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REGISTERED NUMBER: 07142923 (England and Wales)












Unaudited Financial Statements for the Year Ended 28 February 2022

for

Midshires Catering Equipment Limited

Midshires Catering Equipment Limited (Registered number: 07142923)






Contents of the Financial Statements
for the Year Ended 28 February 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Midshires Catering Equipment Limited

Company Information
for the Year Ended 28 February 2022







DIRECTOR: I F Tyler





REGISTERED OFFICE: 148 Loughborough Road
Hathern
Leicestershire
LE12 5JB





REGISTERED NUMBER: 07142923 (England and Wales)





ACCOUNTANTS: The Profit Key Limited
Prince William House
10 Lower Church Street
Ashby de la Zouch
Leicestershire
LE65 1AB

Midshires Catering Equipment Limited (Registered number: 07142923)

Statement of Financial Position
28 February 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 111,671 56,052

CURRENT ASSETS
Stocks 70,000 22,000
Debtors 5 66,878 44,225
Cash at bank and in hand 180,448 80,141
317,326 146,366
CREDITORS
Amounts falling due within one year 6 208,213 89,282
NET CURRENT ASSETS 109,113 57,084
TOTAL ASSETS LESS CURRENT
LIABILITIES

220,784

113,136

CREDITORS
Amounts falling due after more than one year 7 (63,010 ) (42,500 )

PROVISIONS FOR LIABILITIES (21,217 ) (10,650 )
NET ASSETS 136,557 59,986

CAPITAL AND RESERVES
Called up share capital 8 300 300
Retained earnings 136,257 59,686
SHAREHOLDERS' FUNDS 136,557 59,986

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Midshires Catering Equipment Limited (Registered number: 07142923)

Statement of Financial Position - continued
28 February 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 20 June 2022 and were signed by:





I F Tyler - Director


Midshires Catering Equipment Limited (Registered number: 07142923)

Notes to the Financial Statements
for the Year Ended 28 February 2022

1. STATUTORY INFORMATION

Midshires Catering Equipment 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Midshires Catering Equipment Limited (Registered number: 07142923)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Loans from directors
Any loans from the Director's to the company are interest free and repayable on demand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2021 72,768 5,039 53,243 924 131,974
Additions 50,277 225 52,222 - 102,724
Disposals - - (27,938 ) - (27,938 )
At 28 February 2022 123,045 5,264 77,527 924 206,760
DEPRECIATION
At 1 March 2021 44,904 3,460 26,634 924 75,922
Charge for year 19,534 361 12,905 - 32,800
Eliminated on disposal - - (13,633 ) - (13,633 )
At 28 February 2022 64,438 3,821 25,906 924 95,089
NET BOOK VALUE
At 28 February 2022 58,607 1,443 51,621 - 111,671
At 28 February 2021 27,864 1,579 26,609 - 56,052

Midshires Catering Equipment Limited (Registered number: 07142923)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 52,222
At 28 February 2022 52,222
DEPRECIATION
Charge for year 10,444
At 28 February 2022 10,444
NET BOOK VALUE
At 28 February 2022 41,778

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 59,054 33,426
Other debtors 3,500 6,500
Prepayments 4,324 4,299
66,878 44,225

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 10,000 7,500
Hire purchase contracts 9,141 -
Trade creditors 70,646 9,175
Tax 18,892 10,172
Social security and other taxes 1,903 (441 )
VAT 21,387 22,430
Other creditors 2,876 1,989
Directors' current accounts 70,714 36,115
Accrued expenses 2,654 2,342
208,213 89,282

Midshires Catering Equipment Limited (Registered number: 07142923)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 25,588 30,000
Bank loans more 5 yr by instal - 2,500
Hire purchase contracts 27,422 -
63,010 42,500

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 2,500

8. CALLED UP SHARE CAPITAL




Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100
100 Ordinary A £1 100 100
100 Ordinary B £1 100 100
300 300