Registered number
04908731
Midland Preventative Maintenance International Limited
Filleted Accounts
30 September 2023
Midland Preventative Maintenance International Limited
Registered number: 04908731
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 14,311 19,081
Current assets
Stocks 1,747 795
Debtors 5 23,722 34,266
Cash at bank and in hand 100,990 101,492
126,459 136,553
Creditors: amounts falling due within one year 6 (24,442) (24,971)
Net current assets 102,017 111,582
Net assets 116,328 130,663
Capital and reserves
Called up share capital 204 204
Profit and loss account 116,124 130,459
Shareholders' funds 116,328 130,663
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.
J Tansley
Director
Approved by the board on 9 October 2023
Midland Preventative Maintenance International Limited
Notes to the Accounts
for the year ended 30 September 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 includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and equipment 25% reducing balance
Motor vehicles 25% reducing balance
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. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2022 35,000
At 30 September 2023 35,000
Amortisation
At 1 October 2022 35,000
At 30 September 2023 35,000
Net book value
At 30 September 2023 -
Goodwill has being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and equipment Motor vehicles Total
£ £ £
Cost
At 1 October 2022 59,774 33,726 93,500
At 30 September 2023 59,774 33,726 93,500
Depreciation
At 1 October 2022 51,061 23,358 74,419
Charge for the year 2,178 2,592 4,770
At 30 September 2023 53,239 25,950 79,189
Net book value
At 30 September 2023 6,535 7,776 14,311
At 30 September 2022 8,713 10,368 19,081
5 Debtors 2023 2022
£ £
Trade debtors 23,722 31,895
Other debtors and prepayments - 2,371
23,722 34,266
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,401 1,380
Taxation and social security costs 23,041 23,307
Other creditors and accruals - 284
24,442 24,971
7 Other information
Midland Preventative Maintenance International Limited is a private company limited by shares and incorporated in England. Its registered office is:
83-89 Phoenix Street
Sutton in Ashfield
Nottinghamshire
NG17 4HL
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