ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

MID-TECH ENGINEERING PROJECTS LTD - Company Information

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Caseware UK (AP4) 2020.0.247 2020.0.247 2020-06-302020-06-3022019-07-01falseNo description of principal activity2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09684053 2019-07-01 2020-06-30 09684053 2018-07-01 2019-06-30 09684053 2020-06-30 09684053 2019-06-30 09684053 c:Director1 2019-07-01 2020-06-30 09684053 c:RegisteredOffice 2019-07-01 2020-06-30 09684053 d:PlantMachinery 2019-07-01 2020-06-30 09684053 d:PlantMachinery 2020-06-30 09684053 d:PlantMachinery 2019-06-30 09684053 d:PlantMachinery d:OwnedOrFreeholdAssets 2019-07-01 2020-06-30 09684053 d:Goodwill 2020-06-30 09684053 d:Goodwill 2019-06-30 09684053 d:CurrentFinancialInstruments 2020-06-30 09684053 d:CurrentFinancialInstruments 2019-06-30 09684053 d:CurrentFinancialInstruments d:WithinOneYear 2020-06-30 09684053 d:CurrentFinancialInstruments d:WithinOneYear 2019-06-30 09684053 d:ShareCapital 2020-06-30 09684053 d:ShareCapital 2019-06-30 09684053 d:RetainedEarningsAccumulatedLosses 2020-06-30 09684053 d:RetainedEarningsAccumulatedLosses 2019-06-30 09684053 c:FRS102 2019-07-01 2020-06-30 09684053 c:AuditExempt-NoAccountantsReport 2019-07-01 2020-06-30 09684053 c:FullAccounts 2019-07-01 2020-06-30 09684053 c:PrivateLimitedCompanyLtd 2019-07-01 2020-06-30 09684053 d:WithinOneYear 2020-06-30 09684053 d:WithinOneYear 2019-06-30 iso4217:GBP xbrli:pure
Company registration number: 09684053







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2020


MID-TECH ENGINEERING PROJECTS LIMITED






































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MID-TECH ENGINEERING PROJECTS LIMITED
 


 
COMPANY INFORMATION


Director
Mr M I Dewey 




Registered number
09684053



Registered office
Centrum House
36 Station Road

Egham

Surrey

TW20 9LF




Accountants
Menzies LLP
Chartered Accountants

Centrum House

36 Station Road

Egham

Surrey

TW20 9LF




 


MID-TECH ENGINEERING PROJECTS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 6

 


MID-TECH ENGINEERING PROJECTS LIMITED
REGISTERED NUMBER:09684053



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020

2020
2019
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
20

  
-
20

Current assets
  

Debtors: amounts falling due within one year
 6 
7,401
18,185

Cash at bank and in hand
  
2,396
295

  
9,797
18,480

Creditors: amounts falling due within one year
 7 
(513,699)
(608,095)

Net current liabilities
  
 
 
(503,902)
 
 
(589,615)

Total assets less current liabilities
  
(503,902)
(589,595)

  

Net liabilities
  
(503,902)
(589,595)


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
(504,102)
(589,795)

  
(503,902)
(589,595)


Page 1
 


MID-TECH ENGINEERING PROJECTS LIMITED
REGISTERED NUMBER:09684053


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2020

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Mr M I Dewey
Director

Date: 15 June 2021

The notes on pages 3 to 6 form part of these financial statements.

Page 2
 


MID-TECH ENGINEERING PROJECTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

1.


General information

Mid-Tech Engineering Projects Limited is a private company limited by shares incorporated in England and Wales.  The address of the principle place of business is Unit 16, Radway Road, Shirley, Solihull, B90 4NR.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date the company had net current liabilities of £503,902 (2019: £589,595) and negative reserves of £504,102. The directors have a reasonable expectation that the company has sufficient support to ensure that the company meets all liabilities as and when they fall due, and has adequate resources to continue operational existence for the foreseeable future.
Whilst COVID-19 has impacted the company, given the current uncertainties that exist regarding the duration and extent of the pandemic, at this stage it is not possible to reliably forecast the extent of this impact.
In response to the pandemic and uncertainty, the directors have taken measures in order to safeguard cashflow, customers and supply chain that they believe should enable them to continue in operational existence. Therefore, it is the director’s opinion that the going concern basis of preparation continues to be appropriate.

 
2.3

Revenue

Revenue is generated from the provision of aftermarket and specialist services for air compressors, dryers, vacuums and blowers. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is generated from the provision of aftermarket and specialist services for air compressors, dryers,vacuums and blowers. is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3
 


MID-TECH ENGINEERING PROJECTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method..

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 2).

Page 4
 


MID-TECH ENGINEERING PROJECTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

4.


Intangible assets




Goodwill

£



Cost


At 1 July 2019
9,800



At 30 June 2020

9,800



Amortisation


At 1 July 2019
9,800



At 30 June 2020

9,800



Net book value



At 30 June 2020
-



At 30 June 2019
-




5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 July 2019
3,025



At 30 June 2020

3,025



Depreciation


At 1 July 2019
3,005


Charge for the year on owned assets
20



At 30 June 2020

3,025



Net book value



At 30 June 2020
-



At 30 June 2019
20

Page 5
 


MID-TECH ENGINEERING PROJECTS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020

6.


Debtors

2020
2019
£
£


Trade debtors
2,051
1,835

Other debtors
-
13,323

Called up share capital not paid
200
200

Prepayments and accrued income
5,150
2,827

7,401
18,185



7.


Creditors: Amounts falling due within one year

2020
2019
£
£

Trade creditors
3,354
1,800

Other taxation and social security
32,370
-

Other creditors
475,625
603,137

Accruals and deferred income
2,350
3,158

513,699
608,095



8.


Commitments under operating leases

At 30 June 2020 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2020
2019
£
£


Within 1 year
-
2,820

-
2,820

 
Page 6