Michael Gold Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02587981 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2022

for

Michael Gold Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Yasin Yusuf Tailor

Sajid Yusuf Tailor

Arif Yusuf Tailor

SECRETARY:

Arif Yusuf Tailor

REGISTERED OFFICE:

22/26 Nelson Street

London

E1 2DE

REGISTERED NUMBER:

02587981 (England and Wales)

ACCOUNTANTS:

Prestons

Chartered Accountants

364-368 Cranbrook Road

Gants Hill

Ilford

Essex

IG2 6HY

FIXED ASSETS

Tangible assets

4

30,576

36,045

CURRENT ASSETS

Stocks

62,500

26,000

Debtors

5

2,287,847

2,208,905

Cash at bank and in hand

4,156,841

4,231,225

6,507,188

6,466,130

CREDITORS

Amounts falling due within one year

6

120,382

108,836

NET CURRENT ASSETS

6,386,806

6,357,294

TOTAL ASSETS LESS CURRENT LIABILITIES

6,417,382

6,393,339

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

6,417,282

6,393,239

6,417,382

6,393,339

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 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 25 May 2023 and were signed on its behalf by:

Sajid Yusuf 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 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

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.

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 – covid-19

The company has been impacted by the COVID-19 pandemic. As a result, a number of staff had to be furloughed and 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 are confident that the company has sufficient resources to trade as a going concern. 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 6 (2021 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 August 2021

72,730

17,524

90,254

Additions

2,005

-

2,005

At 31 July 2022

74,735

17,524

92,259

DEPRECIATION

At 1 August 2021

36,685

17,524

54,209

Charge for year

7,474

-

7,474

At 31 July 2022

44,159

17,524

61,683

NET BOOK VALUE

At 31 July 2022

30,576

-

30,576

At 31 July 2021

36,045

-

36,045

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/22

31/7/21

£

£

Trade debtors

137,088

49,143

Other debtors

2,150,759

2,159,762

2,287,847

2,208,905

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/22

31/7/21

£

£

Trade creditors

82,706

67,234

Taxation and social security

27,894

34,145

Other creditors

9,782

7,457

120,382

108,836

7.	RELATED PARTY DISCLOSURES

The balance due from Tailor Property Investment Limited as at 31 July 2022 is £2,150,000 (2021: £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.