Company Registration No. 09986313 (England and Wales)
Midmer Limited
Unaudited accounts
for the year ended 28 February 2023
Midmer Limited
Unaudited accounts
Contents
Midmer Limited
Company Information
for the year ended 28 February 2023
Company Number
09986313 (England and Wales)
Registered Office
BROOKSIDE RIDDENS CLOSE
PLUMPTON GREEN
LEWES
BN7 3BP
ENGLAND
Accountants
SA Ledgers Ltd
57 Canbury Park Road
Kingston
KT2 6LQ
Midmer Limited
Statement of financial position
as at 28 February 2023
Tangible assets
4,122
3,174
Cash at bank and in hand
131,244
225,268
Creditors: amounts falling due within one year
(49,333)
(102,302)
Net current assets
105,719
127,237
Net assets
109,841
130,411
Called up share capital
100
100
Profit and loss account
109,741
130,311
Shareholders' funds
109,841
130,411
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 November 2023 and were signed on its behalf by
J Midmer
Director
Company Registration No. 09986313
Midmer Limited
Notes to the Accounts
for the year ended 28 February 2023
Midmer Limited is a private company, limited by shares, registered in England and Wales, registration number 09986313. The registered office is BROOKSIDE RIDDENS CLOSE, PLUMPTON GREEN, LEWES, BN7 3BP, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
4 years
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Midmer Limited
Notes to the Accounts
for the year ended 28 February 2023
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.
Debtors and creditors that fall due within one year are recorded in the financial statements at transaction price and then subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded within profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt.
Debtors do not carry interest and are stated at their nominal value. Trade creditors are not interest-bearing and are stated at their nominal value.
Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.
After reviewing the company’s forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
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Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 March 2022
-
4,226
4,226
At 28 February 2023
1,383
5,133
6,516
At 1 March 2022
-
1,052
1,052
Charge for the year
115
1,227
1,342
At 28 February 2023
115
2,279
2,394
At 28 February 2023
1,268
2,854
4,122
At 28 February 2022
-
3,174
3,174
Midmer Limited
Notes to the Accounts
for the year ended 28 February 2023
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
11,427
2,556
Taxes and social security
(3,921)
21,294
Loans from directors
4,030
14,451
7
Average number of employees
During the year the average number of employees was 1 (2022: 1).