Michelangelo (Worthing) Limited - Accounts to registrar (filleted) - small 23.1.2

Michelangelo (Worthing) Limited - Accounts to registrar (filleted) - small 23.1.2

MICHELANGELO (WORTHING) LIMITED - Company Information

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REGISTERED NUMBER: 07533858 (England and Wales)











Unaudited Financial Statements for the Year Ended 31 January 2023

for

Michelangelo (Worthing) Limited
Michelangelo (Worthing) Limited (Registered number: 07533858)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Michelangelo (Worthing) Limited

Company Information
for the Year Ended 31 January 2023







DIRECTOR: Mr W Manenti





REGISTERED OFFICE: ASM House
103A Keymer Road
Hassocks
West Sussex
BN6 8QL





REGISTERED NUMBER: 07533858 (England and Wales)
Page 1
Michelangelo (Worthing) Limited (Registered number: 07533858)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,480 33,224

CURRENT ASSETS
Stocks 3,500 3,500
Debtors 5 178,201 334,584
Cash at bank 422,464 187,252
604,165 525,336
CREDITORS
Amounts falling due within one year 6 168,783 152,291
NET CURRENT ASSETS 435,382 373,045
TOTAL ASSETS LESS CURRENT
LIABILITIES
457,862
406,269

CREDITORS
Amounts falling due after more than one year 7 34,040 31,761
NET ASSETS 423,822 374,508

CAPITAL AND RESERVES
Called up share capital 51 51
Retained earnings 423,771 374,457
423,822 374,508

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 notes form part of these financial statements

Page 2 continued...
Michelangelo (Worthing) Limited (Registered number: 07533858)

Balance Sheet - continued
31 January 2023


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 27 October 2023 and were signed by:





Mr W Manenti - Director


The notes form part of these financial statements

Page 3
Michelangelo (Worthing) Limited (Registered number: 07533858)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Michelangelo (Worthing) 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.

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.

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.

Page 4 continued...
Michelangelo (Worthing) Limited (Registered number: 07533858)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - NIL ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2022 90,000 297,772 387,772
Additions - 329 329
At 31 January 2023 90,000 298,101 388,101
DEPRECIATION
At 1 February 2022 90,000 264,548 354,548
Charge for year - 11,073 11,073
At 31 January 2023 90,000 275,621 365,621
NET BOOK VALUE
At 31 January 2023 - 22,480 22,480
At 31 January 2022 - 33,224 33,224

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 475 40,326
Other debtors 177,726 294,258
178,201 334,584

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
** Suspense account ** - 25,470
Bank loans and overdrafts 17,123 19,588
Trade creditors 18,000 18,871
Taxation and social security 128,450 86,014
Other creditors 5,210 2,348
168,783 152,291

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Bank loans 34,040 31,761

Page 5