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COMPANY REGISTRATION NUMBER: SC356614
Middleton Memorials Limited
Filleted Unaudited Financial Statements
31 March 2023
Middleton Memorials Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Middleton Memorials Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
6,836
9,347
Current assets
Stocks
50,458
61,500
Debtors
7
86,215
66,453
Cash at bank and in hand
147,805
117,962
---------
---------
284,478
245,915
Creditors: amounts falling due within one year
8
152,621
180,898
---------
---------
Net current assets
131,857
65,017
---------
--------
Total assets less current liabilities
138,693
74,364
Creditors: amounts falling due after more than one year
9
11,685
16,667
Provisions
Taxation including deferred tax
1,709
1,776
---------
--------
Net assets
125,299
55,921
---------
--------
Middleton Memorials Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
11
1
1
Profit and loss account
125,298
55,920
---------
--------
Shareholder funds
125,299
55,921
---------
--------
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 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 January 2024 , and are signed on behalf of the board by:
Mr K.A. Neill
Director
Company registration number: SC356614
Middleton Memorials Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2B Ainslie Street, West Pitkerro Industrial Estate, Dundee, DD5 3RR.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Corporation 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 and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Stocks
Stocks are measured 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 the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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
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 the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
21,774
2,043
Deferred tax:
Origination and reversal of timing differences
( 67)
( 514)
--------
-------
Tax on profit
21,707
1,529
--------
-------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
39,885
6,839
3,000
49,724
Disposals
( 2,184)
( 2,184)
--------
-------
-------
--------
At 31 March 2023
39,885
4,655
3,000
47,540
--------
-------
-------
--------
Depreciation
At 1 April 2022
33,506
5,137
1,734
40,377
Charge for the year
1,594
360
317
2,271
Disposals
( 1,944)
( 1,944)
--------
-------
-------
--------
At 31 March 2023
35,100
3,553
2,051
40,704
--------
-------
-------
--------
Carrying amount
At 31 March 2023
4,785
1,102
949
6,836
--------
-------
-------
--------
At 31 March 2022
6,379
1,702
1,266
9,347
--------
-------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
42,552
44,628
Other debtors
43,663
21,825
--------
--------
86,215
66,453
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,600
5,000
Trade creditors
10,695
17,807
Corporation tax
21,774
8,910
Social security and other taxes
315
1,091
Other creditors
115,237
148,090
---------
---------
152,621
180,898
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,685
16,667
--------
--------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
1,709
1,776
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,709
1,776
-------
-------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
12. Director's advances, credits and guarantees
The director operates a loan account with the company and at the year end the company was due to pay him £173 (2022 - £156). The loan has no fixed repayment date and bears no interest.
13. Controlling party
The company was under the control of the director throughout the current and previous financial year.