Midland Classic Ltd - Accounts to registrar (filleted) - small 18.2
Midland Classic Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 July 2019 |
| for |
| Midland Classic Ltd |
| Midland Classic Ltd (Registered number: 05504785) |
| Contents of the Financial Statements |
| for the Year Ended 31 July 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Midland Classic Ltd |
| Company Information |
| for the Year Ended 31 July 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartwell House |
| 4 St. Paul's Square |
| Burton-on-Trent |
| Staffordshire |
| DE14 2EF |
| Midland Classic Ltd (Registered number: 05504785) |
| Balance Sheet |
| 31 July 2019 |
| 31.7.19 | 31.7.18 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| 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 Classic Ltd (Registered number: 05504785) |
| Balance Sheet - continued |
| 31 July 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| Midland Classic Ltd (Registered number: 05504785) |
| Notes to the Financial Statements |
| for the Year Ended 31 July 2019 |
| 1. | STATUTORY INFORMATION |
| Midland Classic Ltd is a |
| registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced sales of services, excluding value added tax. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Classic vehicles | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Freehold property and Classic vehicles are not depreciated as it is felt that their value will not fall below their |
| cost. Both will be revalued as and when necessary on a yearly basis. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
| Retained Earnings, 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. |
| Midland Classic Ltd (Registered number: 05504785) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
| under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
| are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
| of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| 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 year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 August 2018 |
| and 31 July 2019 |
| AMORTISATION |
| At 1 August 2018 |
| Amortisation for year |
| At 31 July 2019 |
| NET BOOK VALUE |
| At 31 July 2019 |
| At 31 July 2018 |
| Midland Classic Ltd (Registered number: 05504785) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Classic | and |
| property | vehicles | fittings |
| £ | £ | £ |
| COST |
| At 1 August 2018 |
| Additions |
| At 31 July 2019 |
| DEPRECIATION |
| At 1 August 2018 |
| Charge for year |
| Eliminated on disposal |
| At 31 July 2019 |
| NET BOOK VALUE |
| At 31 July 2019 |
| At 31 July 2018 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 August 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 July 2019 |
| DEPRECIATION |
| At 1 August 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 July 2019 |
| NET BOOK VALUE |
| At 31 July 2019 |
| At 31 July 2018 |
| Midland Classic Ltd (Registered number: 05504785) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2019 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 August 2018 |
| Transfer to ownership | (441,040 | ) |
| At 31 July 2019 |
| DEPRECIATION |
| At 1 August 2018 |
| Charge for year |
| Transfer to ownership | (121,317 | ) |
| At 31 July 2019 |
| NET BOOK VALUE |
| At 31 July 2019 |
| At 31 July 2018 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Other loans (see note 9) |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Directors' loan account |
| - J Peddle | - | 40,000 |
| Directors' loan account |
| - J Boddice | 33,040 | 112,691 |
| Accruals and deferred income |
| Midland Classic Ltd (Registered number: 05504785) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2019 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Other loans (see note 9) |
| Hire purchase contracts (see note 10) |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans more 5yrs instal | 500,746 | - |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Other loans |
| Amounts falling due between one and two years: |
| Other loans - 1-2 years | 125,004 |
| Amounts falling due between two and five years: |
| Other loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans more 5yrs instal | 500,746 | - |
| Midland Classic Ltd (Registered number: 05504785) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2019 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.7.19 | 31.7.18 |
| £ | £ |
| Other loans |
| Hire purchase contracts | 586,855 | 830,038 |
| The hire purchase contracts and other loans are secured on the assets to which they relate. |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.7.19 | 31.7.18 |
| value: | £ | £ |
| Ordinary A | £1 | 69 | 69 |
| Ordinary B | £1 | 31 | 31 |
| 100 | 100 |
| 13. | OTHER FINANCIAL COMMITMENTS |
| At 31st July 2019, the company had total commitments under non-cancellable operating leases over the |
| remaining life of those leases of £nil (2018 - £177,600). |