Midcounties Blacking Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09439391 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2021

for

Midcounties Blacking Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

Mrs T L Hartshorne

D G Hartshorne

REGISTERED OFFICE:

Unit 62 Britannia Way

Britannia Enterprise Park

Lichfield

Staffordshire

WS14 9UY

REGISTERED NUMBER:

09439391 (England and Wales)

ACCOUNTANTS:

Tomkinson Teal Limited

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

FIXED ASSETS

Tangible assets

4

23,017

20,294

Investment property

5

201,000

85,000

224,017

105,294

CURRENT ASSETS

Stocks

40,000

45,000

Debtors

6

15,925

14,322

Cash at bank and in hand

8,381

2,549

64,306

61,871

CREDITORS

Amounts falling due within one year

7

(195,906

)

(118,266

)

NET CURRENT LIABILITIES

(131,600

)

(56,395

)

TOTAL ASSETS LESS CURRENT LIABILITIES

92,417

48,899

CREDITORS

Amounts falling due after more than one year

8

(90,447

)

(41,131

)

NET ASSETS

1,970

7,768

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

1,870

7,668

SHAREHOLDERS' FUNDS

1,970

7,768

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2021 and were signed on its behalf by:

Mrs T L Hartshorne - Director

1.	STATUTORY INFORMATION

Midcounties Blacking 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.

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

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.

Plant and machinery

-

15% on reducing balance

Web development costs

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Web

Plant and

development

Computer

machinery

costs

equipment

Totals

£

£

£

£

COST

At 1 March 2020

36,168

-

634

36,802

Additions

2,448

4,400

-

6,848

At 28 February 2021

38,616

4,400

634

43,650

DEPRECIATION

At 1 March 2020

15,982

-

526

16,508

Charge for year

3,136

917

72

4,125

At 28 February 2021

19,118

917

598

20,633

NET BOOK VALUE

At 28 February 2021

19,498

3,483

36

23,017

At 29 February 2020

20,186

-

108

20,294

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2020

85,000

Additions

116,000

At 28 February 2021

201,000

NET BOOK VALUE

At 28 February 2021

201,000

At 29 February 2020

85,000

The cost of £85,000 is considered by the directors to be representative of the current market value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

14,941

14,322

Other debtors

984

-

15,925

14,322

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

79,437

2,834

Trade creditors

6,178

19,379

Taxation and social security

5,416

6,402

Other creditors

104,875

89,651

195,906

118,266

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

90,447

41,131

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

40,447

41,131

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

169,884

43,965

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 March 2020

7,668

Deficit for the year

(1,798

)

Dividends

(4,000

)

At 28 February 2021

1,870

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 Midcounties Blacking Limited for the year ended 28 February 2021 which comprise the Profit and Loss Account, Balance Sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Midcounties Blacking 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 Midcounties Blacking Limited and state those matters that we have agreed to state to the Board of Directors of Midcounties Blacking Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midcounties Blacking Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Midcounties Blacking 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 loss of Midcounties Blacking Limited. You consider that Midcounties Blacking 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 Midcounties Blacking 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.

Tomkinson Teal Limited

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

30 November 2021