Middleton Forge Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04484265 (England and Wales)

Middleton Forge Limited

Unaudited Financial Statements for the Year Ended 31 March 2021

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

654,056

268,443

654,056

268,443

CURRENT ASSETS

Stocks

252,849

148,238

Debtors

6

1,342,173

1,607,684

Investments

7

1,300

1,300

Cash at bank and in hand

431,305

341,333

2,027,627

2,098,555

CREDITORS

Amounts falling due within one year

8

826,633

729,191

NET CURRENT ASSETS

1,200,994

1,369,364

TOTAL ASSETS LESS CURRENT LIABILITIES

1,855,050

1,637,807

PROVISIONS FOR LIABILITIES

52,005

47,578

NET ASSETS

1,803,045

1,590,229

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,802,945

1,590,129

SHAREHOLDERS' FUNDS

1,803,045

1,590,229

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 30 December 2021 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 (2017 - 2).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2020 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

51,000

AMORTISATION

At 1 April 2020

and 31 March 2021

51,000

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

5.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 April 2020

-

-

229,698

Additions

363,400

30,943

5,967

Disposals

-

-

(5,440

)

At 31 March 2021

363,400

30,943

230,225

DEPRECIATION

At 1 April 2020

-

-

183,233

Charge for year

-

6,189

17,783

Eliminated on disposal

-

-

(5,440

)

At 31 March 2021

-

6,189

195,576

NET BOOK VALUE

At 31 March 2021

363,400

24,754

34,649

At 31 March 2020

-

-

46,465

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2020

4,919

548,167

38,027

820,811

Additions

39,283

24,610

11,824

476,027

Disposals

(3,355

)

-

-

(8,795

)

At 31 March 2021

40,847

572,777

49,851

1,288,043

DEPRECIATION

At 1 April 2020

4,919

328,064

36,152

552,368

Charge for year

7,877

53,490

5,075

90,414

Eliminated on disposal

(3,355

)

-

-

(8,795

)

At 31 March 2021

9,441

381,554

41,227

633,987

NET BOOK VALUE

At 31 March 2021

31,406

191,223

8,624

654,056

At 31 March 2020

-

220,103

1,875

268,443

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

494,127

414,460

Amounts recoverable on contract

645,444

821,618

Other debtors

190,610

359,055

Prepayments

11,992

12,551

1,342,173

1,607,684

7.	CURRENT ASSET INVESTMENTS

31.3.21

31.3.20

£

£

Unlisted investments

1,300

1,300

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

262

607

Trade creditors

269,643

337,897

Corporation tax

116,718

67,078

Social security and other taxes

32,813

33,400

VAT

107,519

82,479

Directors' current accounts

285,739

198,821

Accrued expenses

13,939

8,909

826,633

729,191

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 leases a property from N R Wallace and S M Wallace on which £28,000 was paid in the year (2020 £28,000). It also leases property from the Wallace Brothers Pension Scheme (in which N R and S M Wallace are beneficiaries) on which rent of £39,200 (2020 £26,700)

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 2021 was £190,610.