Midland Fastener Supplies Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06122710 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 28 February 2015

for

MIDLAND FASTENER SUPPLIES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

K Bunting

SECRETARY:

Mrs A Bunting

REGISTERED OFFICE:

Waterside House

Waterside Business Park

1649 Pershore Road

Birmingham

West Midlands

B30 3DR

REGISTERED NUMBER:

06122710 (England and Wales)

ACCOUNTANTS:

Stanley Yule Chartered Accountants

Waterside House

Waterside Business Park

1649 Pershore Road

Birmingham

West Midlands

B30 3DR

FIXED ASSETS

Tangible assets

2

517

704

CURRENT ASSETS

Stocks

113,726

115,710

Debtors

153,596

116,406

Cash at bank and in hand

6,256

59

273,578

232,175

CREDITORS

Amounts falling due within one year

3

220,354

186,807

NET CURRENT ASSETS

53,224

45,368

TOTAL ASSETS LESS CURRENT LIABILITIES

53,741

46,072

CREDITORS

Amounts falling due after more than one year

3

10,573

15,608

NET ASSETS

43,168

30,464

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

43,068

30,364

SHAREHOLDERS' FUNDS

43,168

30,464

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 29 May 2015 and were signed by:

K Bunting - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax arising from the sale and supply of

fasteners and associated products. Income is recognised on despatch of goods.

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

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

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 the profit and loss account in the period to which they relate.

Debt factoring

The factored debtors are shown on the balance sheet within debtors if significant benefits and risks relating to

the debt are not transferred to the factor. The liability to the factor is shown within other creditors.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2014

and 28 February 2015

3,198

DEPRECIATION

At 1 March 2014

2,494

Charge for year

187

At 28 February 2015

2,681

NET BOOK VALUE

At 28 February 2015

517

At 28 February 2014

704

3.

CREDITORS

Creditors include an amount of £ 16,429 (2014 - £ 24,814 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

100

Ordinary

£1

100

100

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the end of the year the company owed the director K Bunting £865.

6.	DEBT FACTORING

Factored debtors at the year end included within debtors are £105,704 (2014 : 88,791). The liability at the year

end to the factor is £78,787 (2014 : £77,294).