Registered number
04034422
Mid Wales Trading Limited
Filleted Accounts
For the year ended 30 November 2023
ASVSH Accountancy Services Limited
Chartered Certified Accountants
Mid Wales Trading Limited
Registered number: 04034422
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 - 52
Investment property 4 125,000 125,000
125,000 125,052
Current assets
Debtors 5 80,102 80,102
Cash at bank and in hand 3,442 1,172
83,544 81,274
Creditors: amounts falling due within one year 6 (158,604) (138,258)
Net current liabilities (75,060) (56,984)
Total assets less current liabilities 49,940 68,068
Creditors: amounts falling due after more than one year 7 (34,672) (44,329)
Net assets 15,268 23,739
Capital and reserves
Called up share capital 10 10
Profit and loss account 15,258 23,729
Shareholder's funds 15,268 23,739
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
G M Pugh
Director
Approved by the board on 1 March 2024
Mid Wales Trading Limited
Notes to the Accounts
for the year ended 30 November 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 (as applied to small entities by section 1A of the standard).
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investment property
Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location of condition of the speccific asset. No depreciation is provided on investment property. Changes in fair value are recognised in the Statement of Comprehensive Income.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 31,649
At 30 November 2023 31,649
Depreciation
At 1 December 2022 31,597
Charge for the year 52
At 30 November 2023 31,649
Net book value
At 30 November 2023 -
At 30 November 2022 52
4 Investment Property
Investment
Property
£
Cost
At 1 December 2022 125,000
At 30 November 2023 125,000
The 2022 valuations were made by Mr G M Pugh, director, on an open market value for an existing use basis.
5 Debtors 2023 2022
£ £
Other debtors 80,102 80,102
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,371 9,872
Trade creditors 7,396 2,275
Other creditors 141,837 126,111
158,604 138,258
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 34,672 44,329
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 44,043 54,201
The bank loan is secured upon the investment property of the company.
9 Related party transactions
The director considers GP Camden Town Limited as a related party as the director Mr G M Pugh owns 100% share capital of the company. At the end of the year £80,102 (2022: £80,102) was due from GP Camden Town Limited.
10 Controlling party
The company is under the control of Mr G M Pugh, who owns 100% of the share capital.
11 Other information
Mid Wales Trading Limited is a private company limited by shares and incorporated in England. Its registered office is:
Agrimont Depot
Abermule
Montegomery
Powys, Wales
SY15 6NH
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