Middleton Forge Limited - Limited company - abbreviated

REGISTERED NUMBER: 04484265 (England and Wales)

Middleton Forge Limited

Abbreviated Unaudited Accounts for the Year Ended 31 March 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

S M Wallace

Mrs L Wallace

N R Wallace

S M Wallace

SECRETARY:

Mrs L Wallace

REGISTERED OFFICE:

Greyburn

Cassell Bank

Middleton In Teesdale

Barnard Castle

Co Durham

DL12 0UZ

REGISTERED NUMBER:

04484265 (England and Wales)

ACCOUNTANTS:

Addison & Co

Ebor House

91 Galgate

Barnard Castle

Co Durham

DL12 8ES

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

104,312

80,791

104,312

80,791

CURRENT ASSETS

Stocks

172,410

162,739

Debtors

738,522

712,117

Investments

2,550

Cash at bank and in hand

308,098

198,438

1,221,580

1,075,844

CREDITORS

Amounts falling due within one year

710,992

736,699

NET CURRENT ASSETS

510,588

339,145

TOTAL ASSETS LESS CURRENT
LIABILITIES

614,900

419,936

CREDITORS

Amounts falling due after more than one
year

-

(11,247

)

PROVISIONS FOR LIABILITIES

(18,774

)

(10,561

)

NET ASSETS

596,126

398,128

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

596,026

398,028

SHAREHOLDERS' FUNDS

596,126

398,128

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors on 31 July 2014 and were signed on its
behalf by:

N R Wallace - 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

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

-

at varying rates on cost

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

at varying rates

Computer equipment

-

at varying rates on cost

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.

The number of directors for whom retirement benefits are accruing under money purchase pension

scheme amounted to 2 (2013 - 3).

Employee benefit trust

During the previous year the Company established an employee benefit trust for the benefit of its

officers, employees and their wider families, The Middleton Forge Ltd Employee Benefit Trust ('the

Trust').

In accordance with UITF 32 'Employee Benefit Trusts and other intermediate payment arrangements'

the Company does not include the assets and liabilities of the Trust on its balance sheet to the extent

that it considers that it will not retain any future economic benefit from the assets of the Trust and will

not have control of the rights or other access to those future economic benefits.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

51,000

AMORTISATION

At 1 April 2013

and 31 March 2014

51,000

NET BOOK VALUE

At 31 March 2014

-

At 31 March 2013

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

312,531

Additions

62,167

Disposals

(26,632

)

At 31 March 2014

348,066

DEPRECIATION

At 1 April 2013

231,740

Charge for year

33,320

Eliminated on disposal

(21,306

)

At 31 March 2014

243,754

NET BOOK VALUE

At 31 March 2014

104,312

At 31 March 2013

80,791

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.14

31.3.13

value:

£

100

Ordinary

£1

100

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company rents a property from S M Wallace and Mrs L Wallace at £25,000 p.a. (2013 £25,000).
The company also has an interest free loan of £11,400 (2013 £30,000) from S M Wallace.

Middleton Forge Limited - Limited company - abbreviated - 11.0.0

Middleton Forge Limited - Limited company - abbreviated - 11.0.0