Midlands Asset Finance Limited - Accounts to registrar (filleted) - small 18.2
Midlands Asset Finance Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period 1 September 2018 to 31 December 2019 |
| for |
| Midlands Asset Finance Limited |
| Midlands Asset Finance Limited (Registered number: 06995483) |
| Contents of the Financial Statements |
| for the Period 1 September 2018 to 31 December 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Midlands Asset Finance Limited |
| Company Information |
| for the Period 1 September 2018 to 31 December 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Midlands Asset Finance Limited (Registered number: 06995483) |
| Balance Sheet |
| 31 December 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Midlands Asset Finance Limited (Registered number: 06995483) |
| Balance Sheet - continued |
| 31 December 2019 |
| 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 Board of Directors and authorised for issue on |
| Midlands Asset Finance Limited (Registered number: 06995483) |
| Notes to the Financial Statements |
| for the Period 1 September 2018 to 31 December 2019 |
| 1. | STATUTORY INFORMATION |
| Midlands Asset Finance Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The length of the reporting period for this set of accounts has increased to 16 months to bring the accounts into line with the directors' preferences. The means that the comparatives will not be entirely comparable. |
| Turnover |
| Turnover represents fees receivable, excluding value added tax. |
| 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 |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Deferred taxation |
| Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. |
| Tax deferred or accelerated is accounted for in respect of all material timing differences. |
| Hire purchase and leasing commitments |
| 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. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| Midlands Asset Finance Limited (Registered number: 06995483) |
| Notes to the Financial Statements - continued |
| for the Period 1 September 2018 to 31 December 2019 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 September 2018 |
| and 31 December 2019 |
| AMORTISATION |
| At 1 September 2018 |
| Charge for period |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 August 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2018 |
| Additions |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 September 2018 |
| Charge for period |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 August 2018 |
| Midlands Asset Finance Limited (Registered number: 06995483) |
| Notes to the Financial Statements - continued |
| for the Period 1 September 2018 to 31 December 2019 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| Additions |
| At 31 December 2019 |
| DEPRECIATION |
| Charge for period |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Other creditors |
| Midlands Asset Finance Limited (Registered number: 06995483) |
| Notes to the Financial Statements - continued |
| for the Period 1 September 2018 to 31 December 2019 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 16,901 | - |
| The bank loans are secured by a fixed charge cross guarantee of the assets of the company and those of MAF Property Limited. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary A | £1 | 2,500 | 2,500 |
| Ordinary B | £1 | 2,500 | 2,500 |
| 5,000 | 5,000 |