true
Midland Water Systems Limited
04710875
2016-03-31
104221
98586
104321
98686
100
100
104321
98686
8087
7331
18579
18119
130987
124136
-6347
10345
137583
92133
131236
102478
87878
70784
34448
31457
8910
237
137334
113791
96897
77137
40437
36654
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Goodwill-Over 10 years
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
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 at a constant rate of charge on the balance of capital repayments outstanding.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Plant & Machinery
Straight Line
0.2500
Fixtures & Fittings
Straight line
0.2500
Motor Vehicles
Straight line
0.2500
Equipment
Straight line
0.3333
Leasehold Property
Straight line
0.5000
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
116897
97137
19760
20000
20000
106132
100358
18882
-13108
65695
63704
15099
-13108
223029
197495
38642
-13108
85695
83704
-13108
15099
Ordinary
1000
1
1000
1000
Ordinary
1
100
100
100
2016-12-30
Miss F L Gower
true
true
true
true
xbrli:shares
iso4217:GBP
xbrli:pure
Midland Water Systems Limited
2015-04-01
2016-03-31
Midland Water Systems Limited
2014-04-01
2015-03-31
Midland Water Systems Limited
2014-03-31
Midland Water Systems Limited
2015-03-31
Midland Water Systems Limited
2015-03-31
Midland Water Systems Limited
2016-03-31
2016-12-30