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Registered number: 03265085
Michaels Wholesale Foods Ltd.
Unaudited Financial Statements
For The Year Ended 31 October 2024
Steve Faure & Co.Limited
Accountants
Park Mill Farm
Chulmleigh
Devon
EX18 7EA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03265085
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 36,000 36,000
Tangible Assets 5 4,982 5,631
40,982 41,631
CURRENT ASSETS
Stocks 6 273,153 306,170
Debtors 7 209,892 125,172
Cash at bank and in hand 675 1,357
483,720 432,699
Creditors: Amounts Falling Due Within One Year 8 (442,638 ) (294,563 )
NET CURRENT ASSETS (LIABILITIES) 41,082 138,136
TOTAL ASSETS LESS CURRENT LIABILITIES 82,064 179,767
Creditors: Amounts Falling Due After More Than One Year 9 (13,618 ) (24,267 )
NET ASSETS 68,446 155,500
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 68,346 155,400
SHAREHOLDERS' FUNDS 68,446 155,500
Page 1
Page 2
For the year ending 31 October 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Jacqueline Day
Director
Mr Owen Day
Director
Mrs Georgina Day
Director
16/12/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Michaels Wholesale Foods Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03265085 . The registered office is Unit 7 Northdown Industrial Park, St. Peters, Broadstairs, Kent, CT10 3JP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% straight line
Computer Equipment 25% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 3 3
Sales, marketing and distribution 23 23
26 26
4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2023 36,000
As at 31 October 2024 36,000
Net Book Value
As at 31 October 2024 36,000
As at 1 November 2023 36,000
5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 November 2023 59,682 7,348 67,030
Additions 2,482 - 2,482
As at 31 October 2024 62,164 7,348 69,512
Depreciation
As at 1 November 2023 54,264 7,135 61,399
Provided during the period 2,933 198 3,131
As at 31 October 2024 57,197 7,333 64,530
Net Book Value
As at 31 October 2024 4,967 15 4,982
As at 1 November 2023 5,418 213 5,631
6. Stocks
2024 2023
£ £
Materials 273,153 306,170
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 184,226 239,061
Prepayments and accrued income 8,828 5,535
Factored debts outstanding - (131,399 )
Corporation tax recoverable assets 4,318 -
VAT 12,520 11,975
209,892 125,172
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 345,022 205,837
Bank loans and overdrafts 46,497 51,795
Corporation tax - 10,670
Other taxes and social security 7,196 7,494
Net wages 6,357 -
Nest pension contribution due (Current liabilities - creditors < 1 year) 698 -
Accruals and deferred income 3,795 3,495
Directors' loan accounts 33,073 15,272
442,638 294,563
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,618 24,267
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5