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

REGISTERED NUMBER: 09816179

Unaudited Financial Statements for the Year Ended 31 October 2021

for

MDWG LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

R J Grant

M Wynter-Grant

Registered office:

282a High Street

Orpington

Kent

BR6 0ND

Registered number:

09816179

Accountants:

Haines Watts

Chartered Accountants

10 Stadium Business Court

Millennium Way

Pride Park

Derby

DE24 8HP

Fixed assets

Tangible assets

4

2,206

943

Current assets

Debtors

5

1,887,119

1,681,986

Cash at bank

134,569

305,727

2,021,688

1,987,713

Creditors

Amounts falling due within one year

6

126,617

244,835

Net current assets

1,895,071

1,742,878

Total assets less current liabilities

1,897,277

1,743,821

Creditors

Amounts falling due after more than one year

7

39,167

49,167

Net assets

1,858,110

1,694,654

Capital and reserves

Called up share capital

9

100

100

Retained earnings

1,858,010

1,694,554

Shareholders' funds

1,858,110

1,694,654

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 29 July 2022 and were signed on its behalf by:

R J Grant - Director

1.	STATUTORY INFORMATION

MDWG 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.

Turnover

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

Tangible fixed assets

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

Equipment

-

25% on reducing balance

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.

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 balance sheet date.

Deferred tax

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Equipment

£

Cost

At 1 November 2020

3,977

Additions

1,999

At 31 October 2021

5,976

Depreciation

At 1 November 2020

3,034

Charge for year

736

At 31 October 2021

3,770

Net book value

At 31 October 2021

2,206

At 31 October 2020

943

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

1,887,119

1,681,986

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts (see note 8)

10,000

833

Tax

55,867

117,678

Social security and other taxes

7,483

3,907

VAT

51,267

120,417

Accruals and deferred income

2,000

2,000

126,617

244,835

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans (see note 8)

39,167

49,167

8.

LOANS

An analysis of the maturity of loans is given below:

2021

2020

£

£

Amounts falling due within one year or on demand:

Bank loans

10,000

833

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,000

10,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

29,167

39,167

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ord

£1

100

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 October 2021 and the year ended 31 October 2020:

2021

2020

£

£

Balance outstanding at start of year

85,345

99,023

Amounts advanced

135,176

107,492

Amounts repaid

(107,021

)

(121,170

)

Balance outstanding at end of year

113,500

85,345

The above balances are included within other debtors.

It is company policy to charge interest on all overdrawn loan accounts at HMRC official rate of interest. The amount owed at the year end in respect of the above loans was £2,005 (2020: £1,630) and is included in other debtors.