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REGISTERED NUMBER: 01721735 (England and Wales)















MIDLAND GLASS COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022






MIDLAND GLASS COMPANY LIMITED (REGISTERED NUMBER: 01721735)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIDLAND GLASS COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2022







DIRECTOR: A M Cooper





SECRETARY: Mrs J Cooper





REGISTERED OFFICE: 16 Enterprise Way
Jubilee Business Park
Derby
DE21 4BB





REGISTERED NUMBER: 01721735 (England and Wales)

MIDLAND GLASS COMPANY LIMITED (REGISTERED NUMBER: 01721735)

BALANCE SHEET
31 MAY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 657,900 633,398

CURRENT ASSETS
Stocks 27,500 28,000
Debtors 5 325,262 322,342
Cash at bank and in hand 346,367 378,379
699,129 728,721
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

6

264,344

355,747
NET CURRENT ASSETS 434,785 372,974
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,092,685

1,006,372

PROVISIONS FOR LIABILITIES 23,027 16,956
NET ASSETS 1,069,658 989,416

CAPITAL AND RESERVES
Called up share capital 7 500 500
Retained earnings 1,069,158 988,916
SHAREHOLDERS' FUNDS 1,069,658 989,416

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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.

MIDLAND GLASS COMPANY LIMITED (REGISTERED NUMBER: 01721735)

BALANCE SHEET - continued
31 MAY 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 September 2022 and were signed by:





A M Cooper - Director


MIDLAND GLASS COMPANY LIMITED (REGISTERED NUMBER: 01721735)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022


1. STATUTORY INFORMATION

Midland Glass Company 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Turnover
Turnover represents net invoiced sales of goods, net of value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 4% on cost
Plant and machinery - 20% on reducing balance and 15% on reducing balance
Motor vehicles - 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.

MIDLAND GLASS COMPANY LIMITED (REGISTERED NUMBER: 01721735)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022


2. ACCOUNTING POLICIES - continued

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.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Employee benefit
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2021 - 23 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST
At 1 June 2021 661,333 71,760 297,971 54,741 1,085,805
Additions - - 56,559 33,000 89,559
Disposals - - (62,109 ) (20,000 ) (82,109 )
At 31 May 2022 661,333 71,760 292,421 67,741 1,093,255
DEPRECIATION
At 1 June 2021 145,947 26,952 246,152 33,356 452,407
Charge for year 11,227 2,870 16,368 13,263 43,728
Eliminated on disposal - - (43,736 ) (17,044 ) (60,780 )
At 31 May 2022 157,174 29,822 218,784 29,575 435,355
NET BOOK VALUE
At 31 May 2022 504,159 41,938 73,637 38,166 657,900
At 31 May 2021 515,386 44,808 51,819 21,385 633,398

Included in cost of land and buildings is freehold land of £ 100,000 (2021 - £ 100,000 ) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 277,467 285,503
Other debtors 47,795 36,839
325,262 322,342

MIDLAND GLASS COMPANY LIMITED (REGISTERED NUMBER: 01721735)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2022


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 184,845 259,082
Taxation and social security 64,197 88,657
Other creditors 15,302 8,008
264,344 355,747

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
500 Ordinary £1 500 500

8. CONTROL

The controlling party is A M and J Cooper.