Acorah Software Products - Accounts Production 16.1.300 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 10350890 Mr THASOS MICHAEL iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10350890 2023-06-30 10350890 2024-06-30 10350890 2023-07-01 2024-06-30 10350890 frs-core:CurrentFinancialInstruments 2024-06-30 10350890 frs-core:Non-currentFinancialInstruments 2024-06-30 10350890 frs-core:ComputerEquipment 2024-06-30 10350890 frs-core:ComputerEquipment 2023-07-01 2024-06-30 10350890 frs-core:ComputerEquipment 2023-06-30 10350890 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 10350890 frs-core:FurnitureFittings 2024-06-30 10350890 frs-core:FurnitureFittings 2023-07-01 2024-06-30 10350890 frs-core:FurnitureFittings 2023-06-30 10350890 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-06-30 10350890 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 10350890 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-06-30 10350890 frs-core:OtherResidualIntangibleAssets 2024-06-30 10350890 frs-core:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 10350890 frs-core:OtherResidualIntangibleAssets 2023-06-30 10350890 frs-core:PlantMachinery 2024-06-30 10350890 frs-core:PlantMachinery 2023-07-01 2024-06-30 10350890 frs-core:PlantMachinery 2023-06-30 10350890 frs-core:ShareCapital 2024-06-30 10350890 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 10350890 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10350890 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 10350890 frs-bus:SmallEntities 2023-07-01 2024-06-30 10350890 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 10350890 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 10350890 frs-bus:Director1 2023-07-01 2024-06-30 10350890 frs-core:CurrentFinancialInstruments 1 2024-06-30 10350890 frs-countries:EnglandWales 2023-07-01 2024-06-30 10350890 2022-06-30 10350890 2023-06-30 10350890 2022-07-01 2023-06-30 10350890 frs-core:CurrentFinancialInstruments 2023-06-30 10350890 frs-core:Non-currentFinancialInstruments 2023-06-30 10350890 frs-core:ShareCapital 2023-06-30 10350890 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 10350890 frs-core:CurrentFinancialInstruments 1 2023-06-30
Registered number: 10350890
MICHAEL'S ENTERPRISES LTD
Unaudited Financial Statements
For The Year Ended 30 June 2024
TaxAssist Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10350890
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,632 -
Tangible Assets 5 45,542 43,334
50,174 43,334
CURRENT ASSETS
Stocks 6 6,770 6,770
Debtors 7 44,156 (1,496 )
Cash at bank and in hand 343,700 198,263
394,626 203,537
Creditors: Amounts Falling Due Within One Year 8 (19,873 ) (60,893 )
NET CURRENT ASSETS (LIABILITIES) 374,753 142,644
TOTAL ASSETS LESS CURRENT LIABILITIES 424,927 185,978
Creditors: Amounts Falling Due After More Than One Year 9 (210,884 ) (19,277 )
NET ASSETS 214,043 166,701
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 213,943 166,601
SHAREHOLDERS' FUNDS 214,043 166,701
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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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr THASOS MICHAEL
Director
10/03/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
MICHAEL'S ENTERPRISES LTD is a private company, limited by shares, incorporated in England & Wales, registered number 10350890 . The registered office is 73 Winstanley Road, Manchester, M40 7WJ.
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 - Other Intangible
Other intangible assets are Design & Consultancy It is amortised to profit and loss account over its estimated economic life of 6.5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Leasehold 15
Plant & Machinery 15
Fixtures & Fittings 10
Computer Equipment 15
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. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. 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 years 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 assets reflect 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.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 20 (2023: 12)
20 12
4. Intangible Assets
Other
£
Cost
As at 1 July 2023 -
Additions 5,450
As at 30 June 2024 5,450
Amortisation
As at 1 July 2023 -
Provided during the period 818
As at 30 June 2024 818
Net Book Value
As at 30 June 2024 4,632
As at 1 July 2023 -
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 4,511 24,790 48,959 791 79,051
Additions - 12,188 626 - 12,814
As at 30 June 2024 4,511 36,978 49,585 791 91,865
Depreciation
As at 1 July 2023 4,511 8,326 22,761 119 35,717
Provided during the period - 5,547 4,959 100 10,606
As at 30 June 2024 4,511 13,873 27,720 219 46,323
Net Book Value
As at 30 June 2024 - 23,105 21,865 572 45,542
As at 1 July 2023 - 16,464 26,198 672 43,334
6. Stocks
2024 2023
£ £
Stock 6,770 6,770
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,498 -
Prepayments and accrued income 34,226 (2,137 )
Pension scheme prepayments (586 ) (674 )
Other taxes and social security - 8
Net wages 1,018 1,307
44,156 (1,496 )
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 9,805 2,433
Bank loans and overdrafts 10,648 10,648
Other loans - North West 70,732 -
Corporation tax 18,186 20,143
Other taxes and social security 2,065 -
VAT 1 1,282
Other creditors- student loan 76 76
Amex Credit Card 1005 1,138 -
...CONTINUED
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Accruals and deferred income 25,819 21,350
Director's loan account 15,456 4,961
Michael's Real Est Loan (134,053 ) -
19,873 60,893
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 9,265 19,277
Other loans - North West more than year 201,619 -
210,884 19,277
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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