Midland Fastener Supplies Limited - Accounts to registrar (filleted) - small 18.2
Midland Fastener Supplies Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 28 February 2019 |
| for |
| MIDLAND FASTENER SUPPLIES LIMITED |
| MIDLAND FASTENER SUPPLIES LIMITED (REGISTERED NUMBER: 06122710) |
| Contents of the Financial Statements |
| for the year ended 28 February 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| MIDLAND FASTENER SUPPLIES LIMITED |
| Company Information |
| for the year ended 28 February 2019 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Waterside House |
| Waterside Business Park |
| 1649 Pershore Road |
| Birmingham |
| West Midlands |
| B30 3DR |
| MIDLAND FASTENER SUPPLIES LIMITED (REGISTERED NUMBER: 06122710) |
| Balance Sheet |
| 28 February 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the director on |
| MIDLAND FASTENER SUPPLIES LIMITED (REGISTERED NUMBER: 06122710) |
| Notes to the Financial Statements |
| for the year ended 28 February 2019 |
| 1. | STATUTORY INFORMATION |
| Midland Fastener Supplies Limited is a private company, limited by shares, registered in England and Wales. |
| The company's registered number is 06122710 and registered office address is as follows: |
| Waterside House |
| Unit 3, Waterside Business Park |
| 1649 Pershore Road |
| Kings Norton |
| Birmingham |
| B30 3DR |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax arising from the sale and supply of |
| fasteners and associated products. Income is recognised on despatch of goods. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| 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. |
| MIDLAND FASTENER SUPPLIES LIMITED (REGISTERED NUMBER: 06122710) |
| Notes to the Financial Statements - continued |
| for the year ended 28 February 2019 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet date. |
| 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. |
| 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. |
| 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. |
| 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. |
| Debt factoring |
| The factored debtors are shown on the balance sheet within debtors if significant benefits and risks relating to |
| the debt are not transferred to the factor. The liability to the factor is shown within other creditors. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 March 2018 |
| Additions |
| At 28 February 2019 |
| DEPRECIATION |
| At 1 March 2018 |
| Charge for year |
| At 28 February 2019 |
| NET BOOK VALUE |
| At 28 February 2019 |
| At 28 February 2018 |
| MIDLAND FASTENER SUPPLIES LIMITED (REGISTERED NUMBER: 06122710) |
| Notes to the Financial Statements - continued |
| for the year ended 28 February 2019 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| The bank overdraft and bank loans are secured by a personal guarantee given by the director. |
| 9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 28 February 2019 and |
| 28 February 2018: |
| 2019 | 2018 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The directors loan was repaid in full on 30 April 2019. |
| MIDLAND FASTENER SUPPLIES LIMITED (REGISTERED NUMBER: 06122710) |
| Notes to the Financial Statements - continued |
| for the year ended 28 February 2019 |
| 10. | DEBT FACTORING |
| Factored debtors at the year end included within debtors are £130,077 (2018 : £255,752). The liability at the |
| year end to the factor is £103,772 (2018: £233,976). |