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REGISTERED NUMBER: 09446987 (England and Wales)















MIDLANDS NAUTIQUE LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2024






MIDLANDS NAUTIQUE LIMITED (REGISTERED NUMBER: 09446987)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIDLANDS NAUTIQUE LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J M Bates
A J Gittings





REGISTERED OFFICE: Unit 2
Walsall Road
Norton Canes
Cannock
Staffordshire
WS11 9TA





REGISTERED NUMBER: 09446987 (England and Wales)





ACCOUNTANTS: Michael Dufty Partnership Limited
59-61 Charlotte Street
St Pauls Square
Birmingham
West Midlands
B3 1PX

MIDLANDS NAUTIQUE LIMITED (REGISTERED NUMBER: 09446987)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 254,062 284,132
254,062 284,132

CURRENT ASSETS
Stocks 587,625 732,927
Debtors 6 265,473 291,679
Cash at bank 143,062 315,667
996,160 1,340,273
CREDITORS
Amounts falling due within one year 7 957,947 1,277,712
NET CURRENT ASSETS 38,213 62,561
TOTAL ASSETS LESS CURRENT
LIABILITIES

292,275

346,693

CREDITORS
Amounts falling due after more than one
year

8

(24,281

)

(63,996

)

PROVISIONS FOR LIABILITIES (47,830 ) (71,034 )
NET ASSETS 220,164 211,663

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 220,064 211,563
220,164 211,663

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MIDLANDS NAUTIQUE LIMITED (REGISTERED NUMBER: 09446987)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:





J M Bates - Director


MIDLANDS NAUTIQUE LIMITED (REGISTERED NUMBER: 09446987)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Midlands Nautique Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

MIDLANDS NAUTIQUE LIMITED (REGISTERED NUMBER: 09446987)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 22,000
AMORTISATION
At 1 April 2023
and 31 March 2024 22,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 127,865 70,977 188,723 24,364 411,929
Additions 50,334 11,761 62,000 3,739 127,834
Disposals (62,400 ) - (112,608 ) - (175,008 )
At 31 March 2024 115,799 82,738 138,115 28,103 364,755
DEPRECIATION
At 1 April 2023 41,521 19,222 51,317 15,737 127,797
Charge for year 12,289 14,338 29,857 5,492 61,976
Eliminated on disposal (29,120 ) - (49,960 ) - (79,080 )
At 31 March 2024 24,690 33,560 31,214 21,229 110,693
NET BOOK VALUE
At 31 March 2024 91,109 49,178 106,901 6,874 254,062
At 31 March 2023 86,344 51,755 137,406 8,627 284,132

The net book value of tangible fixed assets includes £ 102,914 (2023 - £ 115,174 ) in respect of assets held under hire purchase contracts.

MIDLANDS NAUTIQUE LIMITED (REGISTERED NUMBER: 09446987)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 219,210 240,859
Amounts owed by group undertakings 39,029 40,623
Prepayments 7,234 10,197
265,473 291,679

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 301,758 429,704
Hire purchase contracts 52,294 21,899
Trade creditors 3,117 42,696
Social security and other taxes 42,721 12,252
VAT 95,772 98,155
Other creditors 82,753 76,231
Directors' current accounts 6,000 -
Directors' loan accounts 813 5,184
Accruals and deferred income 349,776 568,045
Accrued expenses 22,943 23,546
957,947 1,277,712

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 24,281 63,996

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 76,575 85,895
Other Loans 301,758 429,704
378,333 515,599

The trade loans are secured against the stock items to which they relate.

MIDLANDS NAUTIQUE LIMITED (REGISTERED NUMBER: 09446987)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
J M Bates
Balance outstanding at start of year (2,557 ) 2,522
Amounts advanced 36,689 32,486
Amounts repaid (34,500 ) (37,565 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (368 ) (2,557 )

A J Gittings
Balance outstanding at start of year (2,626 ) 2,523
Amounts advanced 36,681 32,727
Amounts repaid (34,500 ) (37,876 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (445 ) (2,626 )