Company Registration No. 13178829 (England and Wales)
Midway Property Limited
Unaudited accounts
for the year ended 31 January 2024
Midway Property Limited
Unaudited accounts
Contents
Midway Property Limited
Company Information
for the year ended 31 January 2024
Company Number
13178829 (England and Wales)
Registered Office
23a Dawkins Road
Poole
Dorset
BH15 4JY
Accountants
JSVM Limited
Certified Public Accountants
23a Dawkins Road
Poole
Dorset
BH15 4JY
Midway Property Limited
Statement of financial position
as at 31 January 2024
Investment property
376,659
376,659
Cash at bank and in hand
16,408
14,832
Creditors: amounts falling due within one year
(45,219)
(54,207)
Net current assets
15,980
20,842
Total assets less current liabilities
392,803
397,998
Creditors: amounts falling due after more than one year
(378,832)
(383,395)
Provisions for liabilities
Called up share capital
1
1
Profit and loss account
13,938
14,508
Shareholders' funds
13,939
14,509
For the year ending 31 January 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 director acknowledges his 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 and authorised for issue on 23 August 2024 and were signed on its behalf by
Paul Dumbleton
Director
Company Registration No. 13178829
Midway Property Limited
Notes to the Accounts
for the year ended 31 January 2024
Midway Property Limited is a private company, limited by shares, registered in England and Wales, registration number 13178829. The registered office is 23a Dawkins Road, Poole, Dorset, BH15 4JY.
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. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33% straight line
The investment property is included at cost which the Director considers to be the fair market value as at 31 January 2023.
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.
Turnover in respect of rental income is recognised in the accounting period to which it relates.
Turnover in respect of services is measured at the fair value of the consideration received or receivable.
Midway Property Limited
Notes to the Accounts
for the year ended 31 January 2024
4
Tangible fixed assets
Computer equipment
Fair value at 1 February 2023
376,659
At 31 January 2024
376,659
The investment property was valued on an open market basis by the Director on 31 January 2022.
Amounts falling due after more than one year
Trade debtors
44,791
60,217
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
7,200
12,000
Trade creditors
34,193
34,193
Taxes and social security
923
4,465
Loans from directors
301
915
The Director's Loan Account is interest-free and repayable on demand.
Midway Property Limited
Notes to the Accounts
for the year ended 31 January 2024
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
221,573
222,636
Loans from directors
157,259
160,759
Aggregate of amounts that fall due for payment after five years
153,873
143,987
9
Average number of employees
During the year the average number of employees was 1 (2023: 1).