Michael Anthony Milton Keynes Limited
Financial Statements
For the year ended 31 August 2023
Pages for Filing with Registrar
Company Registration No. 06658020 (England and Wales)
Michael Anthony Milton Keynes Limited
Company Information
Director
P Swindlehurst
Secretary
P Swindlehurst
Company number
06658020
Registered office
4 Victoria Square
St Albans
Hertfordshire
United Kingdom
AL1 3TF
Auditor
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Michael Anthony Milton Keynes Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Michael Anthony Milton Keynes Limited
Balance Sheet
As at 31 August 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
8,929
13,393
Tangible assets
4
12,977
13,425
21,906
26,818
Current assets
Debtors
5
59,125
65,099
Cash at bank and in hand
-
0
19,047
59,125
84,146
Creditors: amounts falling due within one year
6
(228,481)
(131,147)
Net current liabilities
(169,356)
(47,001)
Net liabilities
(147,450)
(20,183)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(147,550)
(20,283)
Total equity
(147,450)
(20,183)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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 and signed by the director and authorised for issue on 26 March 2025
P  Swindlehurst
Director
Company Registration No. 06658020
Michael Anthony Milton Keynes Limited
Notes to the Financial Statements
For the year ended 31 August 2023
Page 2
1
Accounting policies
Company information

Michael Anthony Milton Keynes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Victoria Square, St Albans, Hertfordshire, United Kingdom, AL1 3TF.

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

During the year, the company made a loss of £127,267 (2022: £66,205) and at the balance sheet date had net liabilities of £147,450 (2022: £20,183) and net current liabilities of £228,481 (2022: £131,147). Included in liabilities is an amount of £175,685 (2022: £69,827) due to a company under common control. The company has received written confirmation that the £175,685 need not be repaid until the company has sufficient funds to do so. true

 

Since the balance sheet date, the company has returned to profitability and become cash generative. Additionally, the directors have prepared cashflow forecasts based on current run rates and pipelines showing the profitability and cash generation is ongoing. Accordingly, the directors have, at the time of approving the financial statements, an expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and accordingly the financial statements are prepared on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Michael Anthony Milton Keynes Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
Page 3
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
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:

Office equipment
15% on a reducing balance basis

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Michael Anthony Milton Keynes Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
Page 4
Fair value measurement of financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Michael Anthony Milton Keynes Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
Page 5
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
44,642
Amortisation and impairment
At 1 September 2022
31,249
Amortisation charged for the year
4,464
At 31 August 2023
35,713
Carrying amount
At 31 August 2023
8,929
At 31 August 2022
13,393
Michael Anthony Milton Keynes Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
Page 6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
23,836
Additions
1,749
At 31 August 2023
25,585
Depreciation and impairment
At 1 September 2022
10,411
Depreciation charged in the year
2,197
At 31 August 2023
12,608
Carrying amount
At 31 August 2023
12,977
At 31 August 2022
13,425
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,468
14,575
Other debtors
35,903
41,969
Prepayments and accrued income
11,754
8,555
59,125
65,099
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,630
-
0
Trade creditors
27,295
17,928
Taxation and social security
6,431
11,513
Other creditors
176,552
87,049
Accruals and deferred income
12,573
14,657
228,481
131,147

Bank facilities are secured by company assets.

Michael Anthony Milton Keynes Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
Page 7
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jon Sutcliffe
Statutory Auditor:
Moore Kingston Smith LLP
9
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:

2023
2022
£
£
56,319
76,535
10
Related party transactions

At the year end, amounts totalling £175,685 (2022: £69,827) were due to companies under common control.

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