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2022-03-31
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02911554
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02911554
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02911554
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02911554
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02911554
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02911554
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02911554
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02911554
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02911554
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2022-03-31
COMPANY REGISTRATION NUMBER:
02911554
Midwest Marketing Limited |
|
Filleted Unaudited Financial Statements |
|
Midwest Marketing Limited |
|
Year ended 31 March 2023
Officers and professional advisers |
1 |
|
|
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 to 4 |
|
|
Notes to the financial statements |
5 to 8 |
|
|
Midwest Marketing Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mr A C Alliband |
|
Mrs S J Alliband |
|
|
Company secretary |
A C Alliband |
|
|
Registered office |
Unit 16 Aston Fields Trading Estate |
|
22 Sugarbrook Road |
|
Bromsgrove |
|
Worcestershire |
|
B60 3DW |
|
|
Accountants |
BSN Associates Limited |
|
Chartered accountants |
|
3B Swallowfield Courtyard |
|
Wolverhampton Road |
|
Oldbury |
|
West Midlands |
|
B69 2JG |
|
|
Midwest Marketing Limited |
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Midwest Marketing Limited |
|
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Midwest Marketing Limited for the year ended 31 March 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Midwest Marketing Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Midwest Marketing Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midwest Marketing Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Midwest Marketing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Midwest Marketing Limited. You consider that Midwest Marketing Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Midwest Marketing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BSN Associates Limited
Chartered accountants
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
6 October 2023
Midwest Marketing Limited |
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
|
14,469 |
19,057 |
|
|
|
|
|
Current assets
Stocks |
324,257 |
|
159,607 |
Debtors |
6 |
206,343 |
|
206,221 |
Cash at bank and in hand |
5,984 |
|
131,407 |
|
--------- |
|
--------- |
|
536,584 |
|
497,235 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
114,660 |
|
111,354 |
|
--------- |
|
--------- |
Net current assets |
|
421,924 |
385,881 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
436,393 |
404,938 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
88,573 |
56,061 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
898 |
1,367 |
|
|
--------- |
--------- |
Net assets |
|
346,922 |
347,510 |
|
|
--------- |
--------- |
|
|
|
|
Midwest Marketing Limited |
|
Statement of Financial Position (continued) |
|
31 March 2023
Capital and reserves
Called up share capital |
9 |
|
74 |
74 |
Capital redemption reserve |
|
26 |
26 |
Profit and loss account |
|
346,822 |
347,410 |
|
|
--------- |
--------- |
Shareholders funds |
|
346,922 |
347,510 |
|
|
--------- |
--------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
6 October 2023
, and are signed on behalf of the board by:
Company registration number:
02911554
Midwest Marketing Limited |
|
Notes to the Financial Statements |
|
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 16 Aston Fields Trading Estate, 22 Sugarbrook Road, Bromsgrove, Worcestershire, B60 3DW.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant estimates or judgements have been made by management in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
15% straight line |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2022:
5
).
5.
Tangible assets
|
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2022 and 31 March 2023 |
81,153 |
30,796 |
111,949 |
|
-------- |
-------- |
--------- |
Depreciation |
|
|
|
At 1 April 2022 |
70,535 |
22,357 |
92,892 |
Charge for the year |
2,479 |
2,109 |
4,588 |
|
-------- |
-------- |
--------- |
At 31 March 2023 |
73,014 |
24,466 |
97,480 |
|
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
At 31 March 2023 |
8,139 |
6,330 |
14,469 |
|
-------- |
-------- |
--------- |
At 31 March 2022 |
10,618 |
8,439 |
19,057 |
|
-------- |
-------- |
--------- |
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
199,738 |
195,973 |
Prepayments and accrued income |
6,605 |
10,248 |
|
--------- |
--------- |
|
206,343 |
206,221 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
39,206 |
– |
Trade creditors |
3,038 |
3,345 |
Accruals and deferred income |
1,895 |
1,722 |
Corporation tax |
12,501 |
16,217 |
Social security and other taxes |
11,802 |
10,087 |
Director loan accounts |
40,000 |
60,000 |
Other creditors |
6,218 |
19,983 |
|
--------- |
--------- |
|
114,660 |
111,354 |
|
--------- |
--------- |
|
|
|
Assets held under hire purchase are secured over the specific assets that they finance.
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
88,573 |
56,061 |
|
-------- |
-------- |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
74 |
74 |
74 |
74 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
10.
Related party transactions
During the year Mr A Alliband received dividends of £33,096 (2022: £30,914) and Mrs S Alliband received dividends of £10,638 (2022: £10,305) from the company.