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Midland Pressure Diecasting Limited
04045206
2016-01-31
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Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Depreciation
No depreciation is charged in the year of acquisition.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed
assets at their fair value. The capital element of the future payments is treated as a liability and
the interest is charged to the profit and loss account on a straight line basis.
Finance lease agreements
Where the company enters into a lease which entails taking substantially all the risks and rewards
of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the
balance sheet as a tangible fixed asset and is depreciated in accordance with the above
depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Deferred taxation
Provision is made for deferred taxation using the liability method to take account for timing difference between the incidence of income and expenditure for taxation purposes except to the extent that the director considers that the liability to taxation is unlikely to crystallise.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Plant & Machinery
reducing balance
0.1000
Fixtures & Fittings
reducing balance
0.2500
Motor Vehicles
straight line
0.2500
Leasehold Property Improvements
straight line
0.2000
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1004036
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747343
669317
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Ordinary
20000
1
20000
20000
Ordinary
1
10
10
10
2016-10-19
A K Suman
true
true
true
true
xbrli:shares
iso4217:GBP
xbrli:pure
Midland Pressure Diecasting Limited
2015-02-01
2016-01-31
Midland Pressure Diecasting Limited
2014-02-01
2015-01-31
Midland Pressure Diecasting Limited
2014-01-31
Midland Pressure Diecasting Limited
2015-01-31
Midland Pressure Diecasting Limited
2015-01-31
Midland Pressure Diecasting Limited
2016-01-31
2016-10-28