the year end amounted to £51,817 (2023 : £51,817).