Midfit Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02339568 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

FOR

MIDFIT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs G M Kelsey

J A Kelsey

Mrs E L Foxley

REGISTERED OFFICE:

1 Oak Tree Close

Shale Lane, Bleasby

Nottingham

Nottinghamshire

NG14 7HZ

REGISTERED NUMBER:

02339568 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe (Lincoln) Ltd

Landmark House

1 Riseholme Road

Lincoln

Lincolnshire

LN1 3SN

FIXED ASSETS

Tangible assets

4

112

260

CURRENT ASSETS

Debtors

5

365,453

672,891

Cash at bank and in hand

517,050

241,080

882,503

913,971

CREDITORS

Amounts falling due within one year

6

30,158

50,299

NET CURRENT ASSETS

852,345

863,672

TOTAL ASSETS LESS CURRENT LIABILITIES

852,457

863,932

CAPITAL AND RESERVES

Called up share capital

50,010

50,010

Retained earnings

7

802,447

813,922

SHAREHOLDERS' FUNDS

852,457

863,932

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 29 March 2018 and were signed on its behalf by:

J A Kelsey - Director

1.	STATUTORY INFORMATION

Midfit Ltd 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

Finance leases,hire purchase loans and other loans

Amounts due under finance leases and hire purchase loans are included as a debtor at the amount of the

investment in the lease. Lease payments receivable are apportioned between the repayments of capital and

interest so as to give a straight line rate of return on the net cash investment.

Whilst this policy is not strictly in accordance with the Financial Reporting Standard for Smaller Entities

(effective January 2007) the directors consider that using periodic rate of return would not result in any

significant effect on the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 July 2016

and 30 June 2017

2,733

499

3,232

DEPRECIATION

At 1 July 2016

2,584

388

2,972

Charge for year

37

111

148

At 30 June 2017

2,621

499

3,120

NET BOOK VALUE

At 30 June 2017

112

-

112

At 30 June 2016

149

111

260

5.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

276,356

384,261

Other debtors

21,680

18,653

298,036

402,914

Amounts falling due after more than one year:

Trade debtors

67,417

269,977

Aggregate amounts

365,453

672,891

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

2

1

Taxation and social security

20,964

20,239

Other creditors

9,192

30,059

30,158

50,299

7.

RESERVES

Retained

earnings

£

At 1 July 2016

813,922

Profit for the year

38,025

Dividends

(49,500

)

At 30 June 2017

802,447

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company paid Mr JH Kelsey, a director and shareholder, £1,560 (2016 £1,560) for the use of

his residence as the business address.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs G M Kelsey.

By virtue of their 100% shareholding in the company, the ultimate control of the company lies with Mrs G M

Kelsey.

10.	FINANCE LEASES

During the year the company acquired assets costing £10,250 (2016 £199,550) which are let under finance

leases.