Midland Business Equipment Ltd - Period Ending 2016-06-30

Registration number: 03425348

Midland Business Equipment Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

Clere's Limited
Chartered Certified Accountants
GN House
119 Holloway Head
Birmingham
West Midlands
B1 1QP

Midland Business Equipment Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Midland Business Equipment Ltd
(Registration number: 03425348)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					41,349			64,779
Tangible fixed assets					10,699			13,580
					52,048			78,359
Current assets
Stocks					11,600			11,150
Debtors					37,775			35,094
Cash at bank and in hand					212,507			260,095
					261,882			306,339
Creditors: Amounts falling due within one year					(71,165)			(58,666)
Net current assets					190,717			247,673
Total assets less current liabilities					242,765			326,032
Creditors: Amounts falling due after more than one year					(142,465)			(242,465)
Provisions for liabilities					(413)			(50)
Net assets					99,887			83,517
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					99,885			83,515
Shareholders' funds					99,887			83,517

For the year ending 30 June 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.

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

Approved by the Board on 16 January 2017 and signed on its behalf by:

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Midland Business Equipment Ltd
(Registration number: 03425348)
Abbreviated Balance Sheet at 30 June 2016
......... continued

.........................................
Mr R F H Lines
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Midland Business Equipment Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

1	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 and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

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

Goodwill

Goodwill,being the amount paid in connection with the acquisition of a business in 1998, is being amortised evenly over its estimated useful life of twenty years.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	5% straight line

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
Office Equipment	15% on Reducing Balance
Fixtures and Fittings	15% on Reducing Balance
Motor Vehicles	25% on Reducing Balance
Computer Equipment	15% on Reducing Balance

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.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Midland Business Equipment Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 July 2015		468,665			29,232			497,897
At 30 June 2016		468,665			29,232			497,897
Depreciation
At 1 July 2015		403,886			15,652			419,538
Charge for the year		23,430			2,881			26,311
At 30 June 2016		427,316			18,533			445,849
Net book value
At 30 June 2016		41,349			10,699			52,048
At 30 June 2015		64,779			13,580			78,359

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2

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