Midside Finances Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: SC175220 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2015

for

MIDSIDE FINANCES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

Mr G J Deans

SECRETARY:

Mrs J B Deans

REGISTERED OFFICE:

29 Brandon Street

Hamilton

South Lanarkshire

ML3 6DA

REGISTERED NUMBER:

SC175220 (Scotland)

ACCOUNTANTS:

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

FIXED ASSETS

Investments

2

366,777

366,777

Investment property

3

144,257

662,249

511,034

1,029,026

CURRENT ASSETS

Debtors

831,186

711,837

Cash at bank

664

26,364

831,850

738,201

CREDITORS

Amounts falling due within one year

1,302,938

1,737,890

NET CURRENT LIABILITIES

(471,088

)

(999,689

)

TOTAL ASSETS LESS CURRENT LIABILITIES

39,946

29,337

CAPITAL AND RESERVES

Called up share capital

4

1,000

1,000

Profit and loss account

38,946

28,337

SHAREHOLDERS' FUNDS

39,946

29,337

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 16 December 2015 and were signed by:

Mr G J Deans - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, the reasons for which are disclosed in the

notes to the financial statements.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Loan interest received

Loan interest received is accounted for on a cash received basis.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Properties held for investment are held at cost and valued on a periodic basis by the director.

In accordance with Statement of Standard Accounting Practice Number 19, no depreciation is provided in

respect of investment properties. This departure from the requirements of the Companies Act 1985, for all such

investments to be depreciated, is, in the opinion of the director, necessary for the financial statements to give a

true and fair view in accordance with applicable accounting standards. Depreciation is only one of the many

factors reflected in a valuation and the amount which might otherwise have been shown cannot be separately

identified or quantified.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investments

Investments are held at the lower of cost and net realisable value.

Deferred taxation

Deferred tax is recognised at current tax rates in respect of all timing differences that have originated but not

reversed at the balance sheet date. A deferred tax asset is only recognised to the extent that future taxable profits

are expected to reverse the underlying timing difference.

Deferred tax balances are not discounted.

2.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2014

and 31 March 2015

366,777

NET BOOK VALUE

At 31 March 2015

366,777

At 31 March 2014

366,777

3.	INVESTMENT PROPERTY

Total

£

COST

At 1 April 2014

662,249

Disposals

(517,992

)

At 31 March 2015

144,257

NET BOOK VALUE

At 31 March 2015

144,257

At 31 March 2014

662,249

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

1,000

Ordinary

£1

1,000

1,000

5.	ULTIMATE CONTROL

The company is controlled by the director who, together with his wife, holds 100% of the issued share capital of

the company.

6.	GOING CONCERN

The company is dependent on the continued support of its director to allow it to continue to trade. The director

has indicated his willingness to defer repayment of his loan to the company for the foreseeable future, to allow

the trade to continue.