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REGISTERED NUMBER: 07193146 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

MIDLAND INDUSTRIAL CONTRACTORS LTD

MIDLAND INDUSTRIAL CONTRACTORS LTD (REGISTERED NUMBER: 07193146)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIDLAND INDUSTRIAL CONTRACTORS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTOR: Mr K Bryan





REGISTERED OFFICE: 23 Friars Close
Binley Woods
Coventry
CV3 2QW





REGISTERED NUMBER: 07193146 (England and Wales)





ACCOUNTANTS: TGFP
Chartered Accountants
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

MIDLAND INDUSTRIAL CONTRACTORS LTD (REGISTERED NUMBER: 07193146)

BALANCE SHEET
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 191,097 203,822

CURRENT ASSETS
Stocks 5,500 5,500
Debtors 5 47,689 107,866
Cash at bank 86,337 46,408
139,526 159,774
CREDITORS
Amounts falling due within one year 6 102,405 110,901
NET CURRENT ASSETS 37,121 48,873
TOTAL ASSETS LESS CURRENT
LIABILITIES

228,218

252,695

CREDITORS
Amounts falling due after more than one
year

7

(133,146

)

(151,316

)

PROVISIONS FOR LIABILITIES (8,088 ) (10,506 )
NET ASSETS 86,984 90,873

CAPITAL AND RESERVES
Called up and paid share capital 100 100
Retained earnings 86,884 90,773
86,984 90,873

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MIDLAND INDUSTRIAL CONTRACTORS LTD (REGISTERED NUMBER: 07193146)

BALANCE SHEET - continued
31 MARCH 2022


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 August 2022 and were signed by:





Mr K Bryan - Director


MIDLAND INDUSTRIAL CONTRACTORS LTD (REGISTERED NUMBER: 07193146)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022


1. STATUTORY INFORMATION

Midland Industrial Contractors Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 20% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MIDLAND INDUSTRIAL CONTRACTORS LTD (REGISTERED NUMBER: 07193146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2021
and 31 March 2022 148,528 118,475 267,003
DEPRECIATION
At 1 April 2021 - 63,181 63,181
Charge for year - 12,725 12,725
At 31 March 2022 - 75,906 75,906
NET BOOK VALUE
At 31 March 2022 148,528 42,569 191,097
At 31 March 2021 148,528 55,294 203,822

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 34,971 106,116
Other debtors 12,718 1,750
47,689 107,866

MIDLAND INDUSTRIAL CONTRACTORS LTD (REGISTERED NUMBER: 07193146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 10,000 7,500
Hire purchase contracts 20,023 24,456
Trade creditors 6,255 31,224
Taxation and social security 26,007 27,468
Other creditors 40,120 20,253
102,405 110,901

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 33,333 42,500
Hire purchase contracts - 5,000
Other creditors 99,813 103,816
133,146 151,316

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 2,500
Other loans more 5yrs instal 81,557 103,816
81,557 106,316