Midlands Commercial Limited - Period Ending 2014-02-28

Midlands Commercial Limited

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2014

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

Midlands Commercial Limited
Contents

Accountants' Report

Abbreviated Balance Sheet

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 28 February 2014

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 28 February 2014 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

18 July 2014

Page 1

Midlands Commercial Limited
(Registration number: 7522516)
Abbreviated Balance Sheet at 28 February 2014

	Note	2014 £	2013 £
Fixed assets
Tangible fixed assets		1,659	2,428
Current assets
Debtors		42,519	1,906
Cash at bank and in hand		7,106	6,842
		49,625	8,748
Creditors: Amounts falling due within one year		(58,559)	(28,796)
Net current liabilities		(8,934)	(20,048)
Net liabilities		(7,275)	(17,620)
Capital and reserves
Called up share capital	3	290	290
Profit and loss account		(7,565)	(17,910)
Shareholders' deficit		(7,275)	(17,620)

For the year ending 28 February 2014 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 21 July 2014

.........................................
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 28 February 2014
......... 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 April 2008).

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.

Page 3

Midlands Commercial Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

2	Fixed assets

	Tangible assets £	Total £
Cost
At 1 March 2013	4,018	4,018
Additions	43	43
At 28 February 2014	4,061	4,061
Depreciation
At 1 March 2013	1,590	1,590
Charge for the year	812	812
At 28 February 2014	2,402	2,402
Net book value
At 28 February 2014	1,659	1,659
At 28 February 2013	2,428	2,428

3	Share capital

Allotted, called up and fully paid shares

	2014			2013
		No.	£		No.	£
Ordinary of £1 each		290	290		290	290

4	Related party transactions

Director's advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £

Interest free loan	38,955	-	-	-

Page 4