Company Registration No. 09138976 (England and Wales)
MIDDLETON FINANCIAL LTD
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
MIDDLETON FINANCIAL LTD
COMPANY INFORMATION
Directors
R Mullan
S Mullan
(Appointed 22 March 2017)
Company number
09138976
Registered office
12 Nurserylands
Gossops Green
Crawley
West Sussex
RH11 8RH
Accountants
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
MIDDLETON FINANCIAL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MIDDLETON FINANCIAL LTD
BALANCE SHEET
Company Registration No. 09138976
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
276
56
Current assets
Debtors
4
951
3,806
Cash at bank and in hand
6,792
3,888
7,743
7,694
Creditors: amounts falling due within one year
5
(7,613)
(7,623)
Net current assets
130
71
Total assets less current liabilities
406
127
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
306
27
Total equity
406
127
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 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 6 December 2017 and are signed on its behalf by:
R Mullan
Director
MIDDLETON FINANCIAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Middleton Financial Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
12 Nurserylands, Gossops Green, Crawley, West Sussex, RH11 8RH.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of financial services supplied 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 cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
25% Straight line
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. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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.
MIDDLETON FINANCIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
1.6
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 year
in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2
).
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2016
75
Additions
318
At 31 March 2017
393
Depreciation and impairment
At 1 April 2016
19
Depreciation charged in the year
98
At 31 March 2017
117
Carrying amount
At 31 March 2017
276
At 31 March 2016
56
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
951
3,806
MIDDLETON FINANCIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Taxation and social security
5,813
6,423
Directors loans
600
-
Other creditors
1,200
1,200
7,613
7,623
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Related party transactions
At the balance sheet date the company owed the director, R Mullan, £600 (2016 - £3,806 due from the director).