Michigan Investments Limited 28/02/2019 iXBRL
Michigan Investments Limited 28/02/2019 iXBRL
Company registration number:
7930966
Pages for filing with Registrar
Contents
Statement of financial position
Notes to the financial statements
Statement of financial position
28 February 2019
2019 | 2018 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 6 |
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Investments | 7 |
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_______ | _______ | ||||||||
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Current assets | |||||||||
Debtors | 8 |
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Cash at bank and in hand |
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_______ | _______ | ||||||||
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Creditors: amounts falling due | |||||||||
within one year | 9 |
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_______ | _______ | ||||||||
Net current liabilities |
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_______ | _______ | ||||||||
Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 10 |
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Provisions for liabilities |
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_______ | _______ | ||||||||
Net assets |
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_______ | _______ | ||||||||
Capital and reserves | |||||||||
Called up share capital |
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Fair value reserve |
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Profit and loss account |
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_______ | _______ | ||||||||
Shareholders funds |
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_______ | _______ | ||||||||
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
28 November 2019
, and are signed on behalf of the board by:
Director
Company registration number:
7930966
Notes to the financial statements
Year ended 28 February 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is West 2, Asama Court, Newcastle Business Park, Newcastle upon Tyne, NE4 7YD.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment | - |
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Investment property
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
Provisions
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2018:
2
).
5.
Tax on profit
Major components of tax income
2019 | 2018 | |||
£ | £ | |||
Deferred tax: | ||||
Origination and reversal of timing differences |
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_______ | _______ | |||
Tax on profit |
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_______ | _______ | |||
6.
Tangible assets
Long leasehold property | Fixtures, firrings and equipment | Total | ||
£ | £ | £ | ||
Cost | ||||
At 1 March 2018 |
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Additions | 4,826 | 176,152 | 180,978 | |
_______ | _______ | _______ | ||
At 28 February 2019 |
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_______ | _______ | _______ | ||
Depreciation | ||||
At 1 March 2018 | - |
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Charge for the year | - |
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_______ | _______ | _______ | ||
At 28 February 2019 | - |
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Carrying amount | ||||
At 28 February 2019 |
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_______ | _______ | _______ | ||
At 28 February 2018 |
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_______ | _______ | _______ | ||
Included in fixtures, fittings and equipment are assets under constrution with a cost of £176,152 (2018: £Nil), which are not depreciated.
7.
Investments
Shares in group undertakings and participating interests | Total | ||
£ | £ | ||
Cost | |||
At 1 March 2018 and 28 February 2019 |
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_______ | _______ | ||
Impairment | |||
At 1 March 2018 and 28 February 2019 | - | - | |
_______ | _______ | ||
Carrying amount | |||
At 28 February 2019 |
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_______ | _______ | ||
At 28 February 2018 |
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_______ | _______ | ||
8.
Debtors
2019 | 2018 | |||
£ | £ | |||
Trade debtors |
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Other debtors |
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_______ | _______ | |||
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_______ | _______ | |||
9.
Creditors: amounts falling due within one year
2019 | 2018 | |||
£ | £ | |||
Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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_______ | _______ | |||
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_______ | _______ | |||
10.
Creditors: amounts falling due after more than one year
2019 | 2018 | |||
£ | £ | |||
Bank loans and overdrafts |
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_______ | _______ | |||
11.
Directors advances, credits and guarantees
The company has an outstanding directors loan in the name of Philip George Walton of £71,458 (2018 £71,458). This loan is included in other creditors in note 9. This loan is interest free and repayable on demand.
12.
Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value | Balance owed by/(owed to) | ||||
2019 | 2018 | 2019 | 2018 | ||
£ | £ | £ | £ | ||
Walton Robinson Limited | - | - | (811,277) | (811,277) | |
Chicago Acquisitions Limited | 148,000 | 243,500 | (52,320) | 32,995 | |
_______ | _______ | _______ | _______ | ||
Walton Robinson Limited is a company controlled by Mark Adam Walton.Chicago Acquisitions Limited is wholly owned by
Michigan Investments Limited
.
13.
Controlling party
The company was under the control of the directors throughout the current and previous year.