Company Registration No. 03186856 (England and Wales)
Midland Pumps Limited
Unaudited accounts
for the year ended 30 April 2023
Midland Pumps Limited
Unaudited accounts
Contents
Midland Pumps Limited
Statement of financial position
as at 30 April 2023
Tangible assets
62,994
69,699
Cash at bank and in hand
178,775
212,426
Creditors: amounts falling due within one year
(85,535)
(91,170)
Net current assets
282,594
252,972
Total assets less current liabilities
345,588
322,671
Creditors: amounts falling due after more than one year
(23,357)
(33,733)
Provisions for liabilities
Deferred tax
(12,033)
(13,243)
Net assets
310,198
275,695
Called up share capital
150
150
Profit and loss account
310,048
275,545
Shareholders' funds
310,198
275,695
For the year ending 30 April 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 directors acknowledge their 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 of Directors and authorised for issue on 9 January 2024 and were signed on its behalf by
Mr J M Douglas
Director
Company Registration No. 03186856
Midland Pumps Limited
Notes to the Accounts
for the year ended 30 April 2023
Midland Pumps Limited is a private company, limited by shares, registered in England and Wales, registration number 03186856. The registered office is Unit 21 Colemeadow Road, Moons Moat North Industrial Estate, Redditch, B98 9PB.
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.
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:
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% straight line
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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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.
Midland Pumps Limited
Notes to the Accounts
for the year ended 30 April 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 May 2022
23,888
137,442
13,072
174,402
Additions
-
46,395
-
46,395
Disposals
-
(67,319)
(13,072)
(80,391)
At 30 April 2023
23,888
116,518
-
140,406
At 1 May 2022
22,339
69,292
13,072
104,703
Charge for the year
232
20,560
-
20,792
On disposals
-
(35,011)
(13,072)
(48,083)
At 30 April 2023
22,571
54,841
-
77,412
At 30 April 2023
1,317
61,677
-
62,994
At 30 April 2022
1,549
68,150
-
69,699
Amounts falling due within one year
Trade debtors
186,826
129,358
Accrued income and prepayments
2,528
2,358
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
9,600
Trade creditors
30,630
31,101
Taxes and social security
12,557
21,362
7
Creditors: amounts falling due after more than one year
2023
2022
Midland Pumps Limited
Notes to the Accounts
for the year ended 30 April 2023
Allotted, called up and fully paid:
90 Ordinary shares of £1 each
90
90
200 Ordinary 'A' of £0.10 each
20
20
200 Ordinary 'B' of £0.10 each
20
20
200 Ordinary 'C' of £0.10 each
20
20
9
Average number of employees
During the year the average number of employees was 4 (2022: 4).