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REGISTERED NUMBER: 07026652 (England and Wales)




















Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

MICHELSONS UK LIMITED

MICHELSONS UK LIMITED (REGISTERED NUMBER: 07026652)

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










Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


MICHELSONS UK LIMITED

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mrs Z X Zhu
S Walker





REGISTERED OFFICE: Unit J Barge Way Kemsley Fields
Oyo Sittingbourne
Sittingbourne
Kent
ME10 2TD





REGISTERED NUMBER: 07026652 (England and Wales)





ACCOUNTANTS: Calcutt Matthews WBZ Ltd
19 North Street
Ashford
Kent
TN24 8LF

MICHELSONS UK LIMITED (REGISTERED NUMBER: 07026652)

Report of the Directors
for the Year Ended 31 December 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

REVIEW OF BUSINESS
The Company saw a downturn in its trade during the previous as a result of the pandemic with UK bricks and mortar retail shops being a large part of the company's trade at the time.

However, the directors confirm that the company had very good reserves before the pandemic and has emerged to without significant deterioration to these.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mrs Z X Zhu
S Walker

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mrs Z X Zhu - Director


6 February 2025

MICHELSONS UK LIMITED (REGISTERED NUMBER: 07026652)

Income Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 4,337,330 4,535,122

Cost of sales 3,247,763 3,451,606
GROSS PROFIT 1,089,567 1,083,516

Administrative expenses 806,846 685,732
282,721 397,784

Interest receivable and similar income 14,928 10,681
297,649 408,465

Interest payable and similar expenses 2,758 2,685
PROFIT BEFORE TAXATION 4 294,891 405,780

Tax on profit 76,934 92,105
PROFIT FOR THE FINANCIAL YEAR 217,957 313,675

MICHELSONS UK LIMITED (REGISTERED NUMBER: 07026652)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 5 2,897 12,482

CURRENT ASSETS
Stocks 126,067 297,541
Debtors 6 622,188 577,642
Cash at bank 1,573,190 1,712,375
2,321,445 2,587,558
CREDITORS
Amounts falling due within one year 7 1,127,050 1,331,079
NET CURRENT ASSETS 1,194,395 1,256,479
TOTAL ASSETS LESS CURRENT LIABILITIES 1,197,292 1,268,961

CREDITORS
Amounts falling due after more than one
year

8

24,189

103,815
NET ASSETS 1,173,103 1,165,146

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 1,173,001 1,165,044
SHAREHOLDERS' FUNDS 1,173,103 1,165,146

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

MICHELSONS UK LIMITED (REGISTERED NUMBER: 07026652)

Balance Sheet - continued
31 December 2024


The financial statements have been prepared 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 6 February 2025 and were signed on its behalf by:





S Walker - Director


MICHELSONS UK LIMITED (REGISTERED NUMBER: 07026652)

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


1. STATUTORY INFORMATION

Michelsons UK 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 33% on cost
Plant and machinery etc - 25% 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

MICHELSONS UK LIMITED (REGISTERED NUMBER: 07026652)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. PROFIT BEFORE TAXATION

The profit is stated after charging:

31.12.24 31.12.23
£    £   
Depreciation - owned assets 12,131 11,861

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2024 16,032 84,006 100,038
Additions - 2,546 2,546
At 31 December 2024 16,032 86,552 102,584
DEPRECIATION
At 1 January 2024 16,032 71,524 87,556
Charge for year - 12,131 12,131
At 31 December 2024 16,032 83,655 99,687
NET BOOK VALUE
At 31 December 2024 - 2,897 2,897
At 31 December 2023 - 12,482 12,482

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 326,404 272,079
Other debtors 295,784 305,563
622,188 577,642

MICHELSONS UK LIMITED (REGISTERED NUMBER: 07026652)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts 2,685 2,685
Trade creditors 779,758 962,530
Taxation and social security 83,818 180,883
Other creditors 260,789 184,981
1,127,050 1,331,079

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Hire purchase contracts 24,189 28,249
Trade creditors - 75,000
Other creditors - 566
24,189 103,815