Michael Anthony (Bletchley) Limited
Financial Statements
For the year ended 31 August 2024
Pages for Filing with Registrar
Company Registration No. 06319012 (England and Wales)
Michael Anthony (Bletchley) Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Michael Anthony (Bletchley) Limited
Balance Sheet
As at 31 August 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,703
15,178
Current assets
Debtors
5
275,767
203,253
Cash at bank and in hand
20,924
42,883
296,691
246,136
Creditors: amounts falling due within one year
6
(119,019)
(85,283)
Net current assets
177,672
160,853
Net assets
190,375
176,031
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
190,275
175,931
Total equity
190,375
176,031
The directors of the company have 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 by the board of directors and authorised for issue on 4 August 2025 and are signed on its behalf by:
P Swindlehurst
Director
Company Registration No. 06319012
Michael Anthony (Bletchley) Limited
Notes to the Financial Statements
For the year ended 31 August 2024
Page 2
1
Accounting policies
Company information
Michael Anthony (Bletchley) 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 profit of £14,344 (2023 loss: £75,756) and at the balance sheet date had net assets of £190,375 (2023: £176,031) and current assets of £177,672 (2023: £160,853).true
Additionally, the directors have prepared cashflow forecasts based on current run rates showing the profitability and cash generation is ongoing. The company supports a connected company, which is similarly in a period of turnaround, and has become cash generative so no longer has a negative impact on cashflow. 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.
1.4
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.
Michael Anthony (Bletchley) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 3
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:
Leasehold improvements
10% straight line
Computers
15% reducing balance
Motor vehicles
25% reducing balance
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.6
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.
1.7
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.
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.
1.8
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.
Michael Anthony (Bletchley) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
1
Accounting policies
(Continued)
Page 4
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
1.12
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Debtor recoverability
Included in debtors is an amount of £200,352 due from a company under common control which the company has agreed to support. Whilst it has been loss making which might cast doubt over its ability to repay this debt, the company under common control has since returned to profitability, is cash generative and maintains a stable pipeline which the directors judge to show sufficient indications that the debtor will ultimately be recovered.
Michael Anthony (Bletchley) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 5
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
8
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
13,883
34,906
48,789
Additions
50
50
Disposals
(13,883)
(13,883)
At 31 August 2024
34,956
34,956
Depreciation and impairment
At 1 September 2023
13,883
19,728
33,611
Depreciation charged in the year
2,525
2,525
Eliminated in respect of disposals
(13,883)
(13,883)
At 31 August 2024
22,253
22,253
Carrying amount
At 31 August 2024
12,703
12,703
At 31 August 2023
15,178
15,178
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
28,581
14,637
Corporation tax recoverable
5,646
Other debtors
241,923
177,707
Prepayments and accrued income
5,263
5,263
275,767
203,253
Michael Anthony (Bletchley) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2024
Page 6
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,432
25,683
Taxation and social security
38,016
15,948
Other creditors
47,252
31,000
Accruals and deferred income
27,319
12,652
119,019
85,283
7
Called up share capital
2024
2023
2024
2023
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:
2024
2023
£
£
84,035
105,836
10
Related party transactions
At the year end, amounts totalling £154,844 were due to companies under common control (2023: £149,710 were due from companies under common control).