MIDLAND CUSTOM WORX LIMITED 14781269 false 2023-05-05 2024-04-30 2024-04-30 The principal activity of the company is Motor Detailing and Repaires Digita Accounts Production Advanced 6.30.9574.0 true true 14781269 2023-05-05 2024-04-30 14781269 2024-04-30 14781269 bus:OrdinaryShareClass1 2024-04-30 14781269 core:RetainedEarningsAccumulatedLosses 2024-04-30 14781269 core:CurrentFinancialInstruments 2024-04-30 14781269 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 14781269 core:Non-currentFinancialInstruments 2024-04-30 14781269 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 14781269 core:MotorVehicles 2024-04-30 14781269 bus:SmallEntities 2023-05-05 2024-04-30 14781269 bus:AuditExemptWithAccountantsReport 2023-05-05 2024-04-30 14781269 bus:FullAccounts 2023-05-05 2024-04-30 14781269 bus:SmallCompaniesRegimeForAccounts 2023-05-05 2024-04-30 14781269 bus:RegisteredOffice 2023-05-05 2024-04-30 14781269 bus:CompanySecretaryDirector1 2023-05-05 2024-04-30 14781269 bus:OrdinaryShareClass1 2023-05-05 2024-04-30 14781269 bus:PrivateLimitedCompanyLtd 2023-05-05 2024-04-30 14781269 bus:Agent1 2023-05-05 2024-04-30 14781269 core:RetainedEarningsAccumulatedLosses 2023-05-05 2024-04-30 14781269 core:MotorVehicles 2023-05-05 2024-04-30 14781269 countries:EnglandWales 2023-05-05 2024-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14781269

MIDLAND CUSTOM WORX LIMITED

Annual Report and Unaudited Financial Statements

for the Period from 5 May 2023 to 30 April 2024

 

MIDLAND CUSTOM WORX LIMITED

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

MIDLAND CUSTOM WORX LIMITED

Company Information

Director

Mr Jordan Robert Reaney

Company secretary

Mr Jordan Robert Reaney

Registered office

110 Lichfield Road
Sandhill
Walsall
West Midlands
WS9 9PF

Accountants

A K Sharma and Co
Accountants
61B Caroline Street
Birmingham
B3 1UF

 

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:

Mr Jordan Robert Reaney - Company secretary and director

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 director on 4 September 2024 and signed on its behalf by:

.........................................
Mr Jordan Robert Reaney
Company secretary and director

   

.........................................

   
 

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.

......................................

A K Sharma and Co
Accountants
61B Caroline Street
Birmingham
B3 1UF

4 September 2024

 

MIDLAND CUSTOM WORX LIMITED

Profit and Loss Account for the Period from 5 May 2023 to 30 April 2024

Note

2024
£

Turnover

 

44,098

Cost of sales

 

(31,284)

Gross profit

 

12,814

Administrative expenses

 

(20,855)

Operating loss

 

(8,041)

Loss before tax

(8,041)

Loss for the financial period

 

(8,041)

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

(8,041)

Total comprehensive income for the period

(8,041)

 

MIDLAND CUSTOM WORX LIMITED

(Registration number: 14781269)
Balance Sheet as at 30 April 2024

Note

2024
£

Fixed assets

 

Tangible assets

5

18,045

Current assets

 

Debtors

6

21,455

Cash at bank and in hand

 

(7,283)

 

14,172

Creditors: Amounts falling due within one year

7

(33,924)

Net current liabilities

 

(19,752)

Total assets less current liabilities

 

(1,707)

Creditors: Amounts falling due after more than one year

7

(6,334)

Net liabilities

 

(8,041)

Capital and reserves

 

Retained earnings

(8,041)

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:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 director on 4 September 2024
 

.........................................
Mr Jordan Robert Reaney
Company secretary and director

   

.........................................

   
 

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

(8,041)

(8,041)

At 30 April 2024

(8,041)

(8,041)

 

MIDLAND CUSTOM WORX LIMITED

Notes to the Unaudited Financial Statements for the Period from 5 May 2023 to 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
110 Lichfield Road
Sandhill
Walsall
West Midlands
WS9 9PF
United Kingdom

The principal place of business is:
6 Mddlemore Lane
Adridge
Walsall
West Midlands
WS9 9OP
United Kingdom

Newley formed company

These financial statements were authorised for issue by the director on 4 September 2024.

2

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

 

MIDLAND CUSTOM WORX LIMITED

Notes to the Unaudited Financial Statements for the Period from 5 May 2023 to 30 April 2024

4

Auditors' remuneration

2024
£

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

Additions

18,045

18,045

At 30 April 2024

18,045

18,045

Depreciation

Carrying amount

At 30 April 2024

18,045

18,045

6

Debtors

Current

2024
£

Trade debtors

(1,885)

Other debtors

23,340

 

21,455

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

9

10,991

Taxation and social security

 

1,333

Other creditors

 

21,600

 

33,924

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

9

6,334

 

MIDLAND CUSTOM WORX LIMITED

Notes to the Unaudited Financial Statements for the Period from 5 May 2023 to 30 April 2024

8

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary of £1 each

100

100

   

9

Loans and borrowings

Non-current loans and borrowings

2024
£

Bank borrowings

(226)

Other borrowings

6,560

6,334

Current loans and borrowings

2024
£

Bank overdrafts

10,991

10

Dividends

11

Transition to FRS 102

Balance Sheet at
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

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
£

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

-

-

-

-