Michelangelo (Worthing) Limited - Limited company - abbreviated - 11.0.0
Michelangelo (Worthing) Limited - Limited company - abbreviated - 11.0.0
REGISTERED NUMBER: |
ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JANUARY 2014 |
FOR |
MICHELANGELO (WORTHING) LIMITED |
MICHELANGELO (WORTHING) LIMITED (REGISTERED NUMBER: 07533858) |
CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 JANUARY 2014 |
Page |
Company Information | 1 |
Abbreviated Balance Sheet | 2 |
Notes to the Abbreviated Accounts | 3 |
MICHELANGELO (WORTHING) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2014 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
MICHELANGELO (WORTHING) LIMITED (REGISTERED NUMBER: 07533858) |
ABBREVIATED BALANCE SHEET |
31 JANUARY 2014 |
2014 | 2013 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 3 |
Profit and loss account |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors on |
MICHELANGELO (WORTHING) LIMITED (REGISTERED NUMBER: 07533858) |
NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 JANUARY 2014 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared on the basis that the company will continue to be a going |
concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value |
of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed |
assets and long term liabilities as current assets and liabilities. |
Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective April 2008). |
Turnover |
Turnover represents sales of goods and services net of VAT and trade discounts. Turnover is recognised when the |
goods are physically delivered to the customer, except in respect of service contracts where turnover is |
recognised at the point the customer is entitled to consideration. |
Tangible fixed assets |
Leasehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Deferred tax |
Deferred taxation is provided in full on timing differences which represent a liability at the balance sheet date, at |
rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from |
the inclusion of items of income and expenditure in taxation computations in periods different from those in |
which they are included in financial statements. Deferred tax is not provided on timing differences arising from |
the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and liabilities |
are not discounted. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 February 2013 |
Additions |
At 31 January 2014 |
DEPRECIATION |
At 1 February 2013 |
Charge for year |
At 31 January 2014 |
NET BOOK VALUE |
At 31 January 2014 |
At 31 January 2013 |
MICHELANGELO (WORTHING) LIMITED (REGISTERED NUMBER: 07533858) |
NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2014 |
3. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2014 | 2013 |
value: | £ | £ |
Ordinary A | £1 |
Ordinary B | £1 |
Ordinary C | £1 |
80 | 100 |
4. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
W Manenti decreased his loan to the company. As at 31 January 2014, the company owed him £18 (2013: £78). |
E Villella decreased his loan to the company. As at 31 January 2014, the company owed him £727 (2013: |
£3,479). |
W Rocha also decreased his loan to the company. As at 31 January 2014, the company owed him £Nil (2013: |
£1,148). |
These balances represented the maximum amounts outstanding during the year and the loans are interest free |
and repayable on demand. |
During the year the company issued dividends as follows: |
E Villella | £12,600 |
W Rocha | £17,184 |
5. | RELATED PARTY DISCLOSURES |
Michelangelo (Sussex) LLP |
A company in which E Villella and W Manenti are joint owners. |
All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest |
free and repayable on demand. |
2014 | 2013 |
£ | £ |
Amount due to related party at the balance sheet date |
6. | ACCOUNTING BASIS |
As stated in the accounting policy note, these financial statements have been prepared on the basis that the |
company will continue to be a going concern. As at the year end the current liabilities exceeded current assets by |
£112,532. |
The validity of this basis depends upon the continued support of the company directors. The directors confirm |
that they will give the required support. |