Midelton Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07943787 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Midelton Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J Baker

Mrs M Baker

SECRETARY:

Mr J Baker

REGISTERED OFFICE:

Lovel House

Upton Noble

Shepton Mallett

Somerset

BA4 6BA

REGISTERED NUMBER:

07943787 (England and Wales)

ACCOUNTANTS:

Emsdens Limited

10 Ladbrook Close

Elmsett

Ipswich

Suffolk

IP7 6LD

FIXED ASSETS

Intangible assets

4

3,500

8,500

Tangible assets

5

-

-

Investments

6

327,272

327,272

330,772

335,772

CURRENT ASSETS

Debtors

7

32,652

9,110

Cash at bank

2,199

5,913

34,851

15,023

CREDITORS

Amounts falling due within one year

8

71,223

7,737

NET CURRENT (LIABILITIES)/ASSETS

(36,372

)

7,286

TOTAL ASSETS LESS CURRENT LIABILITIES

294,400

343,058

CREDITORS

Amounts falling due after more than one year

9

177,255

241,391

NET ASSETS

117,145

101,667

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

117,045

101,567

SHAREHOLDERS' FUNDS

117,145

101,667

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2022 and were signed on its behalf by:

Mr J Baker - Director

Mrs M Baker - Director

1.	STATUTORY INFORMATION

Midelton Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Computer equipment - 25% reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

25,000

AMORTISATION

At 1 April 2021

16,500

Charge for year

5,000

At 31 March 2022

21,500

NET BOOK VALUE

At 31 March 2022

3,500

At 31 March 2021

8,500

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2021

and 31 March 2022

1,459

DEPRECIATION

At 1 April 2021

and 31 March 2022

1,459

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2021

and 31 March 2022

327,272

NET BOOK VALUE

At 31 March 2022

327,272

At 31 March 2021

327,272

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

25,314

1,584

Other debtors

7,338

7,526

32,652

9,110

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade creditors

56,740

-

Tax

922

56

Social security and other taxes

12,561

6,668

Other creditors

1,000

1,013

71,223

7,737

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Other creditors

177,255

241,391

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 April 2021

101,567

Profit for the year

87,478

Dividends

(72,000

)

At 31 March 2022

117,045

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £72,000 (2021 - £38,667) were paid to the directors .

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr J Baker.

The ultimate controlling party is Mr J Baker.

14.	MANAGEMENT CHARGE

A management charge is made to subsidiary companies in order to fairly apportion the management costs between them.