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Registration number: 7522516

Midlands Commercial Limited

Unaudited Abbreviated Accounts

for the Year Ended 29 February 2016
 

David Lissimore ACMA CGMA
AIMS Accountants for Business
Oakswood
Wingfield Road
Oakerthorpe
Alfreton
DE55 7LH

 

Midlands Commercial Limited
Contents

Accountants' Report

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3 to 4

 

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Midlands Commercial Limited
for the Year Ended 29 February 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Midlands Commercial Limited for the year ended 29 February 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a member firm of the Chartered Institute of Management Accountants (CIMA), we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Midlands Commercial Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Midlands Commercial Limited and state those matters that we have agreed to state to them. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midlands Commercial Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Midlands Commercial Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Midlands Commercial Limited. You consider that Midlands Commercial Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Midlands Commercial Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

David Lissimore ACMA CGMA
AIMS Accountants for Business
Oakswood
Wingfield Road
Oakerthorpe
Alfreton
DE55 7LH

12 August 2016

 

Midlands Commercial Limited
(Registration number: 7522516)
Abbreviated Balance Sheet at 29 February 2016

   

Note

   

2016
£

   

2015
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

1,769

   

2,084

 

Current assets

 

             

Debtors

 

   

7,065

   

5,143

 

Cash at bank and in hand

 

   

50,086

   

32,563

 
   

   

57,151

   

37,706

 

Creditors: Amounts falling due within one year

 

   

(58,197)

   

(26,404)

 

Net current (liabilities)/assets

 

   

(1,046)

   

11,302

 

Net assets

 

   

723

   

13,386

 

Capital and reserves

 

             

Called up share capital

 

3

   

290

   

290

 

Profit and loss account

 

   

433

   

13,096

 

Shareholders' funds

 

   

723

   

13,386

 

For the year ending 29 February 2016 the company was entitled to exemption 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 22 August 2016

.........................................
A Dowling
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

 

Midlands Commercial Limited
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

1

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Office equipment

20% straight line

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

Midlands Commercial Limited
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 March 2015

 

5,608

   

5,608

 

Additions

 

1,008

   

1,008

 

At 29 February 2016

 

6,616

   

6,616

 

Depreciation

           

At 1 March 2015

 

3,524

   

3,524

 

Charge for the year

 

1,323

   

1,323

 

At 29 February 2016

 

4,847

   

4,847

 

Net book value

           

At 29 February 2016

 

1,769

   

1,769

 

At 28 February 2015

 

2,084

   

2,084

 

3

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinary of £1 each

 

290

   

290

   

290

   

290