Michael Wright & Son Ltd - Accounts to registrar (filleted) - small 23.2.5

Michael Wright & Son Ltd - Accounts to registrar (filleted) - small 23.2.5


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REGISTERED NUMBER: 08873903 (England and Wales)















Michael Wright & Son Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2023






Michael Wright & Son Ltd (Registered number: 08873903)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Michael Wright & Son Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTOR: M A Wright





SECRETARY: K Wright





REGISTERED OFFICE: Farfield Street
Cleckheaton
West Yorkshire
BD19 3TX





REGISTERED NUMBER: 08873903 (England and Wales)





ACCOUNTANTS: Howard & Co. Accountants LLP
6 Market Street
Birstall
West Yorkshire
WF17 9EN

Michael Wright & Son Ltd (Registered number: 08873903)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 23,645 35,468
Tangible assets 5 26,958 34,655
50,603 70,123

CURRENT ASSETS
Stocks 1,359 1,333
Debtors 6 35,564 23,425
Cash at bank 196,196 306,057
233,119 330,815
CREDITORS
Amounts falling due within one year 7 114,125 193,846
NET CURRENT ASSETS 118,994 136,969
TOTAL ASSETS LESS CURRENT
LIABILITIES

169,597

207,092

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 169,497 206,992
SHAREHOLDERS' FUNDS 169,597 207,092

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Michael Wright & Son Ltd (Registered number: 08873903)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 30 November 2023 and were signed by:





M A Wright - Director


Michael Wright & Son Ltd (Registered number: 08873903)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, recognised on the incorporation of the business in 2014, was estimated to have a remaining useful life of 10 years on 1 April 2015 on transition to Financial Reporting Standard 102 and is being amortised evenly over this period.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

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.

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.

Michael Wright & Son Ltd (Registered number: 08873903)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 125,000
AMORTISATION
At 1 April 2022 89,532
Charge for year 11,823
At 31 March 2023 101,355
NET BOOK VALUE
At 31 March 2023 23,645
At 31 March 2022 35,468

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 138,001
DEPRECIATION
At 1 April 2022 103,346
Charge for year 7,697
At 31 March 2023 111,043
NET BOOK VALUE
At 31 March 2023 26,958
At 31 March 2022 34,655

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 35,564 23,108
Other debtors - 317
35,564 23,425

Michael Wright & Son Ltd (Registered number: 08873903)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 10,228 25,404
Other creditors 103,897 168,442
114,125 193,846

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within creditors: amounts falling due within one year were loans from the director of £85,454 (2022: £147,703). The loans were interest free, with no fixed date for repayment.