Registration number:
Midlands Equipment Ltd
for the Year Ended 31 January 2018
Midlands Equipment Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Midlands Equipment Ltd
Company Information
Director |
C J Cadman |
Company secretary |
L Bestwick |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Midlands Equipment Ltd
for the Year Ended 31 January 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Midlands Equipment Ltd for the year ended 31 January 2018 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Midlands Equipment Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Midlands Equipment Ltd and state those matters that we have agreed to state to the Board of Directors of Midlands Equipment Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midlands Equipment Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Midlands Equipment Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Midlands Equipment Ltd. You consider that Midlands Equipment Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Midlands Equipment Ltd. 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 accounts.
...............................................................
Millennium Way
Pride Park
Derby
DE24 8HG
Page 2 |
Midlands Equipment Ltd
(Registration number: 08852513)
Balance Sheet as at 31 January 2018
Note |
2018 |
2017 |
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Fixed assets |
|||
Tangible assets |
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- |
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Current assets |
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Stocks |
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- |
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Debtors |
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|
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Cash at bank and in hand |
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- |
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|
|
||
Creditors: Amounts falling due within one year |
( |
- |
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Net current assets |
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|
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Total assets less current liabilities |
|
|
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Provisions for liabilities |
( |
- |
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Net assets |
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|
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Capital and reserves |
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Called up share capital |
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|
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Profit and loss account |
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- |
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Total equity |
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For the financial year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
C J Cadman
Director
Page 3 |
Midlands Equipment Ltd
Notes to the Financial Statements for the Year Ended 31 January 2018
General information |
The company is a private company limited by share capital incorporated in England.
The address of the registered office is given in the company information on page 1 of the financial statements.
The principal place of business is Ashbourne, Derby.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and rounded to the nearest £1.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 4 |
Midlands Equipment Ltd
Notes to the Financial Statements for the Year Ended 31 January 2018
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Staff numbers |
The average number of persons employed by the company (including directors ) during the year, was 1 (2017- 1).
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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Additions |
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At 31 January 2018 |
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Depreciation |
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Charge for the year |
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At 31 January 2018 |
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Carrying amount |
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At 31 January 2018 |
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Debtors |
2018 |
2017 |
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Trade debtors |
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- |
Other debtors |
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Page 5 |
Midlands Equipment Ltd
Notes to the Financial Statements for the Year Ended 31 January 2018
Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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- |
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Corporation tax |
1,082 |
- |
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Other creditors |
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- |
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- |
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
100 |
100 |
100 |
100 |
Related party transactions |
Summary of transactions with other related parties
The amount owed to the director at the balance sheet date was £27,624 (2017- £0).
Transition to FRS 102 |
The transition to FRS102 has not resulted in any changes between the amounts prepared previously under UK GAAP and those presented in compliance with FRS 102.
Page 6 |