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Registration number: 13813364

Midlands Catering Projects Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Midlands Catering Projects Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Midlands Catering Projects Ltd

Company Information

Directors

Mr Mark David Curry

Mr Paul Scholes

Registered office

Vulcan Works Office T65
34-38 Guildhall Road
Northampton
England
NN1 1EW

Accountants

Paul Winston Limited Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Midlands Catering Projects Ltd

(Registration number: 13813364)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

fixed assets

 

tangible assets

4

6,761

-

Current assets

 

stocks

5

1,200

-

Debtors

6

194,319

72,716

Cash at bank and in hand

 

36,595

35,720

 

232,114

108,436

Creditors: Amounts falling due within one year

7

(236,007)

(108,078)

Net current (liabilities)/assets

 

(3,893)

358

Net assets

 

2,868

358

capital and reserves

 

Profit and loss account

2,868

358

Shareholders' funds

 

2,868

358

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 March 2025 and signed on its behalf by:
 

.........................................
Mr Mark David Curry
Director

 

Midlands Catering Projects Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Vulcan Works Office T65
34-38 Guildhall Road
Northampton
England
NN1 1EW

These financial statements were authorised for issue by the Board on 4 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Midlands Catering Projects Ltd

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Midlands Catering Projects Ltd

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

 

Midlands Catering Projects Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

Additions

1,700

7,315

9,015

At 31 March 2024

1,700

7,315

9,015

Depreciation

Charge for the year

425

1,829

2,254

At 31 March 2024

425

1,829

2,254

Carrying amount

At 31 March 2024

1,275

5,486

6,761

5

Stocks

2024
£

2023
£

Other inventories

1,200

-

6

Debtors

Current

2024
£

2023
£

Trade debtors

142,824

68,389

Other debtors

51,495

4,327

 

194,319

72,716

 

Midlands Catering Projects Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

18,873

-

Trade creditors

 

140,655

74,689

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

51,278

23,604

Taxation and social security

 

14,224

5,245

Accruals and deferred income

 

3,500

-

Other creditors

 

7,477

4,540

 

236,007

108,078

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

70

70

70

70

Ordinary P of £1 each

15

15

15

15

Ordinary S of £1 each

15

15

15

15

100

100

100

100

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

18,873

-

10

Dividends

Interim dividends paid

 

Midlands Catering Projects Ltd

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

2024
£

2023
£

Interim dividend of £357.14 (2023 - £Nil) per each Ordinary A

25,000

-

Interim dividend of £Nil per each Ordinary S

-

-

Interim dividend of £1,000.00 (2023 - £1,466.66) per each Ordinary P

15,000

22,000

40,000

22,000

11

Related party transactions

 

Midlands Catering Projects Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

21,184

13,472