2023-06-012024-05-312024-05-31false09588362Mike Neville 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Mike Neville Limited

Registered Number
09588362
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

Mike Neville Limited
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

Michael Andrew Neville

Registered Address

1 Park Gardens
Yeovil
BA20 1DW

Registered Number

09588362 (England and Wales)
Mike Neville Limited
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets328,20045,512
28,20045,512
Current assets
Stocks17,85811,316
Debtors41,4994,868
Cash at bank and on hand58,41732,974
77,77449,158
Creditors amounts falling due within one year5(28,161)(19,754)
Net current assets (liabilities)49,61329,404
Total assets less current liabilities77,81374,916
Creditors amounts falling due after one year(16,324)(21,162)
Provisions for liabilities(5,358)(8,647)
Net assets56,13145,107
Capital and reserves
Called up share capital100100
Profit and loss account56,03145,007
Shareholders' funds56,13145,107
The financial statements were approved and authorised for issue by the Director on 9 January 2025, and are signed on its behalf by:
Michael Andrew Neville
Director
Registered Company No. 09588362
Mike Neville Limited
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings15
Vehicles25
Office Equipment25
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 2375,810
Disposals(33,591)
At 31 May 2442,219
Depreciation and impairment
At 01 June 2330,298
Charge for year11,167
On disposals(27,446)
At 31 May 2414,019
Net book value
At 31 May 2428,200
At 31 May 2345,512
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables556-
Other debtors-4,868
Prepayments and accrued income943-
Total1,4994,868
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,8413,110
Taxation and social security13,633631
Finance lease and HP contracts4,8384,358
Other creditors4,2609,135
Accrued liabilities and deferred income2,5892,520
Total28,16119,754
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts16,32421,162