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Registered number: 06257305
Michael Price Associates Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2025
Michael Price Associates Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06257305
31 March 2025 31 March 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 47,157 78,614
Investments 6 6 16
47,163 78,630
CURRENT ASSETS
Debtors 7 4,996,870 4,886,656
Cash at bank and in hand 12,318 133,132
5,009,188 5,019,788
Creditors: Amounts Falling Due Within One Year 8 (1,693,601 ) (1,936,326 )
NET CURRENT ASSETS (LIABILITIES) 3,315,587 3,083,462
TOTAL ASSETS LESS CURRENT LIABILITIES 3,362,750 3,162,092
Creditors: Amounts Falling Due After More Than One Year 9 (668,214 ) (466,276 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,791 ) (14,937 )
NET ASSETS 2,682,745 2,680,879
CAPITAL AND RESERVES
Called up share capital 10 112 112
Profit and Loss Account 2,682,633 2,680,767
SHAREHOLDERS' FUNDS 2,682,745 2,680,879
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For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
M Price
Director
17/12/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Michael Price Associates Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06257305 . The registered office is Np-105, Icentre Howard Way, Interchange Park, Newport Pagnell, MK16 9PY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. 
Turnover from contracts for the provision of professional services represents the majority of the income. This turnover is recognised when claims have been submitted to the tax authorities as the outcome of an assignment is probable once a claim is submitted. A provision is made to cover claims that may be subsequently adjusted.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of five years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Computer software is being amortised evenly over its estimated useful life of three years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% Straight Line
Motor Vehicles 25% Straight Line
Fixtures & Fittings 20% Straight Line
Computer Equipment 33% Straight Line
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 38 (2024: 48)
38 48
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 April 2024 288,589 428,442 717,031
As at 31 March 2025 288,589 428,442 717,031
Amortisation
As at 1 April 2024 288,589 428,442 717,031
As at 31 March 2025 288,589 428,442 717,031
Net Book Value
As at 31 March 2025 - - -
As at 1 April 2024 - - -
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2024 46,974 55,206 87,098 189,278
Additions - - 1,521 1,521
As at 31 March 2025 46,974 55,206 88,619 190,799
...CONTINUED
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Depreciation
As at 1 April 2024 19,573 48,702 42,389 110,664
Provided during the period 11,744 1,949 19,285 32,978
As at 31 March 2025 31,317 50,651 61,674 143,642
Net Book Value
As at 31 March 2025 15,657 4,555 26,945 47,157
As at 1 April 2024 27,401 6,504 44,709 78,614
6. Investments
Subsidiaries
£
Cost or Valuation
As at 1 April 2024 16
Disposals (10 )
As at 31 March 2025 6
Provision
As at 1 April 2024 -
As at 31 March 2025 -
Net Book Value
As at 31 March 2025 6
As at 1 April 2024 16
The investments represent the share capital in the following dormant subsidiaries:
Audit Limited
Creative Accountancy Limited
Michael Price Accountancy Limited
MPA EBT Limited
MPA Legal Services Limited
Michael Price Accountancy Limited
7. Debtors
31 March 2025 31 March 2024
£ £
Due within one year
Trade debtors 1,227,448 509,929
Amounts recoverable on contracts 44,314 560,039
Prepayments and accrued income 94,472 131,143
Other debtors 2,987 13,518
Factored debts outstanding 36,183 -
Corporation tax recoverable assets - 376,852
Amounts owed by group undertakings 3,591,466 3,295,175
4,996,870 4,886,656
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8. Creditors: Amounts Falling Due Within One Year
31 March 2025 31 March 2024
£ £
Trade creditors 215,300 377,169
Bank loans and overdrafts 199,923 275,798
Corporation tax 53,531 100,439
Other taxes and social security 52,797 127,488
VAT 238,089 8,787
Other creditors 628 -
Pensions payable 13,971 18,558
Accruals and deferred income 125,825 120,945
Directors' loan accounts 13,857 249,856
Amounts owed to subsidiaries 779,680 657,286
1,693,601 1,936,326
9. Creditors: Amounts Falling Due After More Than One Year
31 March 2025 31 March 2024
£ £
Net obligations under finance lease and hire purchase contracts 28,605 43,265
Bank loans 639,609 423,011
668,214 466,276
10. Share Capital
31 March 2025 31 March 2024
£ £
Allotted, Called up and fully paid 112 112
11. Related Party Transactions
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries.
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