Registration number:
MIDLAND CUSTOM WORX LIMITED
for the Period from 5 May 2023 to 30 April 2024
MIDLAND CUSTOM WORX LIMITED
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
MIDLAND CUSTOM WORX LIMITED
Company Information
Director |
Mr Jordan Robert Reaney |
Company secretary |
Mr Jordan Robert Reaney |
Registered office |
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Accountants |
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MIDLAND CUSTOM WORX LIMITED
Director's Report for the Period from 5 May 2023 to 30 April 2024
The director presents his report and the financial statements for the period from 5 May 2023 to 30 April 2024.
Director of the company
The director who held office during the period was as follows:
Principal activity
The principal activity of the company is Motor Detailing and Repaires
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
MIDLAND CUSTOM WORX LIMITED
for the Period Ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MIDLAND CUSTOM WORX LIMITED for the period ended 30 April 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of MIDLAND CUSTOM WORX LIMITED, as a body, in accordance with the terms of our engagement letter dated 12 January 2023. Our work has been undertaken solely to prepare for your approval the accounts of MIDLAND CUSTOM WORX LIMITED and state those matters that we have agreed to state to the Board of Directors of MIDLAND CUSTOM WORX LIMITED, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MIDLAND CUSTOM WORX LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that MIDLAND CUSTOM WORX LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of MIDLAND CUSTOM WORX LIMITED. You consider that MIDLAND CUSTOM WORX LIMITED is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of MIDLAND CUSTOM WORX LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Accountants
Birmingham
B3 1UF
MIDLAND CUSTOM WORX LIMITED
Profit and Loss Account for the Period from 5 May 2023 to 30 April 2024
Note |
2024 |
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Turnover |
|
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Cost of sales |
( |
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Gross profit |
|
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Administrative expenses |
( |
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Operating loss |
(8,041) |
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Loss before tax |
( |
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Loss for the financial period |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
MIDLAND CUSTOM WORX LIMITED
Statement of Comprehensive Income for the Period from 5 May 2023 to 30 April 2024
2024 |
|
Loss for the period |
( |
Total comprehensive income for the period |
( |
MIDLAND CUSTOM WORX LIMITED
(Registration number: 14781269)
Balance Sheet as at 30 April 2024
Note |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
|
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Cash at bank and in hand |
( |
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|
||
Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
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Net liabilities |
( |
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Capital and reserves |
||
Retained earnings |
(8,041) |
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Shareholders' deficit |
(8,041) |
For the financial period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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MIDLAND CUSTOM WORX LIMITED
Statement of Changes in Equity for the Period from 5 May 2023 to 30 April 2024
Retained earnings |
Total |
|
Loss for the period |
( |
( |
At 30 April 2024 |
( |
( |
MIDLAND CUSTOM WORX LIMITED
Notes to the Unaudited Financial Statements for the Period from 5 May 2023 to 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
6 Mddlemore Lane
Adridge
Walsall
West Midlands
WS9 9OP
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
MIDLAND CUSTOM WORX LIMITED
Notes to the Unaudited Financial Statements for the Period from 5 May 2023 to 30 April 2024
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
MIDLAND CUSTOM WORX LIMITED
Notes to the Unaudited Financial Statements for the Period from 5 May 2023 to 30 April 2024
Auditors' remuneration |
2024 |
Tangible assets |
Motor vehicles |
Total |
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Cost or valuation |
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Additions |
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At 30 April 2024 |
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Depreciation |
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Carrying amount |
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At 30 April 2024 |
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Debtors |
Current |
2024 |
Trade debtors |
( |
Other debtors |
|
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
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Due within one year |
||
Loans and borrowings |
|
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Taxation and social security |
|
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Other creditors |
|
|
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Creditors: amounts falling due after more than one year
Note |
2024 |
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Due after one year |
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Loans and borrowings |
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MIDLAND CUSTOM WORX LIMITED
Notes to the Unaudited Financial Statements for the Period from 5 May 2023 to 30 April 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
||
No. |
£ |
|
|
|
100 |
Loans and borrowings |
Non-current loans and borrowings
2024 |
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Bank borrowings |
( |
Other borrowings |
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Current loans and borrowings
2024 |
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Bank overdrafts |
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Dividends |
Transition to FRS 102 |
Balance Sheet at
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Capital and reserves |
||||
Total equity |
- |
- |
- |
- |
MIDLAND CUSTOM WORX LIMITED
Notes to the Unaudited Financial Statements for the Period from 5 May 2023 to 30 April 2024
Balance Sheet at
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Capital and reserves |
||||
Total equity |
- |
- |
- |
- |
MIDLAND CUSTOM WORX LIMITED
Notes to the Unaudited Financial Statements for the Period from 5 May 2023 to 30 April 2024
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
- |
- |
- |
- |
Operating profit/(loss) |
- |
- |
- |
- |
Profit/(loss) before tax |
- |
- |
- |
- |
Profit/(loss) for the financial period |
- |
- |
- |
- |