Company Registration No. 05250150 (England and Wales)
MIDDLETON BURGESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
MIDDLETON BURGESS LIMITED
COMPANY INFORMATION
Directors
Mr J W Burgess
Mr P D Middleton
Secretary
Mr P D Middleton
Company number
05250150
Registered office
Springfield House
Sandling Road
Maidstone
Kent
ME14 2LP
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
MIDDLETON BURGESS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MIDDLETON BURGESS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,962
5,444
Current assets
Debtors
4
111,134
102,250
Cash at bank and in hand
73,030
81,858
184,164
184,108
Creditors: amounts falling due within one year
5
(176,169)
(159,471)
Net current assets
7,995
24,637
Total assets less current liabilities
13,957
30,081
Capital and reserves
Called up share capital
6
80
80
Profit and loss reserves
7
13,877
30,001
Total equity
13,957
30,081
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 27 September 2017 and are signed on its behalf by:
Mr J W Burgess
Director
Company Registration No. 05250150
MIDDLETON BURGESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 2 -
1
Accounting policies
Company information
Middleton Burgess Limited is a
private
company
limited by shares
incorporated in England and Wales within the United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of Middleton Burgess Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cos
t
, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% Reducing balance
Computer equipment
3 Years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
MIDDLETON BURGESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2015 - 8).
MIDDLETON BURGESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 4 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2016
8,166
-
8,166
Additions
-
2,003
2,003
At 31 December 2016
8,166
2,003
10,169
Depreciation and impairment
At 1 January 2016
2,722
-
2,722
Depreciation charged in the year
817
668
1,485
At 31 December 2016
3,539
668
4,207
Carrying amount
At 31 December 2016
4,627
1,335
5,962
At 31 December 2015
5,444
-
5,444
4
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
104,439
102,250
Prepayments and accrued income
6,695
-
111,134
102,250
5
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
10,817
-
Corporation tax
23,317
9,343
Other taxation and social security
45,956
22,205
Other creditors
10,846
5,427
Accruals and deferred income
85,233
122,496
176,169
159,471
MIDDLETON BURGESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 5 -
6
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
80 Ordinary shares of £1 each
80
80
7
Profit and loss reserves
2016
2015
£
£
At the beginning of the year
30,001
40,612
Profit for the year
83,876
49,389
Dividends
(100,000)
(60,000)
At the end of the year
13,877
30,001