MITSCO Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05089982 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Midland Industrial Temperature Solutions

Company Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

P J Smith

Mrs P E Smith

SECRETARY:

Mrs P E Smith

REGISTERED OFFICE:

1 Aston Court

Bromsgrove Technology Park

Bromsgrove

Worcestershire

B60 3AL

REGISTERED NUMBER:

05089982 (England and Wales)

ACCOUNTANTS:

Kenneth Morris Limited

1 Aston Court

Bromsgrove Technology Park

Bromsgrove

Worcestershire

B60 3AL

FIXED ASSETS

Tangible assets

4

22,365

8,167

CURRENT ASSETS

Stocks

32,170

35,048

Debtors

139,734

168,632

Cash at bank

19,119

22,971

191,023

226,651

CREDITORS

Amounts falling due within one year

97,461

135,072

NET CURRENT ASSETS

93,562

91,579

TOTAL ASSETS LESS CURRENT LIABILITIES

115,927

99,746

CREDITORS

Amounts falling due after more than one year

-

(395

)

PROVISIONS FOR LIABILITIES

(4,015

)

(1,266

)

NET ASSETS

111,912

98,085

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

111,812

97,985

SHAREHOLDERS' FUNDS

111,912

98,085

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 29 August 2019 and were signed on its behalf by:

Mrs P E Smith - Director

1.	STATUTORY INFORMATION

Midland Industrial Temperature Solutions Company 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

25% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

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.

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.

Factored debts

The majority of sales ledger balances are factored and the company retains significant benefits and risks relating to the

debts. Trade debtors are shown gross. The amount due to the factoring company is shown in creditors at net values and is

detailed in the notes to the accounts. Factoring charges are charged to the profit and loss account over the relevant

period.

Operating leases

The relevant annual rentals are charged to the profit and loss account on a straight line basis over the lease term, unless

they relate to vacant leasehold properties, in which case provision is made on a discounted basis for the net obligation

under the lease. The unwinding of the discount is disclosed within interest payable and similar charges.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 April 2018

80,662

Additions

19,608

At 31 March 2019

100,270

DEPRECIATION

At 1 April 2018

72,495

Charge for year

5,410

At 31 March 2019

77,905

NET BOOK VALUE

At 31 March 2019

22,365

At 31 March 2018

8,167

Cost or valuation at 31 March 2019 is represented by:

Totals

£

Valuation in 2008

25,000

Cost

75,270

100,270

If plant and machinery had not been revalued they would have been included at the following historical cost:

2019

2018

£

£

Cost

16,597

16,597

Aggregate depreciation

13,275

13,275

Plant and machinery were valued on an open market basis on 31 March 2008 by the directors. .

5.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

HSBC Invoice Financing

48,860

70,828

HSBC bank plc hold the following securities:-

a legal assignment created 22 February 2011 and HSBC Invoice Finance (UK) Limited hold a fixed charge on non-vesting

debts and a floating charge.

6.	CONTINGENT LIABILITIES

There were no known contingent liabilities at the year end.

7.	POST BALANCE SHEET EVENTS

There were no known material post balance sheet events.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited

financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet.

Readers are cautioned that the Abridged Statement of Comprehensive Income and certain other primary statements and

the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Midland Industrial Temperature Solutions Company Limited for the year ended 31 March 2019 which comprise the

Abridged Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Midland Industrial Temperature Solutions Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Midland Industrial Temperature Solutions Company Limited and state those matters that we have agreed to state to the Board of Directors of Midland Industrial Temperature Solutions Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midland Industrial Temperature Solutions Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Midland Industrial Temperature Solutions Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Midland Industrial Temperature Solutions Company Limited. You consider that Midland Industrial Temperature Solutions Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Midland Industrial Temperature Solutions Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kenneth Morris Limited

1 Aston Court

Bromsgrove Technology Park

Bromsgrove

Worcestershire

B60 3AL

29 August 2019