Michelangelo (Worthing) Limited - Accounts to registrar (filleted) - small 18.1
Michelangelo (Worthing) Limited - Accounts to registrar (filleted) - small 18.1
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2018 |
| FOR |
| MICHELANGELO (WORTHING) LIMITED |
| MICHELANGELO (WORTHING) LIMITED (REGISTERED NUMBER: 07533858) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| MICHELANGELO (WORTHING) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JANUARY 2018 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| The Old Casino |
| 28 Fourth Avenue |
| Hove |
| East Sussex |
| BN3 2PJ |
| MICHELANGELO (WORTHING) LIMITED (REGISTERED NUMBER: 07533858) |
| BALANCE SHEET |
| 31 JANUARY 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Stocks | 4 |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 on |
| MICHELANGELO (WORTHING) LIMITED (REGISTERED NUMBER: 07533858) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2018 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Leasehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| 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. |
| 2. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| MICHELANGELO (WORTHING) LIMITED (REGISTERED NUMBER: 07533858) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2018 |
| 3. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| Leasehold | to | Plant and | and |
| property | property | machinery | fittings | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 February 2017 |
| Additions |
| At 31 January 2018 |
| DEPRECIATION |
| At 1 February 2017 |
| Charge for year |
| At 31 January 2018 |
| NET BOOK VALUE |
| At 31 January 2018 |
| At 31 January 2017 |
| 4. | STOCKS |
| 2018 | 2017 |
| £ | £ |
| Stocks |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Amounts owed by associates |
| Directors' current accounts | 361 | 39,199 |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Pensions | 22 | - |
| VAT | 33,476 | 30,972 |
| Other creditors |
| Directors' current accounts | - | 40,000 |
| Accrued expenses |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| MICHELANGELO (WORTHING) LIMITED (REGISTERED NUMBER: 07533858) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2018 |
| 8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 January 2018 and |
| 31 January 2017: |
| 2018 | 2017 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| These balances represented the maximum amounts outstanding during the year and the loans are interest free |
| and repayable on demand. |
| 9. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |
| This was by virtue of his 92% holding of the issued share capital. |
| 10. | 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 |
| £43,890. |
| The validity of this basis depends upon the continued support of the company directors. The director confirms |
| that he will give the required support. |