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MIDLANDS HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






MIDLANDS HOLDINGS LIMITED (REGISTERED NUMBER: 09437947)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIDLANDS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: T D Macfarlane
A R Thompson





REGISTERED OFFICE: Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS





REGISTERED NUMBER: 09437947 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

MIDLANDS HOLDINGS LIMITED (REGISTERED NUMBER: 09437947)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,781,249 4,672,899
Investments 5 10,101 10,101
4,791,350 4,683,000

CURRENT ASSETS
Stocks 125,216 96,286
Debtors 6 117,634 561,970
Cash at bank and in hand 90 89,668
242,940 747,924
CREDITORS
Amounts falling due within one year 7 1,506,821 2,158,503
NET CURRENT LIABILITIES (1,263,881 ) (1,410,579 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,527,469 3,272,421

CREDITORS
Amounts falling due after more than one
year

8

(2,750,239

)

(2,833,899

)

PROVISIONS FOR LIABILITIES 11 (192,000 ) (110,000 )
NET ASSETS 585,230 328,522

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 585,130 328,422
SHAREHOLDERS' FUNDS 585,230 328,522

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

MIDLANDS HOLDINGS LIMITED (REGISTERED NUMBER: 09437947)

BALANCE SHEET - continued
31 MARCH 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:





T D Macfarlane - Director


MIDLANDS HOLDINGS LIMITED (REGISTERED NUMBER: 09437947)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Midlands Holdings 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Preparation of consolidated financial statements
The financial statements contain information about Midlands Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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 - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks 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 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.


MIDLANDS HOLDINGS LIMITED (REGISTERED NUMBER: 09437947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 6,243,792 13,881 931,524 73,497 7,262,694
Additions 1,409,066 79 275,951 - 1,685,096
Disposals (1,333,037 ) - (129,034 ) - (1,462,071 )
Reclassification/transfer - - - (17,192 ) (17,192 )
At 31 March 2023 6,319,821 13,960 1,078,441 56,305 7,468,527
DEPRECIATION
At 1 April 2022 2,213,168 7,245 338,228 31,154 2,589,795
Charge for year 727,766 1,679 187,549 6,306 923,300
Eliminated on disposal (752,666 ) - (73,151 ) - (825,817 )
At 31 March 2023 2,188,268 8,924 452,626 37,460 2,687,278
NET BOOK VALUE
At 31 March 2023 4,131,553 5,036 625,815 18,845 4,781,249
At 31 March 2022 4,030,624 6,636 593,296 42,343 4,672,899

MIDLANDS HOLDINGS LIMITED (REGISTERED NUMBER: 09437947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 10,101
NET BOOK VALUE
At 31 March 2023 10,101
At 31 March 2022 10,101

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 117,634 555,146
Other debtors - 6,824
117,634 561,970

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 73,856 69,928
Hire purchase contracts (see note 9) 1,356,025 1,218,008
Trade creditors 25,720 846,213
Amounts owed to group undertakings 8,904 15,901
Taxation and social security 34,076 -
Other creditors 8,240 8,453
1,506,821 2,158,503

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 185,735 240,728
Hire purchase contracts (see note 9) 2,564,504 2,593,171
2,750,239 2,833,899

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 12,394 17,938

MIDLANDS HOLDINGS LIMITED (REGISTERED NUMBER: 09437947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 1,356,025 1,218,008
Between one and five years 2,564,504 2,593,171
3,920,529 3,811,179

Non-cancellable operating leases
2023 2022
£    £   
Within one year 17,000 17,000
Between one and five years 12,750 29,750
29,750 46,750

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 3,920,529 3,811,179

Assets financed under hire purchase agreements are secured on the individual assets concerned.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 192,000 110,000

Deferred
tax
£   
Balance at 1 April 2022 110,000
Provided during year 82,000
Balance at 31 March 2023 192,000

MIDLANDS HOLDINGS LIMITED (REGISTERED NUMBER: 09437947)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100