Midsummer Green Ltd - Period Ending 2020-01-31
Midsummer Green Ltd - Period Ending 2020-01-31
Registration number:
Midsummer Green Ltd
for the Year Ended 31 January 2020
Midsummer Green Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Midsummer Green Ltd
Company Information
Directors |
R C H Boddington R D Naylor |
Registered office |
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Accountants |
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Midsummer Green Ltd
(Registration number: 4601516)
Balance Sheet as at 31 January 2020
Note |
31 January |
31 January |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
10,000 |
10,000 |
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Profit and loss account |
121,350 |
115,270 |
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Shareholders' funds |
131,350 |
125,270 |
For the financial year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Midsummer Green Ltd
(Registration number: 4601516)
Balance Sheet as at 31 January 2020
.........................................
Director
Midsummer Green Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Midsummer Green Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
20% straight line basis |
Office equipment |
25% straight line basis |
Investment property
Deferred tax is provided on these gains at the rates expected to apply when the property is sold.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Midsummer Green Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 February 2019 |
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Additions |
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At 31 January 2020 |
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Depreciation |
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At 1 February 2019 |
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Charge for the year |
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At 31 January 2020 |
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Carrying amount |
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At 31 January 2020 |
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At 31 January 2019 |
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Investment properties |
31 January |
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At 1 February |
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At 31 January |
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Investment properties are included at fair value.They were acquired at a cost of £423,439.
There has been no valuation of investment property by an independent valuer.
Investments |
31 January |
31 January |
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Investments in subsidiaries |
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Midsummer Green Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Subsidiaries |
£ |
Cost or valuation |
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At 1 February 2019 |
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Provision |
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Carrying amount |
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At 31 January 2020 |
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At 31 January 2019 |
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In the opinion of the directors the aggregate value of the company's investment in subsidiary undertakings is not less than the amount included in the balance sheet.
Debtors |
Note |
31 January |
31 January |
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Trade debtors |
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- |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
- |
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Midsummer Green Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Creditors |
Creditors: amounts falling due within one year
Note |
31 January |
31 January |
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Due within one year |
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Bank loans |
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Trade creditors |
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- |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
31 January |
31 January |
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Due after one year |
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Loans and borrowings |
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31 January |
31 January |
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Due after more than five years |
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After more than five years by instalments |
- |
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After more than five years not by instalments |
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514,116 |
521,533 |
- |
- |
Creditors include director loan accounts of £514,116. (2019 - £515,941) There are no terms as to repayment and no interest has been charged on these amounts.
Midsummer Green Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Share capital |
Allotted, called up and fully paid shares
31 January |
31 January |
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No. |
£ |
No. |
£ |
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10,000 |
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10,000 |
Loans and borrowings |
31 January |
31 January |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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31 January |
31 January |
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Current loans and borrowings |
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Bank borrowings |
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Bank borrowings are secured by way of a charge on investment properties and a fixed and floating charge on the assets of the company.