Midland Fastener Supplies Limited - Accounts to registrar (filleted) - small 18.1

Midland Fastener Supplies Limited - Accounts to registrar (filleted) - small 18.1

MIDLAND FASTENER SUPPLIES LTD - Company Information

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REGISTERED NUMBER: 06122710 (England and Wales)















Unaudited Financial Statements

for the Year Ended 28 February 2018

for

MIDLAND FASTENER SUPPLIES LIMITED
MIDLAND FASTENER SUPPLIES LIMITED (REGISTERED NUMBER: 06122710)

Contents of the Financial Statements
for the year ended 28 February 2018










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIDLAND FASTENER SUPPLIES LIMITED

Company Information
for the year ended 28 February 2018







DIRECTOR: K Bunting





SECRETARY: Mrs A Bunting





REGISTERED OFFICE: Waterside House
Waterside Business Park
1649 Pershore Road
Birmingham
West Midlands
B30 3DR





REGISTERED NUMBER: 06122710 (England and Wales)





ACCOUNTANTS: Stanley Yule Chartered Accountants
Waterside House
Waterside Business Park
1649 Pershore Road
Birmingham
West Midlands
B30 3DR
Page 1
MIDLAND FASTENER SUPPLIES LIMITED (REGISTERED NUMBER: 06122710)

Balance Sheet
28 February 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 207 281

CURRENT ASSETS
Stocks 169,139 119,763
Debtors 6 328,099 182,542
Cash in hand 219 144
497,457 302,449
CREDITORS
Amounts falling due within one year 7 405,294 253,342
NET CURRENT ASSETS 92,163 49,107
TOTAL ASSETS LESS CURRENT LIABILITIES 92,370 49,388

CREDITORS
Amounts falling due after more than one
year
8
-
509
NET ASSETS 92,370 48,879

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 92,270 48,779
SHAREHOLDERS' FUNDS 92,370 48,879

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 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 notes form part of these financial statements

Page 2 continued...
MIDLAND FASTENER SUPPLIES LIMITED (REGISTERED NUMBER: 06122710)

Balance Sheet - continued
28 February 2018


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 26 June 2018 and were signed by:





K Bunting - Director


The notes form part of these financial statements

Page 3
MIDLAND FASTENER SUPPLIES LIMITED (REGISTERED NUMBER: 06122710)

Notes to the Financial Statements
for the year ended 28 February 2018


1. STATUTORY INFORMATION

Midland Fastener Supplies 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax arising from the sale and supply of
fasteners and associated products. Income is recognised on despatch of goods.

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 etc - 33% on reducing balance and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items.

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.

Page 4 continued...
MIDLAND FASTENER SUPPLIES LIMITED (REGISTERED NUMBER: 06122710)

Notes to the Financial Statements - continued
for the year ended 28 February 2018


3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.

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.

Debt factoring
The factored debtors are shown on the balance sheet within debtors if significant benefits and risks relating to
the debt are not transferred to the factor. The liability to the factor is shown within other creditors.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 5 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2017
and 28 February 2018 3,198
DEPRECIATION
At 1 March 2017 2,917
Charge for year 74
At 28 February 2018 2,991
NET BOOK VALUE
At 28 February 2018 207
At 28 February 2017 281

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 327,461 181,922
Other debtors 638 620
328,099 182,542

Page 5 continued...
MIDLAND FASTENER SUPPLIES LIMITED (REGISTERED NUMBER: 06122710)

Notes to the Financial Statements - continued
for the year ended 28 February 2018


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Bank loans and overdrafts 2,360 11,850
Trade creditors 130,082 91,095
Taxation and social security 33,260 27,153
Other creditors 239,592 123,244
405,294 253,342

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2018 2017
£    £   
Bank loans - 509

9. SECURED DEBTS

The following secured debts are included within creditors:

2018 2017
£    £   
Bank overdrafts 1,451 1,519
Bank loans 909 10,840
2,360 12,359

The bank overdraft and bank loans are secured by a personal guarantee given by the director.

10. DEBT FACTORING

Factored debtors at the year end included within debtors are £255,752 (2017 : £129,876). The liability at the
year end to the factor is £233,976 (2017: £119,929).

Page 6