Michelangelo (Worthing) Limited - Accounts to registrar - small 17.1.1

MICHELANGELO (WORTHING) LIMITED - Company Information

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REGISTERED NUMBER: 07533858 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2017

FOR

MICHELANGELO (WORTHING) LIMITED

Page

Company Information

Balance Sheet

Notes to the Financial Statements

DIRECTORS:

E Villella

W Manenti

REGISTERED OFFICE:

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

REGISTERED NUMBER:

07533858 (England and Wales)

ACCOUNTANTS:

Cardens Accountants LLP

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

FIXED ASSETS

Tangible assets

110,028

122,509

CURRENT ASSETS

Stocks

4,500

Debtors

46,789

45,742

Cash at bank and in hand

34,039

16,405

85,328

66,647

CREDITORS

Amounts falling due within one year

182,298

172,009

NET CURRENT LIABILITIES

(96,970

)

(105,362

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

13,058

17,147

CREDITORS

Amounts falling due after more than one
year

(3,168

)

PROVISIONS FOR LIABILITIES

(12,953

)

(13,904

)

NET ASSETS

105

CAPITAL AND RESERVES

Called up share capital

Retained earnings

SHAREHOLDERS' FUNDS

105

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 June 2017 and were signed on its behalf by:

E Villella - Director

W Manenti - Director

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared on the basis that the company will continue to be a going

concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the

value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify

fixed assets and long term liabilities as current assets and liabilities.

Turnover

Turnover represents sales of goods and services net of VAT and trade discounts. Turnover is recognised when

the goods are physically delivered to the customer, except in respect of service contracts where turnover is

recognised at the point the customer is entitled to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold property

10% on cost

Improvements to property

10% on cost

Plant and machinery

20% on cost

Fixtures and fittings

20% on cost

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Leasehold

Plant and

and

property

machinery

fittings

Totals

COST

At 1 February 2016

90,000

97,293

55,493

68,501

311,287

Additions

2,447

18,404

655

21,506

At 31 January 2017

90,000

99,740

73,897

69,156

332,793

DEPRECIATION

At 1 February 2016

43,500

43,269

42,327

59,682

188,778

Charge for year

9,000

9,973

9,878

5,136

33,987

At 31 January 2017

52,500

53,242

52,205

64,818

222,765

NET BOOK VALUE

At 31 January 2017

37,500

46,498

21,692

4,338

110,028

At 31 January 2016

46,500

54,024

13,166

8,819

122,509

STOCKS

2017

2016

Stocks

4,500

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

Directors' current accounts

39,199

37,811

Prepayments

7,590

7,931

46,789

45,742

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

Bank loans and overdrafts

39,809

17,806

Trade creditors

39,301

19,984

Tax

28,012

30,725

Social security and other taxes

1,702

VAT

30,972

36,811

Other creditors

1,352

1,239

Directors' current accounts

40,000

63,414

Accrued expenses

1,150

2,030

182,298

172,009

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

Bank loans - 1-2 years

3,168

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2017 and

31 January 2016:

2017

2016

E Villella

Balance outstanding at start of year

(63,414

)

(6,256

)

Amounts advanced

30,000

30,664

Amounts repaid

(6,586

)

(87,822

)

Amounts written off

Amounts waived

Balance outstanding at end of year

(40,000

)

(63,414

)

W Manenti

Balance outstanding at start of year

37,811

37,180

Amounts advanced

155,945

159,269

Amounts repaid

(154,557

)

(158,638

)

Amounts written off

Amounts waived

Balance outstanding at end of year

39,199

37,811

These balances represented the maximum amounts outstanding during the year and the loans are interest free

and repayable on demand.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr W Manenti.

This was by virtue of his 68% holding of the issued share capital.

11.	ACCOUNTING BASIS

As stated in the accounting policy note, these financial statements have been prepared on the basis that the

company will continue to be a going concern. As at the year end the current liabilities exceeded current assets by

£96,970.

The validity of this basis depends upon the continued support of the company directors. The directors confirm

that they will give the required support.