Company Registration No. 5215709 (England and Wales)
Michael Watkinson Limited
Unaudited accounts
for the year ended 31 March 2023
Michael Watkinson Limited
Unaudited accounts
Contents
Michael Watkinson Limited
Company Information
for the year ended 31 March 2023
Company Number
5215709 (England and Wales)
Registered Office
SUNNYSIDE BARN
LITHERSKEW SEDBUSK
HAWES
NORTH YORKSHIRE
DL8 3PZ
Accountants
Woolley & Co - Accountants and Chartered Tax Advisors
Crown House, York Road
Shiptonthorpe
York
East Yorkshire
YO43 3PF
Michael Watkinson Limited
Statement of financial position
as at 31 March 2023
Tangible assets
46,499
30,489
Cash at bank and in hand
39,318
32,927
Creditors: amounts falling due within one year
(31,815)
(34,099)
Net current assets
13,602
12,047
Total assets less current liabilities
60,101
42,536
Provisions for liabilities
Deferred tax
(8,835)
(5,793)
Called up share capital
100
100
Profit and loss account
51,166
36,643
Shareholders' funds
51,266
36,743
For the year ending 31 March 2023 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 4 October 2023 and were signed on its behalf by
M Watkinson
Director
Company Registration No. 5215709
Michael Watkinson Limited
Notes to the Accounts
for the year ended 31 March 2023
Michael Watkinson Limited is a private company, limited by shares, registered in England and Wales, registration number 5215709. The registered office is SUNNYSIDE BARN, LITHERSKEW SEDBUSK, HAWES, NORTH YORKSHIRE, DL8 3PZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on a reducing balance
Motor vehicles
25% on a reducing balance
Computer equipment
30% on a reducing balance
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Michael Watkinson Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
78,185
37,150
4,853
120,188
Additions
34,295
-
-
34,295
Disposals
(7,700)
-
-
(7,700)
At 31 March 2023
104,780
37,150
4,853
146,783
At 1 April 2022
53,911
32,730
3,058
89,699
Charge for the year
10,482
1,105
538
12,125
On disposals
(1,540)
-
-
(1,540)
At 31 March 2023
62,853
33,835
3,596
100,284
At 31 March 2023
41,927
3,315
1,257
46,499
At 31 March 2022
24,274
4,420
1,795
30,489
Amounts falling due within one year
Trade debtors
5,160
10,000
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
4,197
7,559
Loans from directors
25,859
20,961
7
Average number of employees
During the year the average number of employees was 1 (2022: 2).