MICHAEL GOLD LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02587981 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

FOR

MICHAEL GOLD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

5

DIRECTORS:

A TAILOR

Y TAILOR

S TAILOR

SECRETARY:

A TAILOR

REGISTERED OFFICE:

22-26 Nelson Street

LONDON

E1 2DN

REGISTERED NUMBER:

02587981 (England and Wales)

ACCOUNTANTS:

Patsons Accountancy Limited

Suraj Chambers

53 Islington Park Street

London

N1 1QB

FIXED ASSETS

Tangible assets

4

43,108

50,158

CURRENT ASSETS

Stocks

75,855

75,000

Debtors

5

2,254,496

3,214,958

Investments

6

-

2,800,000

Cash at bank and in hand

4,105,862

214,966

6,436,213

6,304,924

CREDITORS

Amounts falling due within one year

7

132,578

166,132

NET CURRENT ASSETS

6,303,635

6,138,792

TOTAL ASSETS LESS CURRENT LIABILITIES

6,346,743

6,188,950

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

6,346,643

6,188,850

SHAREHOLDERS' FUNDS

6,346,743

6,188,950

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 February 2021 and were signed on its behalf by:

S TAILOR - Director

1.	STATUTORY INFORMATION

MICHAEL GOLD 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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 5 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 August 2019

and 31 July 2020

72,730

17,524

90,254

DEPRECIATION

At 1 August 2019

22,585

17,511

40,096

Charge for year

7,050

-

7,050

At 31 July 2020

29,635

17,511

47,146

NET BOOK VALUE

At 31 July 2020

43,095

13

43,108

At 31 July 2019

50,145

13

50,158

5.

DEBTORS

31.7.20

31.7.19

£

£

Amounts falling due within one year:

Trade debtors

104,496

214,958

Amounts falling due after more than one year:

Other debtors

2,150,000

3,000,000

Aggregate amounts

2,254,496

3,214,958

6.	CURRENT ASSET INVESTMENTS

31.7.20

31.7.19

£

£

Investments Bond Short-Term

-

2,800,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.20

31.7.19

£

£

Trade creditors

62,041

79,840

Taxation and social security

59,505

76,870

Other creditors

11,032

9,422

132,578

166,132

8.	RELATED PARTY DISCLOSURES

Included within debtors is a loan account, loan made to Tailor Property Investments Limited The

directors are also directors of Tailor Property Investments Limited and their interests in the share capital of that company are disclosed in its financial statements. The loan is a interest bearing unsecured loan and is repayable.Dividends were paid to each director equally of £30000 each

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MICHAEL GOLD LIMITED for the year ended 31 July 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of MICHAEL GOLD LIMITED, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MICHAEL GOLD LIMITED and state those matters that we have agreed to state to the Board of Directors of MICHAEL GOLD LIMITED, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MICHAEL GOLD LIMITED and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that MICHAEL GOLD LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MICHAEL GOLD LIMITED. You consider that MICHAEL GOLD LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MICHAEL GOLD LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Patsons Accountancy Limited

Suraj Chambers

53 Islington Park Street

London

N1 1QB

2 February 2021