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COMPANY REGISTRATION NUMBER: 04423733
Michael Delaney & Sons Limited
Filleted Unaudited Financial Statements
30 April 2024
Michael Delaney & Sons Limited
Financial Statements
Year ended 30 April 2024
Contents
Pages
Officers and professional advisers
1
Accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3 to 4
Notes to the financial statements
5 to 8
Michael Delaney & Sons Limited
Officers and Professional Advisers
Director
M Delaney
Company secretary
S Delaney
Registered office
5 Cotes Close
Thunderbridge
Shelley
Huddersfield
West Yorkshire
HD8 8JL
Accountants
Burlinson Shaw & Co
Accountants
21 Henrietta Street
Batley
West Yorkshire
WF17 5DN
Michael Delaney & Sons Limited
Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Michael Delaney & Sons Limited
Year ended 30 April 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 April 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Burlinson Shaw & Co Accountants
21 Henrietta Street Batley West Yorkshire WF17 5DN
19 September 2024
Michael Delaney & Sons Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
13,980
16,588
Current assets
Stocks
1,980
863
Debtors
6
45,821
117,108
Cash at bank and in hand
165,206
116,772
---------
---------
213,007
234,743
Creditors: amounts falling due within one year
7
60,236
72,562
---------
---------
Net current assets
152,771
162,181
---------
---------
Total assets less current liabilities
166,751
178,769
Provisions
Taxation including deferred tax
3,318
3,814
---------
---------
Net assets
163,433
174,955
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
163,432
174,954
---------
---------
Shareholder funds
163,433
174,955
---------
---------
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 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Michael Delaney & Sons Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
M Delaney
Director
Company registration number: 04423733
Michael Delaney & Sons Limited
Notes to the Financial Statements
Year ended 30 April 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 5 Cotes Close, Thunderbridge, Shelley, Huddersfield, West Yorkshire, HD8 8JL.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
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 and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
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 measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
38,050
5,100
43,150
--------
-------
--------
Depreciation
At 1 May 2023
22,672
3,890
26,562
Charge for the year
2,306
302
2,608
--------
-------
--------
At 30 April 2024
24,978
4,192
29,170
--------
-------
--------
Carrying amount
At 30 April 2024
13,072
908
13,980
--------
-------
--------
At 30 April 2023
15,378
1,210
16,588
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
42,148
106,284
Other debtors
3,673
10,824
--------
---------
45,821
117,108
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
22,500
31,669
Trade creditors
28,290
33,644
Social security and other taxes
4,020
2,124
Other creditors
5,426
5,125
--------
--------
60,236
72,562
--------
--------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
M Delaney
( 741)
47,057
( 46,672)
( 356)
----
--------
--------
----
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
M Delaney
181,414
42,017
( 224,172)
( 741)
---------
--------
---------
----
The maximum amount outstanding on the loan account to the director during the year was £Nil (2023 £181,414). Interest is charged on the loan at a rate of 3% p.a.