Caseware UK (AP4) 2024.0.164 2024.0.164 2024-04-302024-04-30618true2023-05-01falseABC1520falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04559762 2023-05-01 2024-04-30 04559762 2022-05-01 2023-04-30 04559762 2024-04-30 04559762 2023-04-30 04559762 c:Director1 2023-05-01 2024-04-30 04559762 d:Buildings d:LongLeaseholdAssets 2023-05-01 2024-04-30 04559762 d:Buildings d:LongLeaseholdAssets 2024-04-30 04559762 d:Buildings d:LongLeaseholdAssets 2023-04-30 04559762 d:MotorVehicles 2023-05-01 2024-04-30 04559762 d:MotorVehicles 2024-04-30 04559762 d:MotorVehicles 2023-04-30 04559762 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04559762 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 04559762 d:FurnitureFittings 2023-05-01 2024-04-30 04559762 d:FurnitureFittings 2024-04-30 04559762 d:FurnitureFittings 2023-04-30 04559762 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04559762 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 04559762 d:OfficeEquipment 2023-05-01 2024-04-30 04559762 d:OfficeEquipment 2024-04-30 04559762 d:OfficeEquipment 2023-04-30 04559762 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04559762 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 04559762 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04559762 d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 04559762 d:CurrentFinancialInstruments 2024-04-30 04559762 d:CurrentFinancialInstruments 2023-04-30 04559762 d:Non-currentFinancialInstruments 2024-04-30 04559762 d:Non-currentFinancialInstruments 2023-04-30 04559762 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 04559762 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 04559762 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 04559762 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 04559762 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 04559762 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 04559762 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 04559762 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 04559762 d:ShareCapital 2024-04-30 04559762 d:ShareCapital 2023-04-30 04559762 d:RetainedEarningsAccumulatedLosses 2024-04-30 04559762 d:RetainedEarningsAccumulatedLosses 2023-04-30 04559762 c:FRS102 2023-05-01 2024-04-30 04559762 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 04559762 c:FullAccounts 2023-05-01 2024-04-30 04559762 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04559762 d:HirePurchaseContracts d:WithinOneYear 2024-04-30 04559762 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 04559762 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 04559762 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 04559762 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-04-30 04559762 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 04559762 d:LeasedAssetsHeldAsLessee 2024-04-30 04559762 d:LeasedAssetsHeldAsLessee 2023-04-30 04559762 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 04559762









VICTOR MICHAEL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
VICTOR MICHAEL LIMITED
REGISTERED NUMBER: 04559762

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
                                                                    Note
£
£

Fixed assets
  

Tangible assets
 4 
89,545
85,646

Current assets
  

Debtors: amounts falling due within one year
 5 
9,670
7,437

Cash at bank and in hand
 6 
47,863
18,693

  
57,533
26,130

Creditors: amounts falling due within one year
 7 
(700,561)
(696,755)

Net current liabilities
  
 
 
(643,028)
 
 
(670,625)

Total assets less current liabilities
  
(553,483)
(584,979)

Creditors: amounts falling due after more than one year
 8 
(50,206)
(52,024)

  

Net liabilities
  
(603,689)
(637,003)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(603,691)
(637,005)

  
(603,689)
(637,003)


Page 1

 
VICTOR MICHAEL LIMITED
REGISTERED NUMBER: 04559762
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2025.




V Khatri
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
VICTOR MICHAEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Victor Michael Limited ("the company") is a company limited by shares, incorporated in England and Wales. Its registered office is 74 Leytonstone Road, E15 1SQ. 
The principal activity of the company is continued to be that of real estate agency.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

As part of its going concern review, the directors have followed the guidelines published by the Financial Reporting Council entitled "Going Concern and Liquidity Risk Guidance for UK Companies 2009". The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future as the company expects to receive continuing financial support from the supporting companies and the director. On this basis the directors consider that the going concern basis of accounting remains appropriate.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
VICTOR MICHAEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
VICTOR MICHAEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the life of lease
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt
Page 5

 
VICTOR MICHAEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average number of employees including directors during the year was 15 (2023 - 20)


4.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
33,494
120,715
55,694
76,847
286,750


Additions
-
43,866
-
-
43,866


Disposals
-
(49,709)
-
-
(49,709)



At 30 April 2024

33,494
114,872
55,694
76,847
280,907



Depreciation


At 1 May 2023
11,874
59,222
53,861
76,147
201,104


Charge for the year on owned assets
618
9,985
458
175
11,236


Charge for the year on financed assets
-
7,178
-
-
7,178


Disposals
-
(28,156)
-
-
(28,156)



At 30 April 2024

12,492
48,229
54,319
76,322
191,362



Net book value



At 30 April 2024
21,002
66,643
1,375
525
89,545



At 30 April 2023
21,620
61,493
1,833
700
85,646

Page 6

 
VICTOR MICHAEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
36,688
21,554

36,688
21,554


5.


Debtors

2024
2023
£
£


Other debtors
5,001
7,437

Prepayments and accrued income
4,669
-

9,670
7,437



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
47,863
18,693

47,863
18,693


Page 7

 
VICTOR MICHAEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
20,837
20,218

Trade creditors
13,016
-

Other taxation and social security
25,865
34,876

Obligations under finance lease and hire purchase contracts
5,648
4,388

Other creditors
628,289
633,717

Accruals and deferred income
6,906
3,556

700,561
696,755



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,689
33,951

Net obligations under finance leases and hire purchase contracts
36,517
18,073

50,206
52,024



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
20,837
20,218

Amounts falling due 1-2 years

Bank loans
13,689
20,855

Amounts falling due 2-5 years

Bank loans
-
13,096


34,526
54,169


Page 8

 
VICTOR MICHAEL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
5,647
4,388

Between 1-5 years
36,517
18,073

42,164
22,461


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £6,487 (2023 - £7,501). Contributions totalling £1,586 (2023 - £1,832) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

Included within other creditors at the year end were balances due to the director amounting to £63,011 (2023 - £85,986).
Included within other creditors at the year end were balance due to connected companies by virtue of the directors shareholding totalling £438,404 
(2023 - £462,002).

 
Page 9