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MIDWAY ROADTANKER SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST JULY 2023






MIDWAY ROADTANKER SERVICES LIMITED (REGISTERED NUMBER: 03550582)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 7

MIDWAY ROADTANKER SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2023







DIRECTORS: A J Kinns
Mrs G L Kinns





SECRETARY: Mrs G L Kinns





REGISTERED OFFICE: First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN





REGISTERED NUMBER: 03550582 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

MIDWAY ROADTANKER SERVICES LIMITED (REGISTERED NUMBER: 03550582)

BALANCE SHEET
31ST JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 737,841 276,798

CURRENT ASSETS
Stocks 20,000 20,000
Debtors 5 370,198 600,495
Cash at bank 1,214,062 1,054,958
1,604,260 1,675,453
CREDITORS
Amounts falling due within one year 6 1,257,518 1,047,265
NET CURRENT ASSETS 346,742 628,188
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,084,583

904,986

CREDITORS
Amounts falling due after more than one
year

7

(21,561

)

(31,408

)

PROVISIONS FOR LIABILITIES (78,648 ) (16,731 )
NET ASSETS 984,374 856,847

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 984,274 856,747
984,374 856,847

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 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.

MIDWAY ROADTANKER SERVICES LIMITED (REGISTERED NUMBER: 03550582)

BALANCE SHEET - continued
31ST JULY 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5th February 2024 and were signed on its behalf by:





A J Kinns - Director


MIDWAY ROADTANKER SERVICES LIMITED (REGISTERED NUMBER: 03550582)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

1. STATUTORY INFORMATION

Midway Roadtanker Services Limited 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to al periods presented unless otherwise stated.

Turnover
Turnover represents the maintenance work and testing facilities on tankers, stated net of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

MIDWAY ROADTANKER SERVICES LIMITED (REGISTERED NUMBER: 03550582)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 2 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1st August 2022 635,864 166,406 1,785 804,055
Additions 3,494 565,201 980 569,675
At 31st July 2023 639,358 731,607 2,765 1,373,730
DEPRECIATION
At 1st August 2022 438,725 86,747 1,785 527,257
Charge for year 49,283 59,104 245 108,632
At 31st July 2023 488,008 145,851 2,030 635,889
NET BOOK VALUE
At 31st July 2023 151,350 585,756 735 737,841
At 31st July 2022 197,139 79,659 - 276,798

The net book value of tangible fixed assets includes £ 7,424 (2022 - £ 9,280 ) in respect of assets held under hire purchase contracts or finance leases.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 56,169 235,923
Other debtors 139,205 142,215
Other loans 149,824 222,357
Prepayments and accrued income 25,000 -
370,198 600,495

MIDWAY ROADTANKER SERVICES LIMITED (REGISTERED NUMBER: 03550582)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,060 9,654
Trade creditors 191,686 128,939
Amounts owed to group undertakings 748,680 499,280
Corporation tax 43,608 162,233
Social security and other taxes 15,590 20,503
Other creditors 12,434 12,196
Directors' current accounts 10,360 10,360
Accrued expenses 225,100 204,100
1,257,518 1,047,265

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 21,561 31,408

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 31,621 41,062

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MIDWAY ROADTANKER SERVICES LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Midway Roadtanker Services Limited for the year ended 31st July 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Midway Roadtanker Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Midway Roadtanker Services Limited and state those matters that we have agreed to state to the Board of Directors of Midway Roadtanker Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midway Roadtanker Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Midway Roadtanker Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Midway Roadtanker Services Limited. You consider that Midway Roadtanker Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Midway Roadtanker Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


6th February 2024