Company Registration No. 04173492 (England and Wales)
Midland Binding Services Ltd
Unaudited accounts
for the year ended 30 April 2021
Midland Binding Services Ltd
Statement of financial position
as at
30 April 2021
Tangible assets
21,423
23,168
Cash at bank and in hand
72,657
38,650
Creditors: amounts falling due within one year
(102,915)
(95,622)
Net current assets
48,574
12,871
Total assets less current liabilities
69,997
36,039
Provisions for liabilities
Deferred tax
(1,777)
(1,726)
Called up share capital
20
20
Profit and loss account
68,200
34,293
Shareholders' funds
68,220
34,313
For the year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 January 2022 and were signed on its behalf by
Mr Rashid Mangia
Director
Company Registration No. 04173492
Midland Binding Services Ltd
Notes to the Accounts
for the year ended 30 April 2021
Midland Binding Services Ltd is a private company, limited by shares, registered in England and Wales, registration number 04173492. The registered office is 80 Upper Charnwood Street, Leicester, LE2 0BE.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
25% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Midland Binding Services Ltd
Notes to the Accounts
for the year ended 30 April 2021
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 May 2020
25,271
4,284
13,150
42,705
Additions
-
4,726
600
5,326
At 30 April 2021
25,271
9,010
13,750
48,031
At 1 May 2020
7,583
3,316
8,638
19,537
Charge for the year
2,527
1,685
2,859
7,071
At 30 April 2021
10,110
5,001
11,497
26,608
At 30 April 2021
15,161
4,009
2,253
21,423
At 30 April 2020
17,688
968
4,512
23,168
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Debtors: amounts falling due within one year
2021
2020
Trade debtors
74,057
53,462
Other debtors
4,775
16,381
6
Creditors: amounts falling due within one year
2021
2020
Trade creditors
1,347
4,560
Taxes and social security
53,266
32,006
Other creditors
25,335
36,089
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Share capital
2021
2020
Allotted, called up and fully paid:
20 Ordinary shares of £1 each
20
20
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Average number of employees
During the year the average number of employees was 16 (2020: 10).