Midland V W Limited - Period Ending 2016-02-29

MIDLAND V W LIMITED - Company Information

Registration number: 04379686

Midland V W Limited

Unaudited Abbreviated Accounts

for the Year Ended 29 February 2016

Exactax Limited
Chartered Certified Accountants and Chartered Tax Advisers
Cromwell House
Mill Street
Cannock
Staffordshire
WS11 0DP

Midland V W Limited

Contents

Accountants' Report	1
Abbreviated Balance Sheet	2 to 3
Notes to the Abbreviated Accounts	4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Midland V W Limited
for the Year Ended 29 February 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Midland V W Limited for the year ended 29 February 2016 set out on pages XX from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Midland V W Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Midland V W Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midland V W Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Midland V W Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Midland V W Limited. You consider that Midland V W 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 accounts of Midland V W 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 accounts.

Exactax Limited
Chartered Certified Accountants and Chartered Tax Advisers
Cromwell House
Mill Street
Cannock
Staffordshire
WS11 0DP

30 November 2016

Page 1

Midland V W Limited

(Registration number: 04379686)
Abbreviated Balance Sheet as at 29 February 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	2	109,337	130,085
Current assets
Stocks		6,000	13,475
Debtors	3	11,957	6,539
Cash at bank and in hand		90,733	82,452
		108,690	102,466
Creditors: Amounts falling due within one year		(102,730)	(107,197)
Net current assets/(liabilities)		5,960	(4,731)
Total assets less current liabilities		115,297	125,354
Accruals and deferred income		(3,500)	(3,500)
Net assets		111,797	121,854
Capital and reserves
Called up share capital	4	3	1
Profit and loss account		111,794	121,853
Shareholders funds		111,797	121,854

For the year ending 29 February 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Midland V W Limited

(Registration number: 04379686)
Abbreviated Balance Sheet as at 29 February 2016 (continued)

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 30 November 2016 and signed on its behalf by:

.........................................
Jody Kevin Lees
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Midland V W Limited

Notes to the Abbreviated Accounts

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	Straight line at 10% per annum
Motor vehicles	Straight line at 25% per annum

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Fixed assets

	Tangible assets £	Total £
Cost
At 1 March 2015	348,459	348,459
Additions	14,102	14,102
At 29 February 2016	362,561	362,561
Depreciation
At 1 March 2015	218,374	218,374
Charge for the year	34,850	34,850
At 29 February 2016	253,224	253,224
Net book value
At 29 February 2016	109,337	109,337
At 28 February 2015	130,085	130,085

Page 4

Midland V W Limited

Notes to the Abbreviated Accounts (continued)

Fixed assets (continued)

	Tangible assets £	Total £
Cost
At 1 March 2015	348,459	348,459
Additions	14,102	14,102
At 29 February 2016	362,561	362,561
Depreciation
At 1 March 2015	218,374	218,374
Charge for the year	34,850	34,850
At 29 February 2016	253,224	253,224
Net book value
At 29 February 2016	109,337	109,337
At 28 February 2015	130,085	130,085

Debtors

Debtors includes £ (2015 - £Nil) receivable after more than one year.

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary Shares of £1 each	3	3	1	1

New shares allotted

During the year 2 Ordinary Shares having an aggregate nominal value of £2 were allotted for an aggregate consideration of £2.

Control

The directors are the controlling party by virtue of their controlling shareholding in the company.

Page 5