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Registration number: 12835285

Middleton Enterprises (2) Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Middleton Enterprises (2) Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 5

 

Middleton Enterprises (2) Limited

Company Information

Directors

J P Middleton

D W Alprovich

Company secretary

R L Johnston

Registered office

Quayside Lofts
62 The Close
Newcastle Upon Tyne
NE1 3RJ

Accountants

Azets
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS

 

Middleton Enterprises (2) Limited

(Registration number: 12835285)
Statement of Financial Position as at 31 March 2023

Note

31 March
2023
£

31 March
2022
£

Fixed assets

 

Other financial assets

4

10,960,459

899,046

Current assets

 

Debtors

5

6,721,736

-

Cash at bank and in hand

 

12,255,431

3,107,613

 

18,977,167

3,107,613

Creditors: Amounts falling due within one year

6

(35,346,574)

(6,017,182)

Net current liabilities

 

(16,369,407)

(2,909,569)

Net liabilities

 

(5,408,948)

(2,010,523)

Capital and reserves

 

Called up share capital

3

3

Profit and loss account

(5,408,951)

(2,010,526)

Total equity

 

(5,408,948)

(2,010,523)

For the financial 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; and

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 have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised for issue by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
D W Alprovich
Director

 

Middleton Enterprises (2) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is Quayside Lofts, 62 The Close, Newcastle Upon Tyne, NE1 3RJ.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The company has net liabilities of £5,408,948. The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through cash generated from operations and shareholder borrowings. The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Middleton Enterprises (2) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods, and arises from 'timing differences’ (where transactions or events are included in the financial statements in periods different from those in which they are assessed for tax). Deferred tax is recognised in respect of all timing differences, except that 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 balance sheet date that are expected to apply to the reversal of the timing differences.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Middleton Enterprises (2) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Other financial assets

Listed investments
£

Unlisted investments
£

Cost or valuation

At 1 April 2022

899,046

-

Additions

22,138,893

593,311

Revaluations

(3,711,365)

(58,022)

Disposals

(8,901,404)

-

At 31 March 2023

10,425,170

535,289

5

Debtors

31 March
2023
£

31 March
2022
£

Prepayments and accrued income

265,301

-

Other debtors

6,456,435

-

6,721,736

-

6

Creditors

Creditors: amounts falling due within one year

31 March
2023
£

31 March
2022
£

Due within one year

Accruals and deferred income

5,995

4,437

Other creditors

35,276,076

6,012,745

Corporation tax liability

64,503

-

35,346,574

6,017,182

7

Related party transactions

During the prior period, the company has received loan funding from J C Middleton, L E Middleton and J E H Middleton, who are all shareholders and immediate relations of J P Middleton, a director. The balance outstanding at the period end is £35,276,079 (2022 - £6,000,000) and is included within other creditors. The loans are interest free and repayable on demand.