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REGISTERED NUMBER: 02581304 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

MIDCHEM LIMITED

MIDCHEM LIMITED (REGISTERED NUMBER: 02581304)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIDCHEM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: Mr H S Neer
Mrs J K Neer





REGISTERED OFFICE: 81 Musgrave Road
Hockley
Birmingham
West Midlands
B18 5HH





REGISTERED NUMBER: 02581304 (England and Wales)





ACCOUNTANTS: TC SEM Limited
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ

MIDCHEM LIMITED (REGISTERED NUMBER: 02581304)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 91,219 82,412

CURRENT ASSETS
Inventories 7,017 6,997
Debtors 5 27,733 57,151
Cash at bank 751,644 663,944
786,394 728,092
CREDITORS
Amounts falling due within one year 6 30,846 55,560
NET CURRENT ASSETS 755,548 672,532
TOTAL ASSETS LESS CURRENT LIABILITIES 846,767 754,944

CREDITORS
Amounts falling due after more than
one year

7

(238,339

)

(189,750

)

PROVISIONS FOR LIABILITIES (13,899 ) (9,002 )
NET ASSETS 594,529 556,192

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 593,529 555,192
594,529 556,192

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MIDCHEM LIMITED (REGISTERED NUMBER: 02581304)

BALANCE SHEET - continued
30 APRIL 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2023 and were signed on its behalf by:





Mr H S Neer - Director


MIDCHEM LIMITED (REGISTERED NUMBER: 02581304)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

Midchem Limited 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
Revenue 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.
Long leasehold - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 15% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

MIDCHEM LIMITED (REGISTERED NUMBER: 02581304)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 May 2022 37,092 156,698 23,325 14,783 231,898
Additions - 17,387 - - 17,387
At 30 April 2023 37,092 174,085 23,325 14,783 249,285
DEPRECIATION
At 1 May 2022 741 122,690 20,351 5,704 149,486
Charge for year 727 6,045 446 1,362 8,580
At 30 April 2023 1,468 128,735 20,797 7,066 158,066
NET BOOK VALUE
At 30 April 2023 35,624 45,350 2,528 7,717 91,219
At 30 April 2022 36,351 34,008 2,974 9,079 82,412

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 26,788 56,238
Other debtors 945 913
27,733 57,151

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 8,252 6,974
Taxation and social security 19,813 45,706
Other creditors 2,781 2,880
30,846 55,560

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 238,339 189,750

8. RELATED PARTY DISCLOSURES

Included in other creditors due after more than one year is a loan from the directors of £238,339 (2022 :£189,750). The loan is interest free. The directors have undertaken not to withdraw the funds for a period of 12 months from the date of signing the balance sheet.

During the year the company paid rent of £17,000 (2022 £17,000) to the directors.