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Company No: 09545558 (England and Wales)

MIDPOINT ASSOCIATES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MIDPOINT ASSOCIATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MIDPOINT ASSOCIATES LIMITED

BALANCE SHEET

As at 31 March 2024
MIDPOINT ASSOCIATES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,825 2,803
1,825 2,803
Current assets
Debtors 5 19,448 36,419
Cash at bank and in hand 251,367 163,947
270,815 200,366
Creditors: amounts falling due within one year 6 ( 133,086) ( 84,627)
Net current assets 137,729 115,739
Total assets less current liabilities 139,554 118,542
Provision for liabilities ( 357) ( 441)
Net assets 139,197 118,101
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 139,097 118,001
Total shareholders' funds 139,197 118,101

For the financial year ending 31 March 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 financial statements of Midpoint Associates Limited (registered number: 09545558) were approved and authorised for issue by the Director on 28 November 2024. They were signed on its behalf by:

N Allen
Director
MIDPOINT ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MIDPOINT ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Midpoint Associates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5 Ducketts Wharf, South Street, Bishop's Stortford, United Kingdom, CM23 3AR.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Dividends on equity shares

2024 2023
£ £
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend for the financial year ended 31 March 2024 of £910.00 (2023: £737.67) per ordinary share 91,000 73,767

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 April 2023 2,649 2,258 4,907
Additions 0 986 986
At 31 March 2024 2,649 3,244 5,893
Accumulated depreciation
At 01 April 2023 1,477 627 2,104
Charge for the financial year 883 1,081 1,964
At 31 March 2024 2,360 1,708 4,068
Net book value
At 31 March 2024 289 1,536 1,825
At 31 March 2023 1,172 1,631 2,803

5. Debtors

2024 2023
£ £
Trade debtors 17,280 34,561
Other debtors 2,168 1,858
19,448 36,419

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 350
Amounts owed to Group undertakings 0 2,110
Taxation and social security 52,286 37,607
Other creditors 80,800 44,560
133,086 84,627

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
90 A ordinary shares of £ 1.00 each 90 90
10 B ordinary shares of £ 1.00 each 10 10
100 100

8. Related party transactions

At the year end the company owed £ Nil (2023 - £2,110) to Midpoint Partnership LLP, an entity under the common control of the director, in respect of an interest free loan which is repayable on demand.

At the year end the company owed to £77,024 (2023 - £33,257) the director of the company, in respect of an interest free loan which is repayable on demand.