Midas Windows and Conservatories Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04697629 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

MIDAS WINDOWS AND CONSERVATORIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs C Brand

SECRETARY:

D Brand

REGISTERED OFFICE:

318 Messingham Road

Bottesford

Scunthorpe

North Lincolnshire

DN17 2QY

REGISTERED NUMBER:

04697629 (England and Wales)

FIXED ASSETS

Tangible assets

5

1,408

1,813

CURRENT ASSETS

Stocks

350

175

Debtors

6

700

1,137

Cash at bank and in hand

4,496

4,930

5,546

6,242

CREDITORS

Amounts falling due within one year

7

3,998

4,609

NET CURRENT ASSETS

1,548

1,633

TOTAL ASSETS LESS CURRENT LIABILITIES

2,956

3,446

PROVISIONS FOR LIABILITIES

8

268

345

NET ASSETS

2,688

3,101

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

9

2,687

3,100

SHAREHOLDERS' FUNDS

2,688

3,101

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 director acknowledges her 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the director on 30 December 2019 and were signed by:

Mrs C Brand - Director

1.	STATUTORY INFORMATION

Midas Windows and Conservatories 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.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention.

REVENUE

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.

Turnover represents net invoiced sales of goods and work carried out in connection with the installation of

UPVC windows and conservatories. The company is not registered for value added tax.

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any

accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the

asset to the location and condition necessary for it to be capable of operating in the manner intended by

management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful

lives, using the reducing balance method.

Depreciation is provided on the following basis:

Motor vehicle - 25%

Plant and equipment - 15%

Fixtures and fittings - 15%

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in the Statement of income and retained earnings.

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.

OPERATING LEASES

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised

when paid. Final equity dividends are recognised when approved by the shareholders at an annual general

meeting.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

6,881

DEPRECIATION

At 1 April 2018

5,068

Charge for year

405

At 31 March 2019

5,473

NET BOOK VALUE

At 31 March 2019

1,408

At 31 March 2018

1,813

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

700

1,137

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

-

99

Taxation and social security

1,600

2,068

Other creditors

2,398

2,442

3,998

4,609

Included in other creditors is an amount payable to the director, Mrs C Brand, amounting to £1,114 (2018 -

£1,342)

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

268

345

Deferred

tax

£

Balance at 1 April 2018

345

Credit to Income Statement during year

(77

)

Balance at 31 March 2019

268

9.

RESERVES

Retained

earnings

£

At 1 April 2018

3,100

Profit for the year

6,387

Dividends

(6,800

)

At 31 March 2019

2,687

10.	TRANSACTIONS WITH DIRECTORS

Dividends of £6,800 (2018 - £10,200) were paid to the director during the year.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs C Brand.