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

REGISTERED NUMBER: 04464177 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2022

for

Michael Welsh Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M Welsh

SECRETARY:

Miss J Rhodes

REGISTERED OFFICE:

The Old Printworks

65 Church Street

Littleborough

Lancashire

OL15 8AB

REGISTERED NUMBER:

04464177 (England and Wales)

ACCOUNTANTS:

Versatile Accountancy Services Ltd

The Old Printworks

65 Church Street

Littleborough

Lancashire

OL15 8AB

FIXED ASSETS

Property, plant and equipment

4

83,185

51,768

CURRENT ASSETS

Inventories

5

-

2,045

Debtors

6

56,400

45,900

Cash at bank

311,331

101,363

367,731

149,308

CREDITORS

Amounts falling due within one year

7

196,604

67,024

NET CURRENT ASSETS

171,127

82,284

TOTAL ASSETS LESS CURRENT LIABILITIES

254,312

134,052

CREDITORS

Amounts falling due after more than one year

8

(19,926

)

(14,874

)

PROVISIONS FOR LIABILITIES

9

(15,805

)

(9,836

)

NET ASSETS

218,581

109,342

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

10

218,481

109,242

SHAREHOLDERS' FUNDS

218,581

109,342

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 25 May 2023 and were signed by:

Mr M Welsh - Director

1.	STATUTORY INFORMATION

Michael Welsh 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

Revenue 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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 2 (2021 - 2 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2021

98,675

1,970

39,444

2,100

142,189

Additions

1,650

-

44,290

-

45,940

At 31 August 2022

100,325

1,970

83,734

2,100

188,129

DEPRECIATION

At 1 September 2021

67,317

909

20,632

1,563

90,421

Charge for year

4,724

171

9,560

68

14,523

At 31 August 2022

72,041

1,080

30,192

1,631

104,944

NET BOOK VALUE

At 31 August 2022

28,284

890

53,542

469

83,185

At 31 August 2021

31,358

1,061

18,812

537

51,768

5.	INVENTORIES

31.8.22

31.8.21

£

£

Work-in-progress

-

2,045

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Trade debtors

51,669

37,570

Net Wages

-

160

Other debtors

600

5,600

Prepayments

4,131

2,570

56,400

45,900

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Bank loans and overdrafts

87

721

Trade creditors

50,239

26,093

Tax

50,759

19,598

Social security and other taxes

1,561

1,179

VAT

12,838

16,732

Other creditors

1,157

-

Directors' loan accounts

24,242

134

Accruals and deferred income

-

2,567

Accruals & Deferred Income

55,721

-

196,604

67,024

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.22

31.8.21

£

£

Hire purchase contracts

19,926

14,874

9.	PROVISIONS FOR LIABILITIES

31.8.22

31.8.21

£

£

Deferred tax

15,805

9,836

Deferred

tax

£

Balance at 1 September 2021

9,836

Provided during year

5,969

Balance at 31 August 2022

15,805

10.

RESERVES

Retained

earnings

£

At 1 September 2021

109,242

Profit for the year

217,482

Dividends

(108,243

)

At 31 August 2022

218,481