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Registered number: 13225875
Midland Exploration Ltd
Financial Statements
For The Year Ended 29 February 2024
William Price & Co
Chartered Accountants
Westbury Court Church Road
Westbury On Trym
Bristol
BS9 3EF
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13225875
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 2,148 1,779
2,148 1,779
CURRENT ASSETS
Debtors 4 12,441 12,085
Cash at bank and in hand 1,511 7,586
13,952 19,671
Creditors: Amounts Falling Due Within One Year 5 (2,754 ) (1,890 )
NET CURRENT ASSETS (LIABILITIES) 11,198 17,781
TOTAL ASSETS LESS CURRENT LIABILITIES 13,346 19,560
Creditors: Amounts Falling Due After More Than One Year 6 (40,789 ) (53,367 )
NET LIABILITIES (27,443 ) (33,807 )
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account (27,445 ) (33,809 )
SHAREHOLDERS' FUNDS (27,443) (33,807)
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Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A Hopwood
Director
24 September 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 7 years straight line.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2023: 1)
1 1
3. Tangible Assets
Plant & Machinery
£
Cost
As at 1 March 2023 2,076
Additions 777
As at 29 February 2024 2,853
Depreciation
As at 1 March 2023 297
Provided during the period 408
As at 29 February 2024 705
Net Book Value
As at 29 February 2024 2,148
As at 1 March 2023 1,779
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Page 4
4. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 311 -
Other debtors 130 85
441 85
Due after more than one year
Other debtors 12,000 12,000
12,000 12,000
12,441 12,085
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 513 153
Other taxes and social security 341 87
Accruals and deferred income 1,900 1,650
2,754 1,890
6. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 40,789 53,367
40,789 53,367
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
8. Related Party Transactions
Included in other debtors due in more than one year is an amount of £12,000 (2023: £12,000), owed to the company by Forest Resources Limited, a company controlled by the director.
9. General Information
Midland Exploration Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13225875 . The registered office is 13 The Drive, Lichfield, WS14 9QT.
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