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REGISTERED NUMBER: 14012613 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Midsomer Quilting Ltd

Midsomer Quilting Ltd (Registered number: 14012613)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Midsomer Quilting Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Miss D Pickford





REGISTERED OFFICE: 2 Northside
Wells Road
Chilcompton
Radstock
BA3 4ET





REGISTERED NUMBER: 14012613 (England and Wales)





ACCOUNTANTS: Accounting Solutions
2 Northside
Wells Road
Chilcompton
Radstock
BA3 4ET

Midsomer Quilting Ltd (Registered number: 14012613)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,000 11,250
Tangible assets 5 2,738 2,413
12,738 13,663

CURRENT ASSETS
Stocks 77,000 69,000
Cash at bank and in hand 25,989 23,684
102,989 92,684
CREDITORS
Amounts falling due within one year 6 97,573 106,762
NET CURRENT ASSETS/(LIABILITIES) 5,416 (14,078 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,154

(415

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 18,054 (515 )
SHAREHOLDERS' FUNDS 18,154 (415 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 August 2024 and were signed by:





Miss D Pickford - Director


Midsomer Quilting Ltd (Registered number: 14012613)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Midsomer Quilting Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Midsomer Quilting Ltd (Registered number: 14012613)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 12,500
AMORTISATION
At 1 April 2023 1,250
Amortisation for year 1,250
At 31 March 2024 2,500
NET BOOK VALUE
At 31 March 2024 10,000
At 31 March 2023 11,250

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 6,844 5,315 7,513 19,672
Additions - 260 1,135 1,395
At 31 March 2024 6,844 5,575 8,648 21,067
DEPRECIATION
At 1 April 2023 5,460 4,991 6,808 17,259
Charge for year 346 117 607 1,070
At 31 March 2024 5,806 5,108 7,415 18,329
NET BOOK VALUE
At 31 March 2024 1,038 467 1,233 2,738
At 31 March 2023 1,384 324 705 2,413

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,833 15,833
Trade creditors 2,820 230
Taxation and social security 7,391 1,760
Other creditors 76,529 88,939
97,573 106,762