Acorah Software Products - Accounts Production 16.1.200 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 02303890 Ms Kelly Miller Mrs F Miller Mr W Harris true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02303890 2023-06-30 02303890 2024-06-30 02303890 2023-07-01 2024-06-30 02303890 frs-core:CurrentFinancialInstruments 2024-06-30 02303890 frs-core:ComputerEquipment 2024-06-30 02303890 frs-core:ComputerEquipment 2023-07-01 2024-06-30 02303890 frs-core:ComputerEquipment 2023-06-30 02303890 frs-core:MotorVehicles 2023-07-01 2024-06-30 02303890 frs-core:PlantMachinery 2024-06-30 02303890 frs-core:PlantMachinery 2023-07-01 2024-06-30 02303890 frs-core:PlantMachinery 2023-06-30 02303890 frs-core:ShareCapital 2024-06-30 02303890 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 02303890 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02303890 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 02303890 frs-bus:SmallEntities 2023-07-01 2024-06-30 02303890 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 02303890 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 02303890 1 2023-07-01 2024-06-30 02303890 frs-bus:Director1 2023-07-01 2024-06-30 02303890 frs-bus:Director2 2023-07-01 2024-06-30 02303890 frs-countries:EnglandWales 2023-07-01 2024-06-30 02303890 2022-06-30 02303890 2023-06-30 02303890 2022-07-01 2023-06-30 02303890 frs-core:CurrentFinancialInstruments 2023-06-30 02303890 frs-core:ShareCapital 2023-06-30 02303890 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 02303890
Midland Contract Distribution Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 02303890
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 264 431
264 431
CURRENT ASSETS
Stocks 5 761,260 761,260
Cash at bank and in hand 45,700 27,379
806,960 788,639
Creditors: Amounts Falling Due Within One Year 6 (11,999 ) (22,448 )
NET CURRENT ASSETS (LIABILITIES) 794,961 766,191
TOTAL ASSETS LESS CURRENT LIABILITIES 795,225 766,622
NET ASSETS 795,225 766,622
CAPITAL AND RESERVES
Called up share capital 7 102 102
Profit and Loss Account 795,123 766,520
SHAREHOLDERS' FUNDS 795,225 766,622
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs F Miller
Director
16/10/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Midland Contract Distribution Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02303890 . The registered office is 11 Stampings Way, Bloxwich, Walsall, West Midlands, WS3 2LG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% per annum reducing balance
Motor Vehicles 25% per annum reducing balance
Computer Equipment 33.33% per annum straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 495 403 898
As at 30 June 2024 495 403 898
Depreciation
As at 1 July 2023 333 134 467
Provided during the period 32 135 167
As at 30 June 2024 365 269 634
Net Book Value
As at 30 June 2024 130 134 264
As at 1 July 2023 162 269 431
5. Stocks
2024 2023
£ £
Stock 761,260 761,260
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 1
Corporation tax 6,262 11,963
Accruals and deferred income 2,192 2,452
Directors' loan accounts 3,545 8,032
11,999 22,448
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
8. Ultimate Controlling Party
The company's ultimate controlling party is Mr W Harris by virtue of his control of 30% of the issued share capital in the company.
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