MDW Holdings Limited Filleted accounts for Companies House (small and micro)

MDW Holdings Limited Filleted accounts for Companies House (small and micro)

MDW HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04332089
MDW Holdings Limited
Filleted Abridged Financial Statements
31 August 2019
MDW Holdings Limited
Abridged Statement of Financial Position
31 August 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
5
2,858,121
2,525,437
Investments
6
2,113,327
1,123,575
------------
------------
4,971,448
3,649,012
Current assets
Debtors
1,991,981
2,698,930
Investments
7
110,000
–
Cash at bank and in hand
14,813
18,143
------------
------------
2,116,794
2,717,073
Creditors: amounts falling due within one year
1,984,529
2,048,438
------------
------------
Net current assets
132,265
668,635
------------
------------
Total assets less current liabilities
5,103,713
4,317,647
Provisions
Taxation including deferred tax
( 24,798)
( 27,058)
------------
------------
Net assets
5,128,511
4,344,705
------------
------------
Capital and reserves
Called up share capital
120
102
Share premium account
598,071
–
Profit and loss account
4,530,320
4,344,603
------------
------------
Shareholders funds
5,128,511
4,344,705
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 August 2019 in accordance with Section 444(2A) of the Companies Act 2006.
MDW Holdings Limited
Abridged Statement of Financial Position (continued)
31 August 2019
These abridged financial statements were approved by the board of directors and authorised for issue on 5 December 2019 , and are signed on behalf of the board by:
Mr M.D.W. Hazell
Director
Company registration number: 04332089
MDW Holdings Limited
Notes to the Abridged Financial Statements
Year ended 31 August 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Nash Road, Newport, NP18 2BS.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold buildings
-
2% straight line
Fixtures and fittings
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).
5. Tangible assets
£
Cost
At 1 September 2018
2,574,826
Additions
360,073
------------
At 31 August 2019
2,934,899
------------
Depreciation
At 1 September 2018
49,389
Charge for the year
27,389
------------
At 31 August 2019
76,778
------------
Carrying amount
At 31 August 2019
2,858,121
------------
At 31 August 2018
2,525,437
------------
6. Investments
£
Cost
At 1 September 2018
1,819,265
Additions
989,752
------------
At 31 August 2019
2,809,017
------------
Impairment
At 1 September 2018 and 31 August 2019
695,690
------------
Carrying amount
At 31 August 2019
2,113,327
------------
At 31 August 2018
1,123,575
------------
7. Investments
2019
2018
£
£
Other investments
110,000
–
---------
----
8. Contingencies
A mortgage registered on 15th June 2006 by MDW Pension Trust provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee, including all expenses of the chargee on a full and unqualified indemnity basis and all interest which the chargee may incur in relation to the borrower or in relation to this chattel mortgage. A charge and cross guarantee with MDW (Europe) Limited registered on 1st October 2015 by Barclays Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever. A charge registered on 7th October 2015 by Barclays Bank Plc provides a fixed charge over the company's property at Nash Road, Newport NP18 2BS on all monies due or to become due from the company to the chargee on any account whatsoever. A charge registered on 7th October 2015 by Barclays Bank Plc provides a fixed charge over the company's property at Units 33 and 34, Leeway Industrial Estate, Newport NP19 4SL on all monies due or to become due from the company to the chargee on any account whatsoever. G.D. Environmental Services Limited A mortgage registered on 21st July 2014 by The Waste and Resources Action Programme provides a fixed charge over the hook loader and track excavator. A debenture registered on 13th April 2005 by HSBC Bank Plc provides a fixed and floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever. A debenture registered on 10th July 2014 by HSBC Invoice Finance (UK) Ltd provides a fixed charge over any company debt and a floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever. A debenture registered on 9th May 2017 by HSBC Equipment Finance (UK) Ltd and HSBC Asset Finance (UK) Ltd provides a fixed charge over any company debt and a floating charge over the company's property and assets present and future on all monies due or to become due from the company to the chargee on any account whatsoever.
9. Summary audit opinion
The auditor's report for the year dated 5 December 2019 was unqualified.
The senior statutory auditor was Mr D.R. Thomas FCA , for and on behalf of Haasco Limited .
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr M.D.W. Hazell
( 1,225,554)
13,578
( 1,211,976)
------------
--------
------------
2018
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr M.D.W. Hazell
( 802,738)
( 422,816)
( 1,225,554)
---------
---------
------------
11. Related party transactions
The company was under the control of Mr M.D.W. Hazell throughout the period. The profit and loss account includes the following income from MDW (Europe) Limited:
2019 2018
£ £
Rent 25,000 25,000
-------- --------
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.