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MID-TECH FILTRATION LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
Mid-Tech Filtration Limited is a private company limited by shares incorporated in England and Wales. The address of the principal place of business is 506 Chickerell Road, Chickerell, Weymouth, DT3 4DJ.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
At the balance sheet date the company had net current liabilities of £33,928 and negative reserves of £34,678,
as a result of costs incurred prior to comencement of trade. The directors have a reasonable expectation that
the company has sufficient reserves to ensure that the company meets all liabilities as and when they fall due,
and has adequate resources to continue operational existence for the foreseeable future. For this reason the
accounts have been prepared on a going concern basis.
Revenue is generated from the supply of filtration solutions and equipment. Revenue is recognised to the
extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably
measured. Revenue is measured as the fair value of the consideration received or receivable, excluding
discounts, rebates, value added tax and other sales taxes.
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
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The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
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Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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