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REGISTERED NUMBER: 04660846 (England and Wales)















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: M G Thompson
Mrs N J Thomas





REGISTERED OFFICE: Unit 9
Saffron Way
Leicester
LE2 6UP





REGISTERED NUMBER: 04660846 (England and Wales)





ACCOUNTANTS: torr waterfield
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 21,683 37,149

CURRENT ASSETS
Stocks 85,031 74,395
Debtors 5 199,718 154,697
Cash at bank and in hand 45,264 94,331
330,013 323,423
CREDITORS
Amounts falling due within one year 6 (212,607 ) (222,973 )
NET CURRENT ASSETS 117,406 100,450
TOTAL ASSETS LESS CURRENT
LIABILITIES

139,089

137,599

PROVISIONS FOR LIABILITIES (5,421 ) (9,288 )
NET ASSETS 133,668 128,311

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 133,658 128,301
SHAREHOLDERS' FUNDS 133,668 128,311

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 14 September 2023 and were signed on its behalf by:





M G Thompson - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

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 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 17,036 18,553 53,687 9,004 98,280
Additions 510 650 - 2,904 4,064
Disposals - - (37,300 ) - (37,300 )
At 31 March 2023 17,546 19,203 16,387 11,908 65,044
DEPRECIATION
At 1 April 2022 14,151 16,834 25,499 4,647 61,131
Charge for year 679 473 4,097 2,480 7,729
Eliminated on disposal - - (25,499 ) - (25,499 )
At 31 March 2023 14,830 17,307 4,097 7,127 43,361
NET BOOK VALUE
At 31 March 2023 2,716 1,896 12,290 4,781 21,683
At 31 March 2022 2,885 1,719 28,188 4,357 37,149

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 189,836 149,563
Other debtors 9,882 5,134
199,718 154,697

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 - 6,712
Trade creditors 165,115 148,100
Taxation and social security 28,631 32,969
Other creditors 18,861 35,192
212,607 222,973

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).