Midside Finances Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC175220 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

MIDSIDE FINANCES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTORS:

Mr G J Deans

Mrs A A D Barrowclough

SECRETARY:

Mrs J B Deans

REGISTERED OFFICE:

29 Brandon Street

Hamilton

South Lanarkshire

ML3 6DA

REGISTERED NUMBER:

SC175220 (Scotland)

ACCOUNTANTS:

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

FIXED ASSETS

Tangible assets

5

871,721

1,002,180

Investments

6

2,050

873,771

1,004,230

CURRENT ASSETS

Debtors

7

767,944

807,881

Cash at bank

8,631

619,073

776,575

1,426,954

CREDITORS

Amounts falling due within one year

8

1,157,976

2,016,454

NET CURRENT LIABILITIES

(381,401

)

(589,500

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

492,370

414,730

CAPITAL AND RESERVES

Called up share capital

1,000

Retained earnings

491,370

413,730

SHAREHOLDERS' FUNDS

492,370

414,730

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 29 November 2022 and were signed on its behalf by:

Mrs A A D Barrowclough - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis as the directors have undertaken to continue supporting the company through their director's loan accounts.

Turnover

Loan interest received and rents received are accounted for on a cash basis.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

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 taxation

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investments

Investments, being shares in an unlisted company, are stated at cost less any impairment provision.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 April 2021

1,078,849

Disposals

(126,607

)

At 31 March 2022

952,242

DEPRECIATION

At 1 April 2021

76,669

Charge for year

19,045

Eliminated on disposal

(15,193

)

At 31 March 2022

80,521

NET BOOK VALUE

At 31 March 2022

871,721

At 31 March 2021

1,002,180

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2021

and 31 March 2022

2,050

NET BOOK VALUE

At 31 March 2022

2,050

At 31 March 2021

2,050

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/22

31/3/21

£

Other debtors

767,944

807,881

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/22

31/3/21

£

Taxation and social security

15,044

95,422

Other creditors

1,142,932

1,921,032

1,157,976

2,016,454

9.	RELATED PARTY DISCLOSURES

The company operates a loan account with the director, GJ Deans. During the year, the director was repaid £575,000 by the company. At the year end, the amount due to the director was £1,003,992 (2021: £1,578,992). This loan is unsecured, interest free and has no fixed repayment terms

The company operates a loan account with the director, A Barrowclough. At the year end, the amount due to the director was £111,500 (2021: £111,500). This loan is unsecured, interest free and has no fixed repayment terms

The company is a related party with Lauderdale Holiday Enterprises, a business solely owned by the director.The company is also a related party with Border Office Style Limited, where the director of the company holds a directorship. Finally, the company is a related party with T Donaldson who is a member of the director's family.

The related party balances are shown below :-

2022

2021

£

Year end balance owed to Lauderdale Holiday Enterprises

-

200,000

Year end balance owed to Border Office Style Ltd

23,500

Year end balance owed to T Donaldson

1,940

These loans are unsecured, with no fixed repayment terms and no interest is charged.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Midside Finances Limited for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Midside Finances Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Midside Finances Limited and state those matters that we have agreed to state to the Board of Directors of Midside Finances Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Midside Finances Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Midside Finances Limited. You consider that Midside Finances Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Midside Finances Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

29 November 2022

Midside Finances Limited - Accounts to registrar (filleted) - small 22.3

Midside Finances Limited - Accounts to registrar (filleted) - small 22.3