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Registered number: 11301949
Midak Engineering Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Davis & Co Accountants
Jon Dowdeswell F M A A T
Brinkley Middle Road
Tiptoe
Lymington
SO41 6FX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11301949
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 3,392 5,088
3,392 5,088
CURRENT ASSETS
Debtors 5 591 874
Cash at bank and in hand 49,678 137,194
50,269 138,068
Creditors: Amounts Falling Due Within One Year 6 (3,482 ) (26,439 )
NET CURRENT ASSETS (LIABILITIES) 46,787 111,629
TOTAL ASSETS LESS CURRENT LIABILITIES 50,179 116,717
Creditors: Amounts Falling Due After More Than One Year 7 - (11,823 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (469 ) (2,174 )
NET ASSETS 49,710 102,720
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 49,610 102,620
SHAREHOLDERS' FUNDS 49,710 102,720
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For the year ending 30 April 2024 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Williams
Director
27th July 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Midak Engineering Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11301949 . The registered office is Brinkley Middle Road, Tiptoe, Lymington, SO41 6FX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 33.3% Reducing balance
Computer Equipment 50% Straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was 1. NIL (2023: 1)
- 1
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 May 2023 17,167 2,242 19,409
As at 30 April 2024 17,167 2,242 19,409
Depreciation
As at 1 May 2023 12,080 2,241 14,321
Provided during the period 1,696 - 1,696
As at 30 April 2024 13,776 2,241 16,017
Net Book Value
As at 30 April 2024 3,391 1 3,392
As at 1 May 2023 5,087 1 5,088
5. Debtors
2024 2023
£ £
Due within one year
VAT 591 874
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 245 3,383
Corporation tax 309 19,880
Accruals and deferred income 372 372
Directors' loan accounts 2,556 2,804
3,482 26,439
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 11,823
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5