Company registration number 03807023 (England and Wales)
MIDWAY INDUSTRIAL DOORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
MIDWAY INDUSTRIAL DOORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MIDWAY INDUSTRIAL DOORS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
245,124
156,635
Current assets
Stocks
30,474
122,606
Debtors
5
308,912
397,695
Cash at bank and in hand
18,378
3,340
357,764
523,641
Creditors: amounts falling due within one year
6
(370,333)
(443,458)
Net current (liabilities)/assets
(12,569)
80,183
Total assets less current liabilities
232,555
236,818
Creditors: amounts falling due after more than one year
7
(210,156)
(144,459)
Provisions for liabilities
(29,838)
(29,761)
Net (liabilities)/assets
(7,439)
62,598
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(7,539)
62,498
Total equity
(7,439)
62,598

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MIDWAY INDUSTRIAL DOORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 9 October 2023
Graham Danks
Director
Company Registration No. 03807023
MIDWAY INDUSTRIAL DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Midway Industrial Doors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5, Innovation Way, Tunstall, Staffordshire, ST6 4FA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MIDWAY INDUSTRIAL DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised costs using the effective interest method

Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings/Profit and Loss Account.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
8
MIDWAY INDUSTRIAL DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
30,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
30,000
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
246,235
Additions
173,845
Disposals
(13,973)
At 31 March 2023
406,107
Depreciation and impairment
At 1 April 2022
89,600
Depreciation charged in the year
81,715
Eliminated in respect of disposals
(10,332)
At 31 March 2023
160,983
Carrying amount
At 31 March 2023
245,124
At 31 March 2022
156,635
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
301,271
366,950
Corporation tax recoverable
3,926
-
0
Other debtors
3,715
30,745
308,912
397,695
MIDWAY INDUSTRIAL DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
191,481
215,548
Trade creditors
78,963
177,915
Corporation tax
-
0
3,926
Other taxation and social security
40,860
12,080
Other creditors
59,029
33,989
370,333
443,458
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
40,288
45,852
Other creditors
169,868
98,607
210,156
144,459
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
146,917
12,022
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2023
2022
£
£
Insulated Roller Shutter Products Ltd.
35,391
-
P & D Group Services Limited
21,972
154,227
MIDWAY INDUSTRIAL DOORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
9
Related party transactions
(Continued)
- 7 -
Rent
2023
2022
£
£
Danks Properties Limited
15,000
-

 

2023
2022
Amounts due to related parties
£
£
Insulated Roller Shutter Products Ltd.
63
-
Danks Properties Limited
2,500
-
P & D Group Services Limited
-
33,601

Graham Danks is the owner and a Director of Midway Industrial Doors Limited, P & D Group Services Limited, Danks Properties Limited and Insulated Roller Shutter Products Ltd. The transactions in the year were carried out under normal commercial terms.

 

10
Directors' transactions

At the end of the financial year a director of the company had an overdrawn director's loan account of £3,715.

 

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