REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Midland Oil Company Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Midland Oil Company Ltd |
Midland Oil Company Ltd (Registered number: 04660846) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Midland Oil Company Ltd |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Park House |
37 Clarence Street |
Leicester |
Leicestershire |
LE1 3RW |
Midland Oil Company Ltd (Registered number: 04660846) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
Midland Oil Company Ltd (Registered number: 04660846) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Midland Oil Company Ltd (Registered number: 04660846) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Midland Oil Company Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Transition to FRS 102 Section 1A |
These financial statements for the year ended 31 March 2023 are the first that are prepared in accordance with FRS Section 102 Section 1A. The previous financial statements were prepared in accordance with FRS 105. The date of transition to FRS 102 Section 1A is 1 April 2021. |
The only adjustment required to the comparative figures on transition was in relation to deferred tax. Deferred tax has been provided on accelerate capital allowances and other timing differences, where appropriate. |
The transition to FRS 102 Section 1A had the following effect on the financial statements: |
- Retained earnings as at 31 March 2022 decreased by £9,288 |
- Retained earnings as at 1 April 2021 decreased by £8,361 |
- The profit for the year ended 31 March 2022 decreased by £927 |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell, 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 Statement of Income and Retained Earnings, 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 balance sheet date. |
Midland Oil Company Ltd (Registered number: 04660846) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
Other debtors includes prepayments and accrued income of £9,882 (2022 - £5,134). |
Midland Oil Company Ltd (Registered number: 04660846) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Other creditors includes accruals and deferred income of £1,700 (2022 - £1,600). |
7. | OTHER FINANCIAL COMMITMENTS |
The total amount of financial commitments, guarantees and contingencies that are not included in the balance sheet is £108,500 (2022 - £6,333). |