Mid Wales Storage and Distribution Centre Limited
Registered number: 03490117
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,313,349 2,849,797
Current assets
Debtors 4 71,099 41,242
Cash at bank and in hand 405,569 372,525
476,668 413,767
Creditors: amounts falling due within one year 5 (109,657) (85,954)
Net current assets 367,011 327,813
Total assets less current liabilities 1,680,360 3,177,610
Creditors: amounts falling due after more than one year 6 (615,111) (650,359)
Net assets 1,065,249 2,527,251
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 144,973 1,706,064
Profit and loss account 920,176 821,087
Shareholders' funds 1,065,249 2,527,251
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Sciacca
Director
Approved by the board on 3 October 2024
Mid Wales Storage and Distribution Centre Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Motor vehicles over 5 years
No depreciation is provided on the company's freehold properties.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 February 2023 2,681,091 448,200 28,634 3,157,925
Additions - 18,198 41,996 60,194
Adjustment arising on revaluation (1,561,091) - - (1,561,091)
Disposals - - (26,634) (26,634)
At 31 January 2024 1,120,000 466,398 43,996 1,630,394
Depreciation
At 1 February 2023 - 288,167 19,961 308,128
Charge for the year - 20,218 8,660 28,878
On disposals - - (19,961) (19,961)
At 31 January 2024 - 308,385 8,660 317,045
Net book value
At 31 January 2024 1,120,000 158,013 35,336 1,313,349
At 31 January 2023 2,681,091 160,033 8,673 2,849,797
Freehold land and buildings have been included at the revalued amount in accordance with the
professional valuation carried out on 25 July 2024 by Roger Parry & Partners LLP.
The historical cost was £975,027.
4 Debtors 2024 2023
£ £
Trade debtors 71,099 41,242
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 11,518 -
Trade creditors 30,143 26,371
Corporation tax 38,019 31,756
Other taxes and social security costs 29,977 26,826
Other creditors - 1,001
109,657 85,954
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 599,745 650,359
Obligations under finance lease and hire purchase contracts 15,366 -
615,111 650,359
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 570,647 611,473
The bank loans are secured by a fixed and floating charge over the company's freehold property and other assets.
8 Revaluation reserve 2024 2023
£ £
At 1 February 2023 1,706,064 1,706,064
Adjustment arising on revaluation (1,561,091) -
At 31 January 2024 144,973 1,706,064
9 Other information
Mid Wales Storage and Distribution Centre Limited is a private company limited by shares and incorporated in Wales. Its registered office is:
Old School
Doll Street
Machynlleth
Powys
SY20 8BQ
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