Registered number
07440222
Midland Supply Limited
Unaudited Filleted Accounts
31 January 2023
Midland Supply Limited
Registered number: 07440222
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,350 4,960
Current assets
Stocks 9,718 3,640
Debtors 4 5,688 7,136
Cash at bank and in hand 66 21,152
15,472 31,928
Creditors: amounts falling due within one year 5 (16,804) (27,494)
Net current (liabilities)/assets (1,332) 4,434
Total assets less current liabilities 2,018 9,394
Provisions for liabilities (500) (1,000)
Net assets 1,518 8,394
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,418 8,294
Shareholders' funds 1,518 8,394
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R F Parsons
Director
Approved by the board on 24 October 2023
Midland Supply Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers 33% straight line basis
Fixtures, fittings, tools and equipment 15% straight line basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022 19,307
Additions 583
Disposals (708)
At 31 January 2023 19,182
Depreciation
At 1 February 2022 14,347
Charge for the year 2,193
On disposals (708)
At 31 January 2023 15,832
Net book value
At 31 January 2023 3,350
At 31 January 2022 4,960
4 Debtors 2023 2022
£ £
Trade debtors 5,258 6,731
Other debtors 430 405
5,688 7,136
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,894 -
Trade creditors 4,822 5,020
Taxation and social security costs 3,723 5,602
Other creditors 4,365 16,872
16,804 27,494
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 4,688 10,938
7 Other information
Midland Supply Limited is a private company limited by shares and incorporated in England. Its registered office is:
42 Russell Bank Road
Four Oaks
Sutton Coldfield
B74 4RQ
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