M.S. Michael & Co. Limited
Unaudited Financial Statements
For the year ended 31 March 2022
For Filing with Registrar
Company Registration No. 00263584 (England and Wales)
M.S. Michael & Co. Limited
Company Information
Directors
D.P. Ford
D. Ford
Company number
00263584
Registered office
9 Rochester Court
Anthonys Way
Medway City Estate
Chatham
Kent
ME2 4NW
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 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
191
608
Current assets
Stock
3,100
10,000
Debtors
4
18,391
7,939
Cash at bank and in hand
38,557
30,598
60,048
48,537
Creditors: amounts falling due within one year
5
(20,176)
(18,074)
Net current assets
39,872
30,463
Net assets
40,063
31,071
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
39,063
30,071
Total equity
40,063
31,071
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 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 27 March 2023 and are signed on its behalf by:
D. Ford
Director
Company Registration No. 00263584
M.S. Michael & Co. Limited
Notes to the Financial Statements
For the year ended 31 March 2022
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
9 Rochester Court, Anthonys Way, Medway City Estate, Chatham, Kent, ME2 4NW.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
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
.
1.4
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.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand
and balances
held at call with banks
.
M.S. Michael & Co. Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 3
1.6
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.
1.7
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.
1.8
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.
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
11
11
M.S. Michael & Co. Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021 and 31 March 2022
36,462
Depreciation and impairment
At 1 April 2021
35,854
Depreciation charged in the year
417
At 31 March 2022
36,271
Carrying amount
At 31 March 2022
191
At 31 March 2021
608
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
14,836
6,296
Other debtors
3,555
1,643
18,391
7,939
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
3,182
2,541
Taxation and social security
2,453
2,100
Other creditors
14,541
13,433
20,176
18,074
6
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000
M.S. Michael & Co. Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 5
7
Related party transactions
Callaway & Co. Limited,
a company that has a material interest in M.S. Michael & Co. (Holdings) Limited
,
the immediate parent company of M. S Michael & Co. Limited,
normally charge annual rent of £8,500 on the premises (at arm’s length). Given the Covid pandemic, rent was waived by the company
until quarter ended 30 November 2021.
8
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
9 Rochester Court, Anthonys Way, Medway City Estate, Chatham, Kent, ME2 4NW
. 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.
Until 1 October 2021,
L.S. Jones
had control of
the company by virtue of his majority shareholding in M.S. Michael Co. (Holdings) Limited.
From this date, David Ford took control by virtue of his majority shareholding.