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REGISTERED NUMBER: 02587981 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Michael Gold Limited

Michael Gold Limited (Registered number: 02587981)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Michael Gold Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Yasin Yusuf Tailor
Sajid Yusuf Tailor
Arif Yusuf Tailor





SECRETARY: Arif Yusuf Tailor





REGISTERED OFFICE: 22/26 Nelson Street
London
E1 2DE





REGISTERED NUMBER: 02587981 (England and Wales)





ACCOUNTANTS: Prestons
Chartered Accountants
364-368 Cranbrook Road
Gants Hill
Ilford
Essex
IG2 6HY

Michael Gold Limited (Registered number: 02587981)

Balance Sheet
31 July 2024

31/7/24 31/7/23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 15,628 23,102

CURRENT ASSETS
Stocks 47,500 57,500
Debtors 5 5,930,262 3,418,731
Cash at bank and in hand 579,424 3,028,481
6,557,186 6,504,712
CREDITORS
Amounts falling due within one year 6 118,152 96,797
NET CURRENT ASSETS 6,439,034 6,407,915
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,454,662

6,431,017

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 6,454,562 6,430,917
6,454,662 6,431,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Michael Gold Limited (Registered number: 02587981)

Balance Sheet - continued
31 July 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:





Sajid Yusuf Tailor - Director


Michael Gold Limited (Registered number: 02587981)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Michael Gold Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Michael Gold Limited (Registered number: 02587981)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 August 2023
and 31 July 2024 74,735 17,524 92,259
DEPRECIATION
At 1 August 2023 51,633 17,524 69,157
Charge for year 7,474 - 7,474
At 31 July 2024 59,107 17,524 76,631
NET BOOK VALUE
At 31 July 2024 15,628 - 15,628
At 31 July 2023 23,102 - 23,102

Michael Gold Limited (Registered number: 02587981)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. DEBTORS
31/7/24 31/7/23
£    £   
Amounts falling due within one year:
Trade debtors 160,231 160,182
Other debtors 30,031 63,549
190,262 223,731

Amounts falling due after more than one year:
Other debtors 5,740,000 3,195,000

Aggregate amounts 5,930,262 3,418,731

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/24 31/7/23
£    £   
Trade creditors 69,912 56,352
Taxation and social security 40,374 29,581
Other creditors 7,866 10,864
118,152 96,797

7. RELATED PARTY DISCLOSURES

The balance due from Tailor Property Investments Limited as at 31 July 2024 is £5,740,000 (2023: £3,195,000) is a loan account. The directors are also directors of Tailor Property Investments Limited and their interest in the share capital of that company is disclosed in its financial statements. The loan is non-interest bearing unsecured loan and is repayable on demand.