Midfield Plumbers Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC420552 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Midfield Plumbers Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J D Taylor

G Stephen

REGISTERED OFFICE:

Unit 5

Midfield Drive

Dunnikier Business Park

Kirkcaldy

Fife

KY1 3LW

REGISTERED NUMBER:

SC420552 (Scotland)

ACCOUNTANTS:

Business Oxygen Limited

Unit 4

Dunnikier Business Park

Midfield Drive

Kirkcaldy

Fife

KY1 3LW

CURRENT ASSETS

Debtors

5

81,759

101,705

Cash at bank and in hand

153,129

196,042

234,888

297,747

CREDITORS

Amounts falling due within one year

6

46,246

55,007

NET CURRENT ASSETS

188,642

242,740

TOTAL ASSETS LESS CURRENT LIABILITIES

188,642

242,740

CREDITORS

Amounts falling due after more than one year

7

(32,882

)

(42,500

)

PROVISIONS FOR LIABILITIES

(712

)

(712

)

NET ASSETS

155,048

199,528

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

154,948

199,428

SHAREHOLDERS' FUNDS

155,048

199,528

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 22 December 2022 and were signed on its behalf by:

J D Taylor - Director

1.	STATUTORY INFORMATION

Midfield Plumbers Limited is a private company, limited by shares , registered in Scotland. 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.

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.

Plant and machinery etc

-

33% on cost and 25% on cost

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

and 31 March 2022

54,959

DEPRECIATION

At 1 April 2021

and 31 March 2022

54,959

NET BOOK VALUE

At 31 March 2022

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

74,722

93,842

Other debtors

7,037

7,863

81,759

101,705

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

10,000

7,500

Trade creditors

27,676

27,748

Taxation and social security

(2,445

)

9,521

Other creditors

11,015

10,238

46,246

55,007

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

32,882

42,500