S. Michlmayr and Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02849623 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2020

for

S. Michlmayr and Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Michlmayr

Mrs S E Michlmayr

SECRETARY:

S Michlmayr

REGISTERED OFFICE:

Unit 2 Fletcher Way

NORWICH

Norfolk

NR3 3ST

REGISTERED NUMBER:

02849623 (England and Wales)

ACCOUNTANTS:

Argents Chartered Accountants

15 Palace Street

NORWICH

Norfolk

NR3 1RT

FIXED ASSETS

Tangible assets

4

108,925

101,124

CURRENT ASSETS

Stocks

325,450

367,255

Debtors

5

61,346

49,535

Cash at bank and in hand

7,988

9,751

394,784

426,541

CREDITORS

Amounts falling due within one year

6

345,388

334,274

NET CURRENT ASSETS

49,396

92,267

TOTAL ASSETS LESS CURRENT LIABILITIES

158,321

193,391

CREDITORS

Amounts falling due after more than one year

7

(102,868

)

(135,229

)

PROVISIONS FOR LIABILITIES

(16,354

)

(12,717

)

NET ASSETS

39,099

45,445

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

38,099

44,445

SHAREHOLDERS' FUNDS

39,099

45,445

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2020 and were signed on its behalf by:

S Michlmayr - Director

1.	STATUTORY INFORMATION

S. Michlmayr and Company Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the

Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied

during the year, exclusive of Value Added Tax and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold property

-

10% on cost

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance and 15% on reducing balance

Stocks

Stock and work in progress is valued at the lower of cost and net realisable value after making due

allowance for obsolete and slow-moving stocks. Costs include all direct costs and an appropriate

proportion of fixed and variable overheads.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income

or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed

assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and

their useful lives. Finance leases are those where substantially all of the benefits and risks of

ownership are assumed by the company. Obligations under such agreements are included in

creditors net of the finance charge allocated to future periods. The finance element of the rental

payment is charged in full to the Profit and Loss Account as to produce a constant periodic rate of

charge on the net obligation outstanding for each period.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2019 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

Motor

and

property

machinery

vehicles

fittings

Totals

£

£

£

£

£

COST

At 1 February 2019

113,409

55,327

40,373

34,783

243,892

Additions

-

6,685

28,703

499

35,887

At 31 January 2020

113,409

62,012

69,076

35,282

279,779

DEPRECIATION

At 1 February 2019

79,216

29,536

8,959

25,057

142,768

Charge for year

11,341

2,745

12,041

1,959

28,086

At 31 January 2020

90,557

32,281

21,000

27,016

170,854

NET BOOK VALUE

At 31 January 2020

22,852

29,731

48,076

8,266

108,925

At 31 January 2019

34,193

25,791

31,414

9,726

101,124

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

60,843

49,371

Other debtors

503

164

61,346

49,535

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

16,775

15,064

Hire purchase contracts

7,972

6,375

Trade creditors

33,767

55,310

Taxation and social security

50,828

46,777

Other creditors

236,046

210,748

345,388

334,274

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

29,599

21,880

Other creditors

73,269

113,349

102,868

135,229