Middle Distance Product Ltd 12415833 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is Clothing and accessory design Digita Accounts Production Advanced 6.30.9574.0 true true 12415833 2023-02-01 2024-01-31 12415833 2024-01-31 12415833 core:CurrentFinancialInstruments 2024-01-31 12415833 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 12415833 core:MotorVehicles 2024-01-31 12415833 core:OfficeEquipment 2024-01-31 12415833 1 2024-01-31 12415833 bus:SmallEntities 2023-02-01 2024-01-31 12415833 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 12415833 bus:FilletedAccounts 2023-02-01 2024-01-31 12415833 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 12415833 bus:RegisteredOffice 2023-02-01 2024-01-31 12415833 bus:Director1 2023-02-01 2024-01-31 12415833 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 12415833 core:MotorVehicles 2023-02-01 2024-01-31 12415833 core:OfficeEquipment 2023-02-01 2024-01-31 12415833 countries:EnglandWales 2023-02-01 2024-01-31 12415833 1 2023-02-01 2024-01-31 12415833 2023-01-31 12415833 core:MotorVehicles 2023-01-31 12415833 core:OfficeEquipment 2023-01-31 12415833 1 2023-01-31 12415833 2022-02-01 2023-01-31 12415833 2023-01-31 12415833 core:CurrentFinancialInstruments 2023-01-31 12415833 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 12415833 core:MotorVehicles 2023-01-31 12415833 core:OfficeEquipment 2023-01-31 12415833 1 2023-01-31 12415833 1 2022-02-01 2023-01-31 12415833 1 2022-01-31 iso4217:GBP xbrli:pure

Registration number: 12415833

Middle Distance Product Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Middle Distance Product Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Middle Distance Product Ltd

Company Information

Director

Mr Robert Newman

Registered office

Stone & Co
Charnwood House
Marsh Road
Bristol
BS3 2NA

Accountants

Stone and Co
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Middle Distance Product Ltd

(Registration number: 12415833)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

4

 

20,334

20,766

Current assets

   

Stocks

5

-

 

11,834

Debtors

6

24,081

 

22,147

Cash at bank and in hand

 

68,976

 

11,827

 

93,057

 

45,808

Creditors: Amounts falling due within one year

7

(30,195)

 

(17,468)

Net current assets

   

62,862

28,340

Total assets less current liabilities

   

83,196

49,106

Provisions for liabilities

 

(3,836)

(5,294)

Net assets

   

79,360

43,812

Capital and reserves

   

Called up share capital

1

 

1

Retained earnings

79,359

 

43,811

Shareholders' funds

   

79,360

43,812

For the financial year ending 31 January 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 year 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 October 2024
 

 

Middle Distance Product Ltd

(Registration number: 12415833)
Balance Sheet as at 31 January 2024

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

Mr Robert Newman
Director

 

Middle Distance Product Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Stone & Co
Charnwood House
Marsh Road
Bristol
BS3 2NA

These financial statements were authorised for issue by the director on 25 October 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Middle Distance Product Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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:

Asset class

Depreciation method and rate

Office Equipment

25% Straight Line

Motor Vehicles

25% Straight Line

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.

 

Middle Distance Product Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Middle Distance Product Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

276

23,495

23,771

Additions

5,583

-

5,583

At 31 January 2024

5,859

23,495

29,354

Depreciation

At 1 February 2023

68

2,937

3,005

Charge for the year

141

5,874

6,015

At 31 January 2024

209

8,811

9,020

Carrying amount

At 31 January 2024

5,650

14,684

20,334

At 31 January 2023

208

20,558

20,766

5

Stocks

2024
£

2023
£

Work in progress

-

11,834

6

Debtors

Current

2024
£

2023
£

Trade debtors

15,659

12,031

Prepayments

526

422

Other debtors

7,896

9,694

 

24,081

22,147

7

Creditors

Creditors: amounts falling due within one year

 

Middle Distance Product Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2024
£

2023
£

Due within one year

Trade creditors

553

2,214

Taxation and social security

22,900

11,750

Accruals and deferred income

1,300

3,504

Other creditors

5,442

-

30,195

17,468

8

Related party transactions

The company was under the control of Mr R Newman throughout the current period. Mr R Newman is the sole director and shareholder.

As at the year end the company owed the director £5,442 (2023: The director owed the company £2,637).

No further transactions with related parties were undertaken such as are required to be disclosed under FRS102.

 

Middle Distance Product Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Transactions with the director

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Directors Loan Account

2,637

42,228

(50,308)

(5,442)

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Directors Loan Account

(112)

53,405

(50,656)

2,637