REGISTERED NUMBER: 03269792 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

MICHAEL CHARLES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Tsangarides

Mr M Jacovides

SECRETARY:

Mr M Tsangarides

REGISTERED OFFICE:

869 High Road

London

N12 8QA

REGISTERED NUMBER:

03269792 (England and Wales)

ACCOUNTANTS:

EA

Chartered Accountants

869 High Road

London

N12 8QA

FIXED ASSETS

Tangible assets

4

1,550

929

CURRENT ASSETS

Debtors

5

6,096

23,635

Cash at bank

50,457

22,117

56,553

45,752

CREDITORS

Amounts falling due within one year

6

62,728

45,745

NET CURRENT (LIABILITIES)/ASSETS

(6,175

)

7

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,625

)

936

CREDITORS

Amounts falling due after more than one year

7

2,651

13,091

NET LIABILITIES

(7,276

)

(12,155

)

CAPITAL AND RESERVES

Called up share capital

60

60

Retained earnings

8

(7,336

)

(12,215

)

SHAREHOLDERS' FUNDS

(7,276

)

(12,155

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 20 November 2025 and were signed on its behalf by:

Mr M Jacovides - Director

Mr M Tsangarides - Director

1.	STATUTORY INFORMATION

Michael Charles 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

Turnover

Turnover represents invoiced commissions receivable, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 3 (2024 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2024

433

1,102

1,535

Additions

-

1,138

1,138

At 31 March 2025

433

2,240

2,673

DEPRECIATION

At 1 April 2024

330

276

606

Charge for year

26

491

517

At 31 March 2025

356

767

1,123

NET BOOK VALUE

At 31 March 2025

77

1,473

1,550

At 31 March 2024

103

826

929

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,037

6,924

Other debtors

5,059

16,711

6,096

23,635

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

10,440

10,183

Taxation and social security

42,477

27,139

Other creditors

9,811

8,423

62,728

45,745

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

2,651

13,091

8.

RESERVES

Retained

earnings

£

At 1 April 2024

(12,215

)

Profit for the year

98,879

Dividends

(94,000

)

At 31 March 2025

(7,336

)

9.	RELATED PARTY DISCLOSURES

Included within creditors, amounts falling due within one year, is an interest free amount of £230 (2024: £5,776 included in debtors) due to Mr M Tsangarides the director of the company.

Included within creditors, amounts falling due within one year, is an interest free amount of £230 (2024: £5,776 included in debtors) due Mr M Jacovides to the director of the company.