Michael Self Partnership Limited Filleted accounts for Companies House (small and micro)

MICHAEL SELF PARTNERSHIP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02848657

Michael Self Partnership Limited

Filleted Unaudited Abridged Financial Statements

31 July 2023

Michael Self Partnership Limited

Abridged Statement of Financial Position

31 July 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	5,695	433

Current assets

Debtors	139,423	188,340
Cash at bank and in hand	65,166	89,025
	---------	---------
	204,589	277,365

Creditors: amounts falling due within one year	104,443	78,328
	---------	---------
Net current assets	100,146	199,037
	---------	---------
Total assets less current liabilities	105,841	199,470

Creditors: amounts falling due after more than one year	39,558	42,589
	---------	---------
Net assets	66,283	156,881
	---------	---------

Capital and reserves

Called up share capital	6	77	77
Share premium account		6,973	6,973
Other reserves		50	50
Profit and loss account		59,183	149,781
		-------	---------
Shareholders funds		66,283	156,881
		-------	---------

These abridged 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.

For the year ending 31 July 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.

Michael Self Partnership Limited

Abridged Statement of Financial Position (continued)

31 July 2023

These abridged financial statements were approved by the board of directors and authorised for issue on 12 June 2024 , and are signed on behalf of the board by:

K Unwin

Director

Company registration number: 02848657

Michael Self Partnership Limited

Notes to the Abridged Financial Statements

Year ended 31 July 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 Quayside House, Furnival Road, Sheffield, S4 7YA, United Kingdom.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover represents the amount derived from goods supplied and services provided in the ordinary course of activities, excluding Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Fixtures and equipment	-	15% reducing balance
Computer equipment	-	25% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2022: 7 ).

5. Tangible assets

	£
Cost
At 1 August 2022	70,814
Additions	7,300
	-------
At 31 July 2023	78,114
	-------
Depreciation
At 1 August 2022	70,381
Charge for the year	2,038
	-------
At 31 July 2023	72,419
	-------
Carrying amount
At 31 July 2023	5,695
	-------
At 31 July 2022	433
	-------

6. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	77	77	77	77
	----	----	----	----

7. Controlling party

The company is a subsidiary of White Design (UK) Limited, a company incorporated in England and Wales. The registered office address of the parent company is Quayside House, Furnival Road, Sheffield, S4 7YA.