ACCOUNTS - Final Accounts

Company registration number: 06739946

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 30 JUNE 2018

	MID-TECH SERVICES LIMITED


MID-TECH SERVICES LIMITED

COMPANY INFORMATION

Directors	Mr M Dewey
	Mr A J Thorne


Registered number	06739946


Registered office	Centrum House
	36 Station Road
	Egham
	Surrey
	TW20 9LF


Accountants	Menzies LLP
	Chartered Accountants
	Centrum House
	36 Station Road
	Egham
	Surrey
	TW20 9LF


MID-TECH SERVICES LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 7


MID-TECH SERVICES LIMITED REGISTERED NUMBER:06739946

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	4		48,212		77,022
Investments	5		22,615		22,615
			70,827		99,637
Current assets
Debtors: amounts falling due within one year	6	999,717		665,657
Cash at bank and in hand		9		128
		999,726		665,785
Creditors: amounts falling due within one year	7	(715,411)		(568,055)
Net current assets			284,315		97,730
Total assets less current liabilities			355,142		197,367
Creditors: amounts falling due after more than one year	8		(154,182)		(19,804)

Net assets			200,960		177,563

Capital and reserves
Called up share capital	1,500	1,500
Profit and loss account	199,460	176,063
	200,960	177,563

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 1


MID-TECH SERVICES LIMITED REGISTERED NUMBER:06739946

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 JUNE 2018

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr M Dewey	Mr A J Thorne
Director	Director

Date: 27 March 2019

The notes on pages 3 to 7 form part of these financial statements.

Page 2


MID-TECH SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

1.	General information

Mid-Tech Services Limited is a private company limited by shares incorporated in England and Wales. The address of the principal place of business is Unit 11, Radway Road, Shirley, Solihull, B90 4NR.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is generated from the provision of hard facilities maintenance to retail, industrial, public and private sectors. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Motor vehicles	-	33%	reducing balance
				Equipment	-	25%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.4

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

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MID-TECH SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

2.Accounting policies (continued)

2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 21 (2017 - 19).

Page 4


MID-TECH SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

4.	Tangible fixed assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost or valuation
At 1 July 2017	163,047	1,850	164,897
Disposals	(26,011)	-	(26,011)
At 30 June 2018	137,036	1,850	138,886
Depreciation
At 1 July 2017	86,662	1,213	87,875
Charge for the year on owned assets	19,367	96	19,463
Disposals	(16,664)	-	(16,664)
At 30 June 2018	89,365	1,309	90,674
Net book value
At 30 June 2018	47,671	541	48,212
At 30 June 2017	76,385	637	77,022

5.	Fixed asset investments

		Investments in associates
		£
	Cost or valuation
	At 1 July 2017	22,615
	At 30 June 2018	22,615

	Net book value
	At 30 June 2018	22,615
	At 30 June 2017	22,615

Page 5


MID-TECH SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

Debtors

					2018	2017
					£	£


Trade debtors	365,993	309,428
Other debtors	502,707	147,831
Prepayments and accrued income	131,017	208,398
	999,717	665,657

7.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Bank overdrafts	32,654	55,417
Bank loans	28,000	-
Trade creditors	205,947	217,314
Corporation tax	79,611	39,588
Other taxation and social security	123,176	36,754
Obligations under finance lease and hire purchase contracts	16,516	28,952
Other creditors	168,029	118,944
Accruals and deferred income	61,478	71,086
	715,411	568,055

8.	Creditors: Amounts falling due after more than one year
		2018	2017
		£	£

Bank loans	112,000	-
Net obligations under finance leases and hire purchase contracts	5,384	19,804
Other creditors	36,798	-
	154,182	19,804

Secured loans
The company's banking facilities are secured by a fixed and floating charge dated 25 November 2010 over all current and future assets of the company. It is further supported by T S Davison, and M I Dewey who have provided an £80,000 personal guarantee in respect of the company's indebtedness to the bank.

Page 6


MID-TECH SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

9.	Loans

		2018	2017
		£	£

Amounts falling due within one year
Bank loans	28,000	-
	28,000	-
Amounts falling due 1-2 years
Bank loans	112,000	-
	112,000	-


	140,000	-

10.	Commitments under operating leases
	At 30 June 2018 the Company had future minimum lease payments under non-cancellable operating leases as follows:
		2018	2017
		£	£

	Total minimum operating lease commitments	42,033	42,323
		42,033	42,323

Page 7