Middleton Forge Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04484265 (England and Wales)

Middleton Forge Limited

Unaudited Financial Statements for the Year Ended 31 March 2023

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

680,045

696,055

680,045

696,055

CURRENT ASSETS

Stocks

379,706

300,136

Debtors

6

1,361,625

1,878,195

Investments

7

1,300

1,300

Cash at bank and in hand

1,301,468

579,707

3,044,099

2,759,338

CREDITORS

Amounts falling due within one year

8

839,967

1,056,182

NET CURRENT ASSETS

2,204,132

1,703,156

TOTAL ASSETS LESS CURRENT LIABILITIES

2,884,177

2,399,211

PROVISIONS FOR LIABILITIES

68,243

60,179

NET ASSETS

2,815,934

2,339,032

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,815,834

2,338,932

SHAREHOLDERS' FUNDS

2,815,934

2,339,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 20 December 2023 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 (2022 - 2).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

51,000

AMORTISATION

At 1 April 2022

and 31 March 2023

51,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 April 2022

363,400

30,943

281,418

Additions

-

-

47,655

At 31 March 2023

363,400

30,943

329,073

DEPRECIATION

At 1 April 2022

-

12,377

222,543

Charge for year

-

6,189

29,279

At 31 March 2023

-

18,566

251,822

NET BOOK VALUE

At 31 March 2023

363,400

12,377

77,251

At 31 March 2022

363,400

18,566

58,875

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2022

40,947

640,238

49,851

1,406,797

Additions

-

37,700

1,250

86,605

At 31 March 2023

40,947

677,938

51,101

1,493,402

DEPRECIATION

At 1 April 2022

17,317

413,346

45,159

710,742

Charge for year

7,876

54,957

4,314

102,615

At 31 March 2023

25,193

468,303

49,473

813,357

NET BOOK VALUE

At 31 March 2023

15,754

209,635

1,628

680,045

At 31 March 2022

23,630

226,892

4,692

696,055

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

491,534

859,436

Amounts recoverable on contract

744,738

852,893

Other debtors

111,989

151,892

Prepayments

13,364

13,974

1,361,625

1,878,195

7.	CURRENT ASSET INVESTMENTS

31.3.23

31.3.22

£

£

Unlisted investments

1,300

1,300

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade creditors

289,375

506,516

Corporation tax

188,573

178,615

Social security and other taxes

37,962

37,023

VAT

4,204

11,853

Credit Card

6,917

2,890

Directors' current accounts

304,846

261,202

Accrued expenses

8,090

58,083

839,967

1,056,182

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 (2022 £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 (2022 £56,700) 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 2023 was £111,189 (2022 £151,892).