Michelle Coles Limited 31/03/2023 iXBRL

Michelle Coles Limited 31/03/2023 iXBRL

MICHELLE COLES LIMITED - Company Information

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Company registration number: 05923641
Michelle Coles Limited
Unaudited filleted financial statements
31 March 2023
Michelle Coles Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Michelle Coles Limited
Directors and other information
Directors Miss M Coles
Mr R Anderson
Company number 05923641
Registered office First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Accountant Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Bankers HSBC
Unit 6C
Borehamwood Shopping Park
Borehamwood
WD6 4PR
Michelle Coles Limited
Chartered accountant's report to the board of directors on the preparation of the
unaudited statutory financial statements of Michelle Coles Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Michelle Coles Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Michelle Coles Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Michelle Coles Limited and state those matters that we have agreed to state to the board of directors of Michelle Coles Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Michelle Coles Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Michelle Coles 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 Michelle Coles Limited. You consider that Michelle Coles Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Michelle Coles Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
2 November 2023
Michelle Coles Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 250 -
_______ _______
250 -
Current assets
Debtors 6 16,105 18,917
Cash at bank and in hand 8,388 3,559
_______ _______
24,493 22,476
Creditors: amounts falling due
within one year 7 ( 12,587) ( 6,429)
_______ _______
Net current assets 11,906 16,047
_______ _______
Total assets less current liabilities 12,156 16,047
Creditors: amounts falling due
after more than one year 8 ( 11,978) ( 15,774)
Provisions for liabilities ( 48) -
_______ _______
Net assets 130 273
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 30 173
_______ _______
Shareholders funds 130 273
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 November 2023 , and are signed on behalf of the board by:
Miss M Coles
Director
Company registration number: 05923641
Michelle Coles Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2022 - -
Additions 319 319
_______ _______
At 31 March 2023 319 319
_______ _______
Depreciation
At 1 April 2022 - -
Charge for the year 69 69
_______ _______
At 31 March 2023 69 69
_______ _______
Carrying amount
At 31 March 2023 250 250
_______ _______
At 31 March 2022 - -
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 7,746 5,560
Other debtors 8,359 13,357
_______ _______
16,105 18,917
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 3,796 3,703
Corporation tax 6,875 -
Social security and other taxes 85 914
Other creditors 1,831 1,812
_______ _______
12,587 6,429
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 11,978 15,774
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Miss M Coles 6,550 1,748 ( 6,550) 1,748
Mr R Anderson 6,550 1,748 ( 6,550) 1,748
_______ _______ _______ _______
13,100 3,496 ( 13,100) 3,496
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Miss M Coles ( 1,105) 7,655 - 6,550
Mr R Anderson - 6,550 - 6,550
_______ _______ _______ _______
( 1,105) 14,205 - 13,100
_______ _______ _______ _______
The above existing loan is unsecured, interest free and repayable on demand.