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COMPANY REGISTRATION NUMBER: 02282481
MidWest IT Limited
Filleted Unaudited Financial Statements
31 December 2023
MidWest IT Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
1,371
1,829
Current assets
Debtors
5
653,573
479,806
Cash at bank and in hand
97,236
301,451
---------
---------
750,809
781,257
Creditors: amounts falling due within one year
6
( 20,152)
21,629
---------
---------
Net current assets
770,961
759,628
---------
---------
Total assets less current liabilities
772,332
761,457
---------
---------
Net assets
772,332
761,457
---------
---------
MidWest IT Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
762,332
751,457
---------
---------
Shareholders funds
772,332
761,457
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mr P Wileman
Mrs A Wileman
Director
Director
Company registration number: 02282481
MidWest IT Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 80 Austrey Road, Warton, Staffordshire, B79 0HQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
10,000
31,065
41,065
--------
--------
--------
Depreciation
At 1 January 2023
9,762
29,474
39,236
Charge for the year
60
398
458
--------
--------
--------
At 31 December 2023
9,822
29,872
39,694
--------
--------
--------
Carrying amount
At 31 December 2023
178
1,193
1,371
--------
--------
--------
At 31 December 2022
238
1,591
1,829
--------
--------
--------
5. Debtors
2023
2022
£
£
Other debtors
653,573
479,806
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
2,548
1,824
Other creditors
( 22,700)
19,805
--------
--------
( 20,152)
21,629
--------
--------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Wileman
( 8,855)
107,619
( 16,758)
82,006
Mrs A Wileman
( 8,855)
107,619
( 16,758)
82,006
--------
---------
--------
---------
( 17,710)
215,238
( 33,516)
164,012
--------
---------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Wileman
( 2,493)
( 6,362)
( 8,855)
Mrs A Wileman
( 2,493)
( 6,362)
( 8,855)
-------
----
--------
--------
( 4,986)
( 12,724)
( 17,710)
-------
----
--------
--------
8. Related party transactions
During the year the company was under the control of Peter and Anne Marie Wileman. Loans have been made to 2 companies they control being Palem Properties Ltd and Palem Developments Ltd. The total outstanding at the end of the financial year was £485,931(2022 :£475,931).