Middlesex Readymix Concrete Limited Filleted accounts for Companies House (small and micro)

MIDDLESEX READYMIX CONCRETE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11391304

Middlesex Readymix Concrete Limited

Filleted Unaudited Financial Statements

31 May 2021

Middlesex Readymix Concrete Limited

Financial Statements

Year ended 31 May 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Middlesex Readymix Concrete Limited

Statement of Financial Position

31 May 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Tangible assets	5		164,284		181,394

Current assets

Stocks		53,644	52,115
Debtors	6	36,113	23,204
Cash at bank and in hand		9,593	5,624
		--------	--------
		99,350	80,943

Creditors: amounts falling due within one year	7	179,114		152,825
		----------		----------
Net current liabilities			79,764		71,882
			----------		----------
Total assets less current liabilities			84,520		109,512

Creditors: amounts falling due after more than one year	8	131,855	122,342
		----------	----------
Net liabilities		( 47,335)	( 12,830)
		----------	----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 47,435)	( 12,930)
	--------	--------
Shareholders deficit	( 47,335)	( 12,830)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Middlesex Readymix Concrete Limited

Statement of Financial Position (continued)

31 May 2021

These financial statements were approved by the board of directors and authorised for issue on 26 April 2022 , and are signed on behalf of the board by:

Mr A Singh
Director

Company registration number: 11391304

Middlesex Readymix Concrete Limited

Notes to the Financial Statements

Year ended 31 May 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 21 Southlands Road, Denham, UB9 4HD, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The going concern basis has been applied. Of the company's liabilities, £14,602 is owed the Director and it has been agreed that this will not be demanded whilst such actions would adversely affect the company's operations. The company anticipates the continued support of the Director and major creditors for a period of at least 12 months following the approval of the financial statements. Should this not be the case, steps would need to be taken to reclassify fixed assets as current assets, long-term liabilities as current liabilities and to provide for any further liabilities that might arise.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% straight line
Motor vehicles	-	20% straight line
Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2020: 3 ).

5. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 June 2020	234,500	2,115	236,615
Additions	21,750	–	21,750
	----------	-------	----------
At 31 May 2021	256,250	2,115	258,365
	----------	-------	----------
Depreciation
At 1 June 2020	54,763	458	55,221
Charge for the year	38,437	423	38,860
	----------	-------	----------
At 31 May 2021	93,200	881	94,081
	----------	-------	----------
Carrying amount
At 31 May 2021	163,050	1,234	164,284
	----------	-------	----------
At 31 May 2020	179,737	1,657	181,394
	----------	-------	----------

6. Debtors

	2021	2020
	£	£
Trade debtors	25,864	15,270
Other debtors	10,249	7,934
	--------	--------
	36,113	23,204
	--------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	8,706	–
Trade creditors	23,610	31,147
Accruals and deferred income	2,000	2,000
Social security and other taxes	8,780	5,749
Obligations under finance leases and hire purchase contracts	52,644	40,986
Director loan accounts	14,602	29,063
Other creditors	68,772	43,880
	----------	----------
	179,114	152,825
	----------	----------

Included within Bank Loans and Overdrafts is a Bounce Back Loan which is secured by a government guarantee.

Obligations under finance leases and hire purchase contracts are secured by the assets purchased under these contracts.

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	41,294	–
Obligations under finance leases and hire purchase contracts	90,561	122,342
	----------	----------
	131,855	122,342
	----------	----------

Included within Bank Loans and Overdrafts is a Bounce Back Loan which is secured by a government guarantee.

Obligations under finance leases and hire purchase contracts are secured by the assets purchased under these contracts.