2023-04-012024-03-312024-03-31false04510659MIDWAY PROJECTS 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MIDWAY PROJECTS LIMITED

Registered Number
04510659
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

MIDWAY PROJECTS LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

MANAGH SNR, David Samuel Robert

Company Secretary

MANAGH SNR, David Samuel Robert

Registered Address

26 Berkeley Square
Clifton
Bristol
BS8 1HP

Registered Number

04510659 (England and Wales)
MIDWAY PROJECTS LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets33,8095,077
3,8095,077
Current assets
Stocks43,880154,837
Debtors524,8287,830
Cash at bank and on hand219,067362,634
247,775525,301
Creditors amounts falling due within one year6(13,924)(284,457)
Net current assets (liabilities)233,851240,844
Total assets less current liabilities237,660245,921
Net assets237,660245,921
Capital and reserves
Called up share capital100100
Profit and loss account237,560245,821
Shareholders' funds237,660245,921
The financial statements were approved and authorised for issue by the Director on 24 September 2024, and are signed on its behalf by:
MANAGH SNR, David Samuel Robert
Director
Registered Company No. 04510659
MIDWAY PROJECTS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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 policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
At 01 April 232,95215,57418,526
At 31 March 242,95215,57418,526
Depreciation and impairment
At 01 April 231,98711,46213,449
Charge for year2401,0281,268
At 31 March 242,22712,49014,717
Net book value
At 31 March 247253,0843,809
At 31 March 239654,1125,077
4.Stocks

2024

2023

££
Work in progress3,880154,837
Total3,880154,837
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables19,128-
Other debtors1,4811,969
Prepayments and accrued income4,2195,861
Total24,8287,830
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,6462,646
Taxation and social security5,48683,904
Other creditors49287,713
Accrued liabilities and deferred income5,300110,194
Total13,924284,457