Middleton Forge Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04484265 (England and Wales)

Middleton Forge Limited

Unaudited Financial Statements for the Year Ended 31 March 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L Wallace

N R Wallace

S M Wallace

SECRETARY:

Mrs L Wallace

REGISTERED OFFICE:

Station Industrial Estate

Middleton in Teesdale

Barnard Castle

Co. Durham

DL12 0NG

REGISTERED NUMBER:

04484265 (England and Wales)

ACCOUNTANTS:

Addison & Co

Ebor House

91 Galgate

Barnard Castle

Co Durham

DL12 8ES

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

294,994

138,543

294,994

138,543

CURRENT ASSETS

Stocks

155,018

155,730

Debtors

6

1,218,640

808,799

Investments

7

1,300

1,300

Cash at bank and in hand

625,383

719,573

2,000,341

1,685,402

CREDITORS

Amounts falling due within one year

8

743,413

484,808

NET CURRENT ASSETS

1,256,928

1,200,594

TOTAL ASSETS LESS CURRENT LIABILITIES

1,551,922

1,339,137

PROVISIONS FOR LIABILITIES

52,405

26,323

NET ASSETS

1,499,517

1,312,814

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,499,417

1,312,714

SHAREHOLDERS' FUNDS

1,499,517

1,312,814

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24 October 2019 and were signed on its behalf by:

N R Wallace - Director

1.	STATUTORY INFORMATION

Middleton Forge Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

at varying rates

Computer equipment

-

at varying rates on cost

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.

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.

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.

The number of directors for whom retirement benefits are accruing under money purchase pension

scheme amounted to 2 (2018 - 2).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2018 - 22 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

51,000

AMORTISATION

At 1 April 2018

and 31 March 2019

51,000

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2018

188,119

4,919

272,828

34,512

500,378

Additions

11,555

-

236,743

3,515

251,813

At 31 March 2019

199,674

4,919

509,571

38,027

752,191

DEPRECIATION

At 1 April 2018

126,145

4,919

199,997

30,774

361,835

Charge for year

27,091

-

64,557

3,714

95,362

At 31 March 2019

153,236

4,919

264,554

34,488

457,197

NET BOOK VALUE

At 31 March 2019

46,438

-

245,017

3,539

294,994

At 31 March 2018

61,974

-

72,831

3,738

138,543

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

405,249

238,496

Amounts recoverable on contract

699,593

406,696

Other debtors

91,956

42,537

Prepayments

21,842

121,070

1,218,640

808,799

7.	CURRENT ASSET INVESTMENTS

31.3.19

31.3.18

£

£

Unlisted investments

1,300

1,300

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

544

-

Trade creditors

307,283

237,372

Corporation tax

71,990

76,356

Social security and other taxes

33,023

16,903

VAT

93,278

64,030

Directors' current accounts

221,268

83,694

Accrued expenses

16,027

6,453

743,413

484,808