M.S. Michael & Co. Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 00263584 (England and Wales)
M.S. Michael & Co. Limited
Company Information
Directors
D.P. Ford
D. Ford
L. Parker
Secretary
D.P. Ford
Company number
00263584
Registered office
9 Rochester Court
Anthonys Way
Medway City Estate
Chatham
Kent
ME2 4NW
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
M.S. Michael & Co. Limited
Balance Sheet
As at 31 March 2024
31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,986
5,041
Current assets
Stock
3,100
3,100
Debtors
4
38,970
12,688
Cash at bank and in hand
4,703
3,510
46,773
19,298
Creditors: amounts falling due within one year
5
(56,532)
(27,945)
Net current liabilities
(9,759)
(8,647)
Net liabilities
(5,773)
(3,606)
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
(6,773)
(4,606)
Total equity
(5,773)
(3,606)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
D. Ford
Director
Company Registration No. 00263584
M.S. Michael & Co. Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 2
1
Accounting policies
Company information
M.S. Michael & Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Rochester Court, Anthonys Way, Medway City Estate, Chatham, Kent, ME2 4NW.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the Balance Sheet date the company had net trueliabilities of £5,773 (2023: £3,606). At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the invoiced value of goods sold net of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stock
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
M.S. Michael & Co. Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand and balances held at call with banks.
1.7
Financial instruments
The Company only has financial instruments classified as basic and measured at amortised cost. The Company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to expenditure on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
10
M.S. Michael & Co. Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
42,355
Additions
174
At 31 March 2024
42,529
Depreciation and impairment
At 1 April 2023
37,314
Depreciation charged in the year
1,229
At 31 March 2024
38,543
Carrying amount
At 31 March 2024
3,986
At 31 March 2023
5,041
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
37,709
9,038
Other debtors
-
2,195
Prepayments and accrued income
1,261
1,455
38,970
12,688
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,305
9,516
Taxation and social security
13,804
3,648
Other creditors
19,823
9,461
Accruals and deferred income
5,600
5,320
56,532
27,945
M.S. Michael & Co. Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 5
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
13,000
13,000
Between two and five years
52,000
52,000
In over five years
35,750
48,750
100,750
113,750
8
Parent company
The Company's immediate parent undertaking is M.S. Michael & Co. (Holdings) Limited, a company incorporated in Great Britain and registered in England and Wales. The registered office is 9 Rochester Court, Anthonys Way, Medway City Estate, Chatham, Kent, ME2 4NW. Consolidated financial statements are not prepared as the group has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts on the basis that the group qualifies as a small group.
David Ford has control of the company by virtue of his majority shareholding in M.S. Michael Co. (Holdings) Limited.
9
Directors' transactions
Included within other creditors at year end is £13,000 (2023: £4,000) owed to the directors.