Middleton Forge Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04484265 (England and Wales)

Middleton Forge Limited

Unaudited Financial Statements for the Year Ended 31 March 2017

Page

Company Information

1

Abridged 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

147,897

152,004

147,897

152,004

CURRENT ASSETS

Stocks

174,535

155,831

Debtors

1,147,104

905,095

Investments

2,550

2,550

Cash at bank and in hand

398,344

601,305

1,722,533

1,664,781

CREDITORS

Amounts falling due within one year

529,313

688,136

NET CURRENT ASSETS

1,193,220

976,645

TOTAL ASSETS LESS CURRENT LIABILITIES

1,341,117

1,128,649

PROVISIONS FOR LIABILITIES

6

28,748

28,367

NET ASSETS

1,312,369

1,100,282

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,312,269

1,100,182

SHAREHOLDERS' FUNDS

1,312,369

1,100,282

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 20 July 2017 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

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 (2016 - 2).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

and 31 March 2017

51,000

AMORTISATION

At 1 April 2016

and 31 March 2017

51,000

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

466,652

Additions

58,554

Disposals

(35,965

)

At 31 March 2017

489,241

DEPRECIATION

At 1 April 2016

314,648

Charge for year

62,150

Eliminated on disposal

(35,454

)

At 31 March 2017

341,344

NET BOOK VALUE

At 31 March 2017

147,897

At 31 March 2016

152,004

6.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax

28,748

28,367

Deferred

tax

£

Balance at 1 April 2016

28,367

Accelerated capital allowances

381

Balance at 31 March 2017

28,748

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES