Registered number
10808572
Midway Holdings Ltd
Filleted Accounts
30 June 2024
Midway Holdings Ltd
Registered number: 10808572
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 676,149 676,149
Current assets
Debtors 4 20 20
Cash at bank and in hand 1,416 3,830
1,436 3,850
Creditors: amounts falling due within one year 5 (86,792) (83,026)
Net current liabilities (85,356) (79,176)
Total assets less current liabilities 590,793 596,973
Creditors: amounts falling due after more than one year 6 (420,330) (450,952)
Net assets 170,463 146,021
Capital and reserves
Called up share capital 100 100
Profit and loss account 170,363 145,921
Shareholders' funds 170,463 146,021
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P S Robertson
Director
Approved by the board on 6 January 2025
Midway Holdings Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
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
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings no depreciation is provided
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2023 676,149
At 30 June 2024 676,149
Depreciation
At 30 June 2024 -
Net book value
At 30 June 2024 676,149
At 30 June 2023 676,149
4 Debtors 2024 2023
£ £
Other debtors 20 20
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 63,416 59,913
Taxation and social security costs 7,563 6,573
Other creditors 15,813 16,540
86,792 83,026
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 372,821 406,443
Other creditors 47,509 44,509
420,330 450,952
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 158,344 191,534
Secured bank loans 401,949 416,869
The bank loan is secured against the company's freehold property.
8 Controlling party
The company is under the joint control of the directors who each own 50% of the company's issued share capital.
9 Other information
Midway Holdings Ltd is a private company limited by shares and incorporated in England. Its registered office is:
6 Station Close
Potters Bar
Hertfordshire
EN6 1TL
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