Registration number:
Michael Lupton Associates Ltd
for the Year Ended 31 March 2025
Michael Lupton Associates Ltd
(Registration number: 03127622)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Michael Lupton Associates Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The Company is a private company limited by share capital, incorporated in England and the company registration number is 03127622.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements cover the individual entity, Michael Lupton Associates Ltd.
The financial statements have been prepared in sterling and are rounded to the nearest pound.
Going concern
The financial statements have been prepared on a going concern basis.
Audit report
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Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Michael Lupton Associates Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Assets costing £300 or more are capitalised as tangible fixed assets and are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Leasehold improvements |
Over the lease term |
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Fixtures, fittings and equipment |
15-33% straight line |
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Motor vehicles |
20% straight line |
Intangible assets
Intangible assets aquired separtely from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to teh asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights and the intangible asset is seperable from the entity.
Research expenditure is written off against profits in the year in which is is incurred. Identifiable development expenditure is capitalised to the extent that the technical commercial and financial feasibility can be demonstrated. The capitalised cost is then amortised over the expected lifespan of the product of which it relates to.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Patents |
15-20% straight line |
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Development costs |
Over the estimated life of the project |
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Software |
25% straight line |
Michael Lupton Associates Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Investments
Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from it's activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially and subsequently at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Michael Lupton Associates Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Michael Lupton Associates Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
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Intangible assets |
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Goodwill |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 April 2024 |
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Additions internally developed |
- |
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At 31 March 2025 |
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Amortisation |
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At 1 April 2024 |
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Amortisation charge |
- |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
- |
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At 31 March 2024 |
- |
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2024 |
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Additions |
- |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
- |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Included within the net book value of land and buildings above is £1,485 (2024 - £1,485) in respect of short leasehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes £31,249 (2024: £42,972) in respect of assets held under finance leases and hire purchase contracts.
Michael Lupton Associates Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
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Stocks |
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2025 |
2024 |
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Other inventories |
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Debtors |
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Current |
2025 |
2024 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
( |
- |
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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Bank loans and overdrafts includes an invoice discounting facility of £312,426 (2024 : £385,609) which is secured against the debtor book and assets of the company.
Bank loans and overdrafts also includes a bank loan taken out under the Bounce Back Loan Scheme, which is guaranteed by the UK Government, £13,511 (2024: £24,041) . 60 monthly repayments of £833 plus interest commenced October 2021. Interest is charged at 2.5%.
Finance lease liabilities with a carrying amount of £23,018 (2024: £37,667) are denominated in sterling. Amounts owing under finance lease liabilities are secured against the assets to which they relate.
Michael Lupton Associates Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Hire purchase contracts |
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Current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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1,100 |
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1,100 |
Michael Lupton Associates Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
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Related party transactions |
Directors' remuneration
The Directors' remuneration for the year was as follows:
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2025 |
2024 |
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Remuneration |
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Other transactions with Directors |
A personal guarantee of £75,000 over the assets of Mr M and Mrs J Lupton secure the company's overdraft facility which at the year end had a balance of £52,090 (2024: £55,019).
Loans to related parties
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2025 |
Key management |
Total |
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At start of period |
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Advanced |
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Repaid |
( |
( |
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At end of period |
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2024 |
Key management |
Total |
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At start of period |
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Advanced |
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Repaid |
( |
( |
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At end of period |
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Terms of loans to related parties