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COMPANY REGISTRATION NUMBER: 00454100
Mickleburgh Limited
Filleted Unaudited Financial Statements
30 June 2024
Mickleburgh Limited
Financial Statements
Year ended 30 June 2024
Contents
Pages
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
Mickleburgh Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Mickleburgh Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mickleburgh Limited for the year ended 30 June 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
8 January 2025
Mickleburgh Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,365,515
1,345,263
Current assets
Stocks
569,387
625,383
Debtors
6
207,780
193,899
Cash at bank and in hand
2,547
5,169
---------
---------
779,714
824,451
Creditors: amounts falling due within one year
7
774,456
702,799
---------
---------
Net current assets
5,258
121,652
------------
------------
Total assets less current liabilities
1,370,773
1,466,915
Creditors: amounts falling due after more than one year
8
213,918
218,720
Provisions
Taxation including deferred tax
76,327
74,077
------------
------------
Net assets
1,080,528
1,174,118
------------
------------
Capital and reserves
Called up share capital
13,375
13,375
Revaluation reserve
1,186,431
1,186,431
Capital redemption reserve
17,575
17,575
Profit and loss account
( 136,853)
( 43,263)
------------
------------
Shareholders funds
1,080,528
1,174,118
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Mickleburgh Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 8 January 2025 , and are signed on behalf of the board by:
Mr M. G. J. Barnfield
Director
Company registration number: 00454100
Mickleburgh Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1-9 Stokes Croft, Bristol, BS1 3PL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
10% straight line
Fixtures & fittings
-
10% reducing balance
Motor vehicles
-
20% straight line
No depreciation has been provided on the freehold property as the directors consider that the amounts of depreciation on the buildings would not be material in view of the amount spent on their maintenance and upkeep. Full provision will be made should any permanent diminution in value occur. This view does not comply with FRS102. If depreciation was charged the charge for the year would be £26,000 (2023 - £26,000).
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items as follows: Raw materials and musical instruments - purchase cost Music - selling price less mark up
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme for certain of its directors and employees. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 15 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
1,300,000
56,651
196,757
17,841
1,571,249
Additions
1,094
32,154
33,248
Disposals
( 1,012)
( 17,495)
( 18,507)
------------
--------
---------
--------
------------
At 30 June 2024
1,300,000
55,639
197,851
32,500
1,585,990
------------
--------
---------
--------
------------
Depreciation
At 1 July 2023
45,197
163,006
17,783
225,986
Charge for the year
2,836
3,389
6,500
12,725
Disposals
( 741)
( 17,495)
( 18,236)
------------
--------
---------
--------
------------
At 30 June 2024
47,292
166,395
6,788
220,475
------------
--------
---------
--------
------------
Carrying amount
At 30 June 2024
1,300,000
8,347
31,456
25,712
1,365,515
------------
--------
---------
--------
------------
At 30 June 2023
1,300,000
11,454
33,751
58
1,345,263
------------
--------
---------
--------
------------
Tangible assets held at valuation
Included in tangible assets is a freehold property, which the company trades from. The freehold property was revalued during 2019 by Andrew Forbes Chartered Surveyor and the directors consider this to be a fair representation of its value at 30 June 2024.
6. Debtors
2024
2023
£
£
Trade debtors
25,213
23,003
Other debtors
182,567
170,896
---------
---------
207,780
193,899
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
76,209
81,555
Trade creditors
190,112
169,328
Social security and other taxes
57,064
44,642
Other creditors
451,071
407,274
---------
---------
774,456
702,799
---------
---------
The company has given security for some of the creditors that fall due within one year. The company has given a fixed and floating charge on all assets of the company to the bank in respect of one of it's bank loans and overdraft totalling £72,270 (2023 - £73,047) and the hire purchase creditor of £6,994 (2023 - £nil) is secured on the asset purchased
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
199,347
218,720
Other creditors
14,571
---------
---------
213,918
218,720
---------
---------
The company has given security for some of the creditors that fall due after more than one year.
The company has given a fixed and floating charge on all assets of the company to the bank in respect of one of it's bank loans of £178,881 (2023 - £199,636) and the hire purchase creditor of £14,571 (2023 - £nil) is secured on the asset purchased.
Included within creditors amounts falling due after more than one year is an amount of £92,881 (2023: £113,636) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
23,082
14,429
Later than 1 year and not later than 5 years
20,692
11,915
--------
--------
43,774
26,344
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M. G. J. Barnfield
( 268,374)
( 64,740)
28,052
( 305,062)
Mrs M. J. Barnfield
( 7,881)
( 7,881)
---------
--------
--------
---------
( 276,255)
( 64,740)
28,052
( 312,943)
---------
--------
--------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M. G. J. Barnfield
( 302,473)
( 4,400)
38,500
(268,373)
Mrs M. J. Barnfield
( 7,881)
( 7,881)
---------
-------
--------
---------
( 310,354)
( 4,400)
38,500
(276,254)
---------
-------
--------
---------
Interest is payable at 1% per month on £30,000 of the loan to Mr M G J Barnfield. The remainder of the loan is interest free. The loan to Mrs M J Barnfield is interest free. All loans are repayable on demand.