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REGISTERED NUMBER: 06644757 (England and Wales)















MIDWAY MOTORS (CRYMYCH) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






MIDWAY MOTORS (CRYMYCH) LIMITED (REGISTERED NUMBER: 06644757)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIDWAY MOTORS (CRYMYCH) LIMITED

COMPANY INFORMATION
for the Year Ended 30 APRIL 2024







DIRECTORS: Mrs E Rees
Mr I W Rees
Mr A W Rees
Mr S W Rees
Mrs S W Phillips



SECRETARY: Mrs E Rees



REGISTERED OFFICE: Bromodur
Crymych
Pembrokeshire
SA41 3QU



REGISTERED NUMBER: 06644757 (England and Wales)



ACCOUNTANTS: D M B Davies Limited
Broyan House
Priory Street
Cardigan
Ceredigion
SA43 1BZ



BANKERS: HSBC Bank plc
11 High Street
Cardigan
Ceredigion
SA43 1JN

MIDWAY MOTORS (CRYMYCH) LIMITED (REGISTERED NUMBER: 06644757)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 776,343 588,501
776,343 588,501

CURRENT ASSETS
Stocks 4,000 3,500
Debtors 6 216,034 110,983
Cash at bank and in hand 147,854 167,856
367,888 282,339
CREDITORS
Amounts falling due within one year 7 283,271 216,392
NET CURRENT ASSETS 84,617 65,947
TOTAL ASSETS LESS CURRENT
LIABILITIES

860,960

654,448

CREDITORS
Amounts falling due after more than one
year

8

(281,021

)

(148,652

)

PROVISIONS FOR LIABILITIES (127,842 ) (111,815 )
NET ASSETS 452,097 393,981

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 451,997 393,881
SHAREHOLDERS' FUNDS 452,097 393,981

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

MIDWAY MOTORS (CRYMYCH) LIMITED (REGISTERED NUMBER: 06644757)

BALANCE SHEET - continued
30 APRIL 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 23 January 2025 and were signed on its behalf by:





Mrs E Rees - Director


MIDWAY MOTORS (CRYMYCH) LIMITED (REGISTERED NUMBER: 06644757)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 APRIL 2024


1. STATUTORY INFORMATION

Midway Motors (Crymych) 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.

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.

Patents and licences are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

MIDWAY MOTORS (CRYMYCH) LIMITED (REGISTERED NUMBER: 06644757)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023
and 30 April 2024 10,000
AMORTISATION
At 1 May 2023
and 30 April 2024 10,000
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 153,091 19,642 1,491,575 4,229 1,668,537
Additions 7,823 375 316,000 590 324,788
At 30 April 2024 160,914 20,017 1,807,575 4,819 1,993,325
DEPRECIATION
At 1 May 2023 102,883 15,281 958,515 3,357 1,080,036
Charge for year 8,704 709 127,359 174 136,946
At 30 April 2024 111,587 15,990 1,085,874 3,531 1,216,982
NET BOOK VALUE
At 30 April 2024 49,327 4,027 721,701 1,288 776,343
At 30 April 2023 50,208 4,361 533,060 872 588,501

MIDWAY MOTORS (CRYMYCH) LIMITED (REGISTERED NUMBER: 06644757)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 APRIL 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 92,037 61,706
Other debtors 123,997 49,277
216,034 110,983

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 115,256 78,558
Trade creditors 43,547 33,246
Taxation and social security 7,265 22,953
Other creditors 117,203 81,635
283,271 216,392

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 281,021 148,652

9. RELATED PARTY DISCLOSURES

According to the directors, there were no material related party transactions during the year.

10. ULTIMATE CONTROLLING PARTY

Ultimate control of the Company is exercised by the directors equally.