M.S. Michael & Co. Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 March 2020
Company Registration No. 00263584 (England and Wales)
M.S. Michael & Co. Limited
Company Information
Directors
D.P. Ford
D. Ford
L.S. Jones
Company number
00263584
Registered office
4 Batchelor Street
Chatham
Kent
ME4 4BJ
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
M.S. Michael & Co. Limited
Balance Sheet
As at 31 March 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
776
1,091
Current assets
Stock
18,275
17,750
Debtors
4
14,734
18,806
Cash at bank and in hand
17,639
18,492
50,648
55,048
Creditors: amounts falling due within one year
5
(28,596)
(22,919)
Net current assets
22,052
32,129
Total assets less current liabilities
22,828
33,220
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
21,828
32,220
Total equity
22,828
33,220
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 6 October 2020 and are signed on its behalf by:
L.S. Jones
Director
Company Registration No. 00263584
M.S. Michael & Co. Limited
Notes to the Financial Statements
For the year ended 31 March 2020
Page 2
1
Accounting policies
Company information
M.S. Michael & Co. Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4 Batchelor Street, Chatham, Kent, ME4 4BJ.
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 a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have assessed the impact of the worldwide COVID-19 pandemic on the company and consider any impact or delays to be short term only. As a result the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.
true
1.3
Turnover
Turnover represents the invoiced value of goods sold net of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
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:
Fixtures, fittings & equipment
25% straight line
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
Stock
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 stock to their present location and condition.
Stocks
held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
M.S. Michael & Co. Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
1
Accounting policies
(Continued)
Page 3
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand
and balances
held at call with banks
.
1.7
Financial instruments
The Company only has financial instruments classified as basic and measured at amortised cost. The Company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.
1.8
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.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
expenditure
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 lease asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 16
(2019 - 13).
M.S. Michael & Co. Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019
36,207
Additions
52
At 31 March 2020
36,259
Depreciation and impairment
At 1 April 2019
35,116
Depreciation charged in the year
367
At 31 March 2020
35,483
Carrying amount
At 31 March 2020
776
At 31 March 2019
1,091
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
10,035
18,237
Other debtors
4,699
569
14,734
18,806
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
12,582
8,185
Other taxation and social security
3,978
1,909
Other creditors
12,036
12,825
28,596
22,919
M.S. Michael & Co. Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
Page 5
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000
7
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:
2020
2019
£
£
Within one year
2,591
-
Between two and five years
864
-
3,455
-
8
Related party transactions
During the year the company purchased services amounting to £8,500 (2019: £8,500) on normal commercial terms from Callaway & Co. Limited, a company in which L.S. Jones has a material interest. At the year end, £2,125 (2019: £2,833) was due to Callaway & Co. Limited.
9
Parent company
The Company's immediate parent undertaking is M.S. Michael & Co. (Holdings) Limited, a company incorporated in Great Britain and registered in England and Wales. The registered office is 4 Batchelor Street, Chatham, Kent, ME4 4BJ. Consolidated financial statements are not prepared as the group has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts on the basis that the group qualifies as a small group.
L.S. Jones controls the company by virtue of his majority shareholding in M.S. Michael Co. (Holdings) Limited.