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COMPANY REGISTRATION NUMBER: 07931103
Midlands I.T. Recycling Limited
Filleted Unaudited Financial Statements
28 February 2023
Midlands I.T. Recycling Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
5,599
1,667
Current assets
Stocks
574,479
433,889
Debtors
6
121,045
83,344
Cash at bank and in hand
58,388
10,580
---------
---------
753,912
527,813
Creditors: amounts falling due within one year
7
374,056
302,616
---------
---------
Net current assets
379,856
225,197
---------
---------
Total assets less current liabilities
385,455
226,864
Creditors: amounts falling due after more than one year
8
23,450
35,001
Provisions
Taxation including deferred tax
1,480
346
---------
---------
Net assets
360,525
191,517
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
360,523
191,515
---------
---------
Shareholders funds
360,525
191,517
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Midlands I.T. Recycling Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
Mr R Woodward-Smith
Director
Company registration number: 07931103
Midlands I.T. Recycling Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 21, Gainsborough Trading Estate, Rufford Road, Stourbridge, DY9 7ND.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment
-
20% straight line
Fixtures and Fittings
-
20% straight line
Motor Vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2022: 22 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2022
1,604
6,167
7,771
Additions
5,495
99
5,594
---------
---------
---------
At 28 February 2023
7,099
6,266
13,365
---------
---------
---------
Depreciation
At 1 March 2022
808
5,296
6,104
Charge for the year
1,420
242
1,662
---------
---------
---------
At 28 February 2023
2,228
5,538
7,766
---------
---------
---------
Carrying amount
At 28 February 2023
4,871
728
5,599
---------
---------
---------
At 28 February 2022
796
871
1,667
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
91,351
79,723
Other debtors
29,694
3,621
---------
---------
121,045
83,344
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,050
7,499
Trade creditors
207,244
69,741
Corporation tax
9,386
Social security and other taxes
36,091
28,580
Other creditors
121,671
187,410
---------
---------
374,056
302,616
---------
---------
See note 9 for details of bank loan.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
23,450
35,001
---------
---------
The bank loan is a bounce back loan which is guaranteed by the Government.
9. Directors' advances, credits and guarantees
At the Balance Sheet the balance due to directors was £112,282 (2022 - £178,351)
10. Related party transactions
The company was under the control of the director throughout the current period.