MIDLAND INDUSTRIAL AGENCIES LTD
MIDLAND INDUSTRIAL AGENCIES LTD
Company No:
MIDLAND INDUSTRIAL AGENCIES LTD
Unaudited Financial Statements
For the financial year ended 30 April 2021
Pages for filing with the registrar
For the financial year ended 30 April 2021
Pages for filing with the registrar
Unaudited Financial Statements
Contents
BALANCE SHEET
BALANCE SHEET (continued)
Note | 30.04.2021 | 30.04.2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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2,318 | 3 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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619,073 | 444,051 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current assets | 467,622 | 338,042 | ||
Total assets less current liabilities | 469,940 | 338,045 | ||
Creditors | ||||
Amounts falling due after more than one year | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
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The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476; -
The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and -
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.
The financial statements of Midland Industrial Agencies Ltd (registered number:
Martin Robert Chittock
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
General information and basis of accounting
Midland Industrial Agencies Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 52a St. John Street, Ashbourne, DE6 1GH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Midland Industrial Agencies Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Going concern
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
At the time of approval of the accounts, the UK is facing unprecedented challenges arising from the Covid-19 pandemic. Every decision that the director is currently making is based upon ensuring that the business comes through this and the director is confident that the business is currently well placed to continue successfully negotiating these unprecedented challenges.
Foreign currency
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Employee benefits
Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Taxation
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible fixed assets
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Motor vehicles - 20% straight line
Plant and machinery - 20% straight line
Office equipment - 20% straight line
Stocks
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade and other debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Trade and other creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Financial instruments
Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.
Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Government grants
The company has adopted the accrual model for accounting for government grants. Grants relating to revenue are recognised in income on a systematic basis over the same period as the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Ordinary share capital
2. Critical accounting judgements and key sources of estimation uncertainty
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
3. Employees
30.04.2021 | 30.04.2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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4. Tangible assets
Plant and machinery | Vehicles | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 May 2020 |
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Additions |
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At 30 April 2021 |
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Accumulated depreciation | |||||||
At 01 May 2020 |
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Charge for the financial year |
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At 30 April 2021 |
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Net book value | |||||||
At 30 April 2021 |
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At 30 April 2020 |
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5. Stocks
30.04.2021 | 30.04.2020 | ||
£ | £ | ||
Stocks |
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6. Debtors
30.04.2021 | 30.04.2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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7. Creditors: amounts falling due within one year
30.04.2021 | 30.04.2020 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Other taxation and social security |
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8. Creditors: amounts falling due after more than one year
30.04.2021 | 30.04.2020 | ||
£ | £ | ||
Other creditors |
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9. Related party transactions
Transactions with owners holding a participating interest in the entity
30.04.2021 | 30.04.2020 | ||
£ | £ | ||
Loans to participators | (2,400) | 1,449 |
During the year the company advanced £2,400 to participators.
Transactions with the entity's director
30.04.2021 | 30.04.2020 | ||
£ | £ | ||
Directors' Loan account | 7,200 | 4,223 |