2022-05-182023-05-312023-05-31false14115540MIDLAND HERITAGE VEHICLES 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MIDLAND HERITAGE VEHICLES LTD

Registered Number
14115540
(England and Wales)

Unaudited Financial Statements for the Period ended
31 May 2023

MIDLAND HERITAGE VEHICLES LTD
Company Information
for the period from 18 May 2022 to 31 May 2023

Directors

BAKER, Christian Andrew Edwin
BATEMAN, Joe Ruben

Registered Address

Rawburn Grounds Farm
Sawbrige
Rugby
CV23 8BB

Registered Number

14115540 (England and Wales)
MIDLAND HERITAGE VEHICLES LTD
Balance Sheet as at
31 May 2023

Notes

2023

£

£

Fixed assets
Tangible assets6224,100
224,100
Current assets
Stocks158,769
Debtors12,460
Cash at bank and on hand273,313
444,542
Creditors amounts falling due within one year8(199,903)
Net current assets (liabilities)244,639
Total assets less current liabilities468,739
Provisions for liabilities(56,025)
Net assets412,714
Capital and reserves
Called up share capital10
Profit and loss account412,704
Shareholders' funds412,714
The financial statements were approved and authorised for issue by the Board of Directors on 13 October 2023, and are signed on its behalf by:
BAKER, Christian Andrew Edwin
Director
BATEMAN, Joe Ruben
Director

Registered Company No. 14115540
MIDLAND HERITAGE VEHICLES LTD
Notes to the Financial Statements
for the period ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
4.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery10
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
5.Employee information

2023
Average number of employees during the year0
6.Property, plant and equipment

Total

£
Cost or valuation
Additions249,000
At 31 May 23249,000
Depreciation and impairment
Charge for year24,900
At 31 May 2324,900
Net book value
At 31 May 23224,100
At 17 May 22-
7.Debtors within one year

2023

£
Other debtors12,460
Total12,460
8.Creditors within one year

2023

£
Taxation and social security93,519
Other creditors105,584
Accrued liabilities and deferred income800
Total199,903