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Unaudited Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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Midland Tool And Design Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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Midland Tool And Design Limited |
Midland Tool And Design Limited (Registered number: 00962501) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 9 |
Midland Tool And Design Limited |
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Company Information |
for the Year Ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Hanover Court |
5 Queen Street |
Lichfield |
Staffordshire |
WS13 6QD |
Midland Tool And Design Limited (Registered number: 00962501) |
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Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Other reserves | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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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. |
Midland Tool And Design Limited (Registered number: 00962501) |
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Balance Sheet - continued |
31 December 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Midland Tool And Design Limited (Registered number: 00962501) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Midland Tool And Design Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Leasehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Freehold land is not depreciated. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all |
costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and |
condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and |
slow-moving stock where appropriate. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
Midland Tool And Design Limited (Registered number: 00962501) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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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. |
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Government grants |
Grants related to expenditure on tangible fixed assets are credited to profit and loss over the useful lives of |
qualifying assets. Total grants received less the amounts credited to profit and loss at the end of the reporting |
period are included in the balance sheet as deferred income. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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Included in cost of land and buildings is freehold land of £ 45,000 (2017 - £ 45,000 ) which is not depreciated. |
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The net book value of land and building includes £325,060 (2017: £243,837) relating to freehold buildings; and |
£571,305 (2017: £670,690) relating to leasehold buildings. |
Midland Tool And Design Limited (Registered number: 00962501) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Trade debtors are secured against an invoice discounting arrangement. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 8) |
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Bank borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Bank loans are secured by a fixed and floating charge over all the current and future assets of the company. |
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Hire purchase contracts are secured against the assets to which they relate. |
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Bank borrowings of £777,388 (2017: £255,325) are secured against the trade debtors under an invoice |
discounting arrangement with the company's bankers. |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 8) |
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Deferred income |
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Bank loans are secured by a fixed and floating charge over all the current and future assets of the company. |
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Hire purchase contracts are secured against the assets to which they relate. |
Midland Tool And Design Limited (Registered number: 00962501) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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9. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 86,259 | 94,274 |
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Deferred |
tax |
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Balance at 1 January 2018 |
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Utilised during year | ( |
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Charge in the year |
Balance at 31 December 2018 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 100,000 | 100,000 |
Midland Tool And Design Limited (Registered number: 00962501) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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11. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
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At 1 January 2018 |
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1,497,032 |
Profit for the year |
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Dividends | ( |
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Other reserve movement | 180,000 | (180,000 | ) | - |
At 31 December 2018 |
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1,777,096 |
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12. | OTHER FINANCIAL COMMITMENTS |
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The company is party to a cross guarantee in respect of all current and future bank borrowings with its parent |
undertaking, Dalion Engineering Limited. At the year end the indebtedness subject to this guarantee amounted to |
£395,791 (2017: £447,233). |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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D J Booton has given personal guarantees of £32,687 (2017: £67,534) to Funding Circle for loans to the |
company. |
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14. | RELATED PARTY DISCLOSURES |
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Dalion Engineering Limited |
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During the year the following transactions took place between Midland Tool and Design Limited and Dalion |
Engineering Limited, the company's ultimate parent undertaking: |
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2018 | 2017 |
£ | £ |
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Net (increase)/decrease in loan from Dalion Engineering Limited | 16,963 | 98,953 |
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Rent charged from Dalion Engineering Limited | 90,480 | 90,480 |
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Dividends paid to Dalion Engineering amounted to £180,000 (2017: £180,000). |
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At 31 December 2018, £374,921 (2017: £391,884) was due from Dalion Engineering Limited. |
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15. | ULTIMATE CONTROLLING PARTY |
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The entire share capital of Midland Tool and Design Limited is owned by Dalion Engineering Limited, a |
company registered in England and Wales. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Midland Tool And Design Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Midland Tool And Design Limited for the year ended 31 December 2018 which comprise the |
Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from |
information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Midland Tool And Design Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Midland Tool And Design Limited and state those matters that we have agreed to state to the Board of Directors of Midland Tool And Design Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midland Tool And Design Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Midland Tool And Design Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Midland Tool And Design Limited. You consider that Midland Tool And Design Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Midland Tool And Design Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Hanover Court |
5 Queen Street |
Lichfield |
Staffordshire |
WS13 6QD |
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