Company Registration No. 07382345 (England and Wales)
MIDDLETON ADVISORS CORPORATE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MIDDLETON ADVISORS CORPORATE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MIDDLETON ADVISORS CORPORATE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
111,777
85,961
Current assets
Debtors
5
787,474
316,097
Cash at bank and in hand
138,678
1,073,434
926,152
1,389,531
Creditors: amounts falling due within one year
6
(915,924)
(1,176,852)
Net current assets
10,228
212,679
Total assets less current liabilities
122,005
298,640
Creditors: amounts falling due after more than one year
7
(39,278)
(46,667)
Provisions for liabilities
(17,743)
(21,490)
Net assets
64,984
230,483
Capital and reserves
Called up share capital
8
1,185
1,185
Share premium account
42,292
42,292
Profit and loss reserves
21,507
187,006
Total equity
64,984
230,483

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MIDDLETON ADVISORS CORPORATE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 July 2024 and are signed on its behalf by:
Mr M Parkinson
Mr T Hudson
Director
Director
Company registration number 07382345 (England and Wales)
MIDDLETON ADVISORS CORPORATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Middleton Advisors Corporate Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Baker Street, London, W1U 3BW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Straight line
Computers
25% Straight line
Motor vehicles
33% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The directors have elected to change the depreciation rate for motor vehicles from a 25% straight line depreciation rate to a 33% straight line depreciation rate. The change went in to effect from the start of the accounting period.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MIDDLETON ADVISORS CORPORATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
27
26
MIDDLETON ADVISORS CORPORATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,303,066
Amortisation and impairment
At 1 April 2023 and 31 March 2024
1,303,066
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
188,248
Additions
73,002
Disposals
(10,240)
At 31 March 2024
251,010
Depreciation and impairment
At 1 April 2023
102,287
Depreciation charged in the year
41,853
Eliminated in respect of disposals
(4,907)
At 31 March 2024
139,233
Carrying amount
At 31 March 2024
111,777
At 31 March 2023
85,961
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
481,549
139,297
Corporation tax recoverable
-
0
60,881
Other debtors
305,925
115,919
787,474
316,097
MIDDLETON ADVISORS CORPORATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
100,426
130,000
Trade creditors
66,745
33,917
Corporation tax
30,585
-
0
Other taxation and social security
215,348
151,509
Other creditors
502,820
861,426
915,924
1,176,852
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
46,667
Other creditors
39,278
-
0
39,278
46,667
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
52,321
51,547
523
515
B Ordinary shares of 1p each
52,321
51,547
523
515
C Ordinary shares of 1p each
12,372
12,372
124
124
D Ordinary shares of 1p each
1,546
3,094
15
31
118,560
118,560
1,185
1,185

 

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
46,998
196,117
MIDDLETON ADVISORS CORPORATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Directors' transactions

Dividends totalling £641,838 (2023 - £1,343,572) were paid in the year in respect of shares held by the company's directors.

At the balance sheet date £195,037 (2023 - £31) remains due from the directors and is included within current assets. These amounts are repayable on demand, and interest has been charged in line with HMRC's official rate.

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