Midland Filter Products Limited - Accounts to registrar (filleted) - small 18.2
Midland Filter Products Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period 1 July 2017 to 31 December 2018 |
| for |
| Midland Filter Products Limited |
| Midland Filter Products Limited (Registered number: 02334665) |
| Contents of the Financial Statements |
| for the Period 1 July 2017 to 31 December 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Midland Filter Products Limited |
| Company Information |
| for the Period 1 July 2017 to 31 December 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| 1st Floor |
| 181 Queensway |
| Bletchley |
| Milton Keynes |
| Buckinghamshire |
| MK2 2DZ |
| Midland Filter Products Limited (Registered number: 02334665) |
| Balance Sheet |
| 31 December 2018 |
| 31.12.18 | 30.6.17 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 10 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| Midland Filter Products Limited (Registered number: 02334665) |
| Balance Sheet - continued |
| 31 December 2018 |
| 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 by: |
| Midland Filter Products Limited (Registered number: 02334665) |
| Notes to the Financial Statements |
| for the Period 1 July 2017 to 31 December 2018 |
| 1. | STATUTORY INFORMATION |
| Midland Filter Products Limited is a |
| 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 |
| TURNOVER |
| Turnover represents net invoiced sales of goods, excluding value added tax. Revenue is recognised at the point at |
| which the goods are supplied to the customer. |
| TANGIBLE FIXED ASSETS |
| Land and buildings | - |
| Plant and machinery etc | - |
| No depreciation is charged on the freehold property since the directors believe it has reached its residual value, |
| which will be maintained. Although this policy represents a departure from standard accounting policies, the |
| directors believe it is necessary to provide a true and fair view. |
| INVESTMENTS IN SUBSIDIARIES |
| Investments in subsidiary undertakings are recognised at 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 period 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 period 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. |
| Midland Filter Products Limited (Registered number: 02334665) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2017 to 31 December 2018 |
| 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 period was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 July 2017 |
| Additions |
| At 31 December 2018 |
| DEPRECIATION |
| At 1 July 2017 |
| Charge for period |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 30 June 2017 |
| Cost or valuation at 31 December 2018 is represented by: |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| Valuation in 2008 | 95,000 | - | - | 95,000 |
| Valuation in 2014 | (15,000 | ) | - | - | (15,000 | ) |
| Cost | 70,000 | 69,407 | 128,971 | 268,378 |
| 150,000 | 69,407 | 128,971 | 348,378 |
| 5. | FIXED ASSET INVESTMENTS |
| 31.12.18 | 30.6.17 |
| £ | £ |
| Shares in group undertakings |
| Loans to group undertakings |
| Midland Filter Products Limited (Registered number: 02334665) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2017 to 31 December 2018 |
| 5. | FIXED ASSET INVESTMENTS - continued |
| Additional information is as follows: |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 July 2017 |
| and 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 30 June 2017 |
| Loans to |
| group |
| undertakings |
| £ |
| At 1 July 2017 |
| Repayment in year | ( |
) |
| At 31 December 2018 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.18 | 30.6.17 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.18 | 30.6.17 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.18 | 30.6.17 |
| £ | £ |
| Bank loans |
| Other creditors |
| Midland Filter Products Limited (Registered number: 02334665) |
| Notes to the Financial Statements - continued |
| for the Period 1 July 2017 to 31 December 2018 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 31.12.18 | 30.6.17 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Parent company long term loan | 42,066 | 39,319 |
| P Bangert long term loan | 148,998 | 194,780 |
| 191,064 | 234,099 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.12.18 | 30.6.17 |
| £ | £ |
| Bank loans |
| Factoring accounts | 288,112 | 292,951 |
| Factoring accounts are secured by a floating charge over all the assets of the company. |
| The bank loan is secured by a debenture and by a charge over the freehold property. |
| 10. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 July 2017 |
| and 31 December 2018 |
| 11. | ULTIMATE CONTROLLING PARTY |
| The company is ultimately controlled by the Bangert family by virtue of their shareholding in the parent |
| company. |