Michael Gold Limited - Accounts to registrar (filleted) - small 18.2
Michael Gold Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 July 2021 |
for |
Michael Gold Limited |
Michael Gold Limited (Registered number: 02587981) |
Contents of the Financial Statements |
for the Year Ended 31 July 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Michael Gold Limited |
Company Information |
for the Year Ended 31 July 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
364-368 Cranbrook Road |
Gants Hill |
Ilford |
Essex |
IG2 6HY |
Michael Gold Limited (Registered number: 02587981) |
Balance Sheet |
31 July 2021 |
31.7.21 | 31.7.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
Michael Gold Limited (Registered number: 02587981) |
Balance Sheet - continued |
31 July 2021 |
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 |
Michael Gold Limited (Registered number: 02587981) |
Notes to the Financial Statements |
for the Year Ended 31 July 2021 |
1. | STATUTORY INFORMATION |
Michael Gold Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work |
performed to date to the total estimated contract costs. |
Tangible fixed assets |
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. |
Michael Gold Limited (Registered number: 02587981) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2021 |
2. | ACCOUNTING POLICIES - continued |
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. |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less impairment. |
Going concern – covid19 |
The company has been impacted by the Covid19 pandemic. The company had seen a fall in turnover after the year end and as a result undertaken other cost saving measures. The company also obtained financial support from the Government and local authorities/banks. |
This has helped the company during this difficult time. The directors remain confident that turnover will return to normal level in the coming months. It is for these reasons the accounts have been prepared on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Michael Gold Limited (Registered number: 02587981) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2021 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 August 2020 |
and 31 July 2021 |
DEPRECIATION |
At 1 August 2020 |
Charge for year |
At 31 July 2021 |
NET BOOK VALUE |
At 31 July 2021 |
At 31 July 2020 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.21 | 31.7.20 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.21 | 31.7.20 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
The balance due from Tailor Property Investment Limited as at 31 July 2021 is £2,150,000 (2020: £2,150,000) is a loan account. The directors are also directors of Tailor Property Investment Limited and their interest in the share capital of that company are disclosed in its financial statements. The loan is non-interest bearing unsecured loan and is repayable on demand. |