Middleton Forge Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04484265 (England and Wales)

Middleton Forge Limited

Unaudited Financial Statements for the Year Ended 31 March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L Wallace

N R Wallace

S M Wallace

SECRETARY:

Mrs L Wallace

REGISTERED OFFICE:

Station Industrial Estate

Middleton in Teesdale

Barnard Castle

Co. Durham

DL12 0NG

REGISTERED NUMBER:

04484265 (England and Wales)

ACCOUNTANTS:

Addison & Co

Ebor House

91 Galgate

Barnard Castle

Co Durham

DL12 8ES

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

696,055

654,056

696,055

654,056

CURRENT ASSETS

Stocks

300,136

252,849

Debtors

6

1,878,195

1,342,173

Investments

7

1,300

1,300

Cash at bank and in hand

579,707

431,305

2,759,338

2,027,627

CREDITORS

Amounts falling due within one year

8

1,056,182

826,633

NET CURRENT ASSETS

1,703,156

1,200,994

TOTAL ASSETS LESS CURRENT LIABILITIES

2,399,211

1,855,050

PROVISIONS FOR LIABILITIES

60,179

52,005

NET ASSETS

2,339,032

1,803,045

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,338,932

1,802,945

SHAREHOLDERS' FUNDS

2,339,032

1,803,045

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 9 December 2022 and were signed on its behalf by:

N R Wallace - Director

1.	STATUTORY INFORMATION

Middleton Forge 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

at varying rates on cost

Motor vehicles

-

at varying rates

Computer equipment

-

at varying rates on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

The number of directors for whom retirement benefits are accruing under money purchase pension scheme amounted to 2 (2021 - 2).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2021 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

51,000

AMORTISATION

At 1 April 2021

and 31 March 2022

51,000

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 April 2021

363,400

30,943

230,125

Additions

-

-

51,293

Disposals

-

-

-

At 31 March 2022

363,400

30,943

281,418

DEPRECIATION

At 1 April 2021

-

6,189

195,576

Charge for year

-

6,188

26,967

Eliminated on disposal

-

-

-

At 31 March 2022

-

12,377

222,543

NET BOOK VALUE

At 31 March 2022

363,400

18,566

58,875

At 31 March 2021

363,400

24,754

34,549

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2021

40,947

572,777

49,851

1,288,043

Additions

-

96,227

-

147,520

Disposals

-

(28,766

)

-

(28,766

)

At 31 March 2022

40,947

640,238

49,851

1,406,797

DEPRECIATION

At 1 April 2021

9,441

381,554

41,227

633,987

Charge for year

7,876

60,526

3,932

105,489

Eliminated on disposal

-

(28,734

)

-

(28,734

)

At 31 March 2022

17,317

413,346

45,159

710,742

NET BOOK VALUE

At 31 March 2022

23,630

226,892

4,692

696,055

At 31 March 2021

31,506

191,223

8,624

654,056

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

859,436

494,127

Amounts recoverable on contract

852,893

645,444

Other debtors

151,892

190,610

Prepayments

13,974

11,992

1,878,195

1,342,173

7.	CURRENT ASSET INVESTMENTS

31.3.22

31.3.21

£

£

Unlisted investments

1,300

1,300

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade creditors

506,516

269,643

Corporation tax

178,615

116,718

Social security and other taxes

37,023

32,813

VAT

11,853

107,519

Credit Card

2,890

262

Directors' current accounts

261,202

285,739

Accrued expenses

58,083

13,939

1,056,182

826,633

9.	OTHER FINANCIAL COMMITMENTS

The company rents property from the Wallace Brothers Pension Scheme. The first lease is for 5 years at £26,700 pa from 1 March 2019. The second lease is for 5 years at £30,000 pa from 1 November 2020.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company uses property owned by N R Wallace and S M Wallace on which £28,000 was paid in the year (2021 £28,000). It leases property from the Wallace Brothers Pension Scheme (in which N R and S M Wallace are beneficiaries) on which rent of £56,700 (2021 £39,200) was paid.

The Company loaned the Wallace Brothers Pension Scheme £209,000 on 16 October 2021 to bear interest at a fixed rate repayable over 5 years. The amount outstanding at 31 March 2022 was £151,891 (2021 £190,610).

11.	STAFF BONUS

Bonuses for employees declared by the directors pre year end have been paid within nine months of the balance sheet date. An accrual of £34,334 for these bonuses has been included in the company accounts.