Midlands Flooring Limited - Abbreviated accounts

MIDLANDS FLOORING LIMITED - Company Information

Registered number

08474730

Midlands Flooring Limited

Abbreviated Accounts

31 March 2015

Midlands Flooring Limited
Registered number:		08474730
Abbreviated Balance Sheet
as at 31 March 2015

Notes			2015			2014
£				£
Fixed assets
Tangible assets	2		24,962			24,345

Current assets
Stocks		1,013			6,437
Debtors		73,267			75,605
Cash at bank and in hand		2,157			6,970
		76,437			89,012

Creditors: amounts falling due within one year		(76,505)			(51,267)

Net current (liabilities)/assets			(68)			37,745

Total assets less current liabilities			24,894			62,090

Creditors: amounts falling due after more than one year			(12,515)			(12,646)

Provisions for liabilities			(4,992)			(4,869)


Net assets			7,387			44,575

Capital and reserves
Called up share capital	3		100			100
Profit and loss account			7,287			44,475

Shareholders' funds			7,387			44,575

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



Mr D Wilson
Director
Approved by the board on 15 December 2015

Midlands Flooring Limited
Notes to the Abbreviated Accounts
for the year ended 31 March 2015

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Computer equipment			33% straight line
	Motor vehicles			20% reducing balance

	Stocks
	Stock is valued at the lower of cost and net realisable value.

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.


2	Tangible fixed assets					£

	Cost
	At 1 April 2014					25,824
	Additions					16,266
	Disposals					(12,025)
	At 31 March 2015					30,065

	Depreciation
	At 1 April 2014					1,479
	Charge for the year					6,121
	On disposals					(2,497)
	At 31 March 2015					5,103

	Net book value
	At 31 March 2015					24,962
	At 31 March 2014					24,345


3	Share capital	Nominal		2015		2015		2014
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		-		100		100