Michigan Investments Limited 28/02/2023 iXBRL
Michigan Investments Limited 28/02/2023 iXBRL
Company registration number:
7930966
Pages for filing with Registrar
Contents
Statement of financial position
Notes to the financial statements
Statement of financial position
28 February 2023
2023 | 2022 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 5 |
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Investments | 6 |
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_______ | _______ | ||||||||
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Current assets | |||||||||
Debtors | 7 |
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Cash at bank and in hand |
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_______ | _______ | ||||||||
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Creditors: amounts falling due | |||||||||
within one year | 8 |
(
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(
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_______ | _______ | ||||||||
Net current liabilities |
(
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(
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_______ | _______ | ||||||||
Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 9 |
(
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(
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_______ | _______ | ||||||||
Net assets |
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_______ | _______ | ||||||||
Capital and reserves | |||||||||
Called up share capital |
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Fair value reserve |
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Profit and loss account |
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_______ | _______ | ||||||||
Shareholders funds |
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_______ | _______ | ||||||||
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.
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
28 November 2023
, and are signed on behalf of the board by:
Director
Company registration number:
7930966
Notes to the financial statements
Year ended 28 February 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 West 2, Asama Court, Newcastle Business Park, Newcastle upon Tyne, NE4 7YD.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
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.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
Tangible assets
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:
Fittings fixtures and equipment | - |
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Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
Long leasehold property | Plant and machinery | Total | ||
£ | £ | £ | ||
Cost | ||||
At 1 March 2022 and 28 February 2023 |
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_______ | _______ | _______ | ||
Depreciation | ||||
At 1 March 2022 | - |
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Charge for the year | - |
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_______ | _______ | _______ | ||
At 28 February 2023 | - |
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_______ | _______ | _______ | ||
Carrying amount | ||||
At 28 February 2023 |
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_______ | _______ | _______ | ||
At 28 February 2022 |
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_______ | _______ | _______ | ||
6.
Investments
Shares in group undertakings and participating interests | Total | ||
£ | £ | ||
Cost | |||
At 1 March 2022 and 28 February 2023 |
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_______ | _______ | ||
Impairment | |||
At 1 March 2022 and 28 February 2023 | - | - | |
_______ | _______ | ||
Carrying amount | |||
At 28 February 2023 |
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_______ | _______ | ||
At 28 February 2022 |
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_______ | _______ | ||
7.
Debtors
2023 | 2022 | |||
£ | £ | |||
Trade debtors |
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Other debtors |
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_______ | _______ | |||
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_______ | _______ | |||
8.
Creditors: amounts falling due within one year
2023 | 2022 | |||
£ | £ | |||
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax | - |
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Social security and other taxes |
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Other creditors |
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_______ | _______ | |||
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_______ | _______ | |||
9.
Creditors: amounts falling due after more than one year
2023 | 2022 | |||
£ | £ | |||
Bank loans and overdrafts |
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_______ | _______ | |||
10.
Directors advances, credits and guarantees
Balance brought forward and o/standing | Balance brought forward and o/standing | ||
2023 | 2022 | ||
£ | £ | ||
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(
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(
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_______ | _______ | ||
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_______ | _______ | ||
11.
Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value | Balance owed by/(owed to) | ||||
2023 | 2022 | 2023 | 2022 | ||
£ | £ | £ | £ | ||
Walton Robinson Limited | - | - |
(
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( 811,277) | |
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103,059 | ( 156,059) | |
_______ | _______ | _______ | _______ | ||
Walton Robinson Limited is a company controlled by Mark Adam Walton.Chicago Acquisitions Limited is wholly owned by
Michigan Investments Limited
.
12.
Controlling party