Registered number
04090513
Midlands Power and Motion Ltd
Report and Accounts
31 December 2023
Midlands Power and Motion Ltd
Registered number: 04090513
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 41,893 19,578
Current assets
Stocks 43,160 38,160
Debtors 4 147,942 66,717
Cash at bank and in hand 755,347 771,319
946,449 876,196
Creditors: amounts falling due within one year 5 (542,770) (429,839)
Net current assets 403,679 446,357
Net assets 445,572 465,935
Capital and reserves
Called up share capital 95 95
Share premium 18,000 18,000
Profit and loss account 427,477 447,840
Shareholders' funds 445,572 465,935
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A.M.McHugh
Director
Approved by the board on 7 February 2024
Midlands Power and Motion Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
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.
Turnover
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. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Motor vehicles 25% straight line
Warehouse Equipment 25% straight line
Computer equipment 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 7
3 Tangible fixed assets
Warehouse equipment Plant, machinery and computer equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 30,771 47,373 44,785 122,929
Additions - - 30,978 30,978
Disposals - - (8,400) (8,400)
At 31 December 2023 30,771 47,373 67,363 145,507
Depreciation
At 1 January 2023 30,770 44,567 28,014 103,351
Charge for the year - 1,709 6,953 8,662
On disposals - - (8,399) (8,399)
At 31 December 2023 30,770 46,276 26,568 103,614
Net book value
At 31 December 2023 1 1,097 40,795 41,893
At 31 December 2022 1 2,806 16,771 19,578
4 Debtors 2023 2022
£ £
Trade debtors 147,942 66,717
Other debtors - -
147,942 66,717
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 179,726 81,502
Corporation tax 15,706 20,973
Other taxes and social security costs 12,695 12,069
Other creditors 334,643 315,295
542,770 429,839
6 Other information
Midlands Power and Motion Ltd is a private company limited by shares and incorporated in England. Its registered office is:
15 Royal Oak Way South
Royal Oak Industrial Estate
Daventry
Northamptonshire
NN11 8PJ
Midlands Power and Motion Ltd 04090513 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2022 A.M.McHugh No description of principal activity 04090513 2022-01-01 2022-12-31 04090513 core:WithinOneYear 2022-12-31 04090513 core:ShareCapital 2022-12-31 04090513 core:SharePremium 2022-12-31 04090513 core:RetainedEarningsAccumulatedLosses 2022-12-31 04090513 2023-01-01 2023-12-31 04090513 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04090513 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04090513 bus:Director40 2023-01-01 2023-12-31 04090513 core:LandBuildings 2023-01-01 2023-12-31 04090513 core:PlantMachinery 2023-01-01 2023-12-31 04090513 core:Vehicles 2023-01-01 2023-12-31 04090513 countries:England 2023-01-01 2023-12-31 04090513 bus:FRS102 2023-01-01 2023-12-31 04090513 bus:FullAccounts 2023-01-01 2023-12-31 04090513 2023-12-31 04090513 core:WithinOneYear 2023-12-31 04090513 core:ShareCapital 2023-12-31 04090513 core:SharePremium 2023-12-31 04090513 core:RetainedEarningsAccumulatedLosses 2023-12-31 04090513 core:LandBuildings 2023-12-31 04090513 core:PlantMachinery 2023-12-31 04090513 core:Vehicles 2023-12-31 04090513 2022-12-31 04090513 core:LandBuildings 2022-12-31 04090513 core:PlantMachinery 2022-12-31 04090513 core:Vehicles 2022-12-31 iso4217:GBP xbrli:pure