IRIS Accounts Production v23.3.0.418 03446129 Board of Directors 1.5.22 30.4.23 30.4.23 a holding company. 0 0 true true false true true false false true true true false 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure034461292022-04-30034461292023-04-30034461292022-05-012023-04-30034461292021-04-30034461292021-05-012022-04-30034461292022-04-3003446129ns16:EnglandWales2022-05-012023-04-3003446129ns15:PoundSterling2022-05-012023-04-3003446129ns11:Director12022-05-012023-04-3003446129ns11:CompanySecretary12022-05-012023-04-3003446129ns11:PrivateLimitedCompanyLtd2022-05-012023-04-3003446129ns11:FRS1022022-05-012023-04-3003446129ns11:Audited2022-05-012023-04-3003446129ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-05-012023-04-3003446129ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-05-012023-04-3003446129ns11:FullAccounts2022-05-012023-04-3003446129ns11:Director22022-05-012023-04-3003446129ns11:Director32022-05-012023-04-3003446129ns11:Director42022-05-012023-04-3003446129ns11:Director52022-05-012023-04-3003446129ns11:RegisteredOffice2022-05-012023-04-3003446129ns6:CurrentFinancialInstruments2023-04-3003446129ns6:CurrentFinancialInstruments2022-04-3003446129ns6:ShareCapital2023-04-3003446129ns6:ShareCapital2022-04-3003446129ns6:SharePremium2023-04-3003446129ns6:SharePremium2022-04-3003446129ns6:RetainedEarningsAccumulatedLosses2023-04-3003446129ns6:RetainedEarningsAccumulatedLosses2022-04-3003446129ns6:ShareCapital2021-04-3003446129ns6:RetainedEarningsAccumulatedLosses2021-04-3003446129ns6:SharePremium2021-04-3003446129ns6:RetainedEarningsAccumulatedLosses2021-05-012022-04-3003446129ns6:RetainedEarningsAccumulatedLosses2022-05-012023-04-3003446129ns6:FurnitureFittings2022-05-012023-04-3003446129ns6:FurnitureFittings2022-04-3003446129ns6:FurnitureFittings2023-04-3003446129ns6:FurnitureFittings2022-04-3003446129ns6:CostValuation2022-04-3003446129ns6:Subsidiary12022-05-012023-04-30034461291ns6:Subsidiary12022-05-012023-04-3003446129ns6:AcceleratedTaxDepreciationDeferredTax2023-04-3003446129ns6:AcceleratedTaxDepreciationDeferredTax2022-04-3003446129ns6:DeferredTaxation2022-04-3003446129ns6:DeferredTaxation2022-05-012023-04-3003446129ns6:DeferredTaxation2023-04-3003446129ns6:RetainedEarningsAccumulatedLosses2022-04-3003446129ns6:SharePremium2022-04-30
REGISTERED NUMBER: 03446129 (England and Wales)







STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

STEWARTS MIDCO LIMITED

STEWARTS MIDCO LIMITED (REGISTERED NUMBER: 03446129)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


STEWARTS MIDCO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: I S Jamison
S N Angus
B O Jamison
S I Jamison
N S Jamison





SECRETARY: B O Jamison





REGISTERED OFFICE: Stewart Court
21 Coventry Road
Coleshill
Birmingham
West Midlands
B46 3BB





REGISTERED NUMBER: 03446129 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

STEWARTS MIDCO LIMITED (REGISTERED NUMBER: 03446129)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023


The directors present their strategic report for the year ended 30 April 2023.

REVIEW OF BUSINESS
The company is an intermediate holding company for Stewarts Plumbing and Heating Limited (SPHL), only receiving dividends and incurring limited costs.

The results of the company for the year ended 30 April 2023 showed a net profit of £66,779 (2022: £75,950) and turnover of £Nil (2022: £Nil). Based on this the results of the company are linked to that of SPHL.

During the year SPHL faced a number of challenges with the rise in inflation; higher transport costs due to the increase in fuel prices; the continued shortage of skilled labour; and Brexit and the war in Ukraine affecting the supply of materials and spare parts.

The company's customer base is principally house builders, but has a strong and growing domestic market for servicing and maintenance. The company is pleased with the overall performance of the business this year, although has felt the pressures on gross margin due to the extreme nature of the competitiveness within the house building sector. Relationships with clients and suppliers remain strong, with regular communication key to minimising financial risk and successful operational delivery.

The management team remain optimistic about the future prospects of the business despite the looming threat of inflation and the energy crisis. Efficiencies have been introduced and continue to be driven throughout the business whilst maintaining a good reputation within the house building sector. The management team feel the company has the flexibility to withstand any changes whilst having a firm control of costs.

PRINCIPAL RISKS AND UNCERTAINTIES
The risks associated with SPHL primarily revolve around the level of activity in the housing market, which has a direct impact on the core business of the company. Retentions withheld as part of contractual obligations is also a risk inherent in this type of business as it involves a portion of payment being withheld by a number of key clients for up to two years from the completion of the contract.

The current economic climate is a risk due to its trading activity in the construction industry. Consequently the company continues to monitor these situations closely and will react accordingly.

KEY PERFORMANCE INDICATORS ("KPI")
Due to the activity of the company KPI's are not actively monitored.

ON BEHALF OF THE BOARD:





B O Jamison - Secretary


10 October 2023

STEWARTS MIDCO LIMITED (REGISTERED NUMBER: 03446129)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023


The directors present their report with the financial statements of the company for the year ended 30 April 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2023 will be £70,796 (2022: £79,931).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report.

I S Jamison
S N Angus
B O Jamison
S I Jamison
N S Jamison

The directors interests in the ultimate parent company, Stewarts Holdings (UK) Limited, can be found in the financial statements of that company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

STEWARTS MIDCO LIMITED (REGISTERED NUMBER: 03446129)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023


AUDITORS
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



B O Jamison - Secretary


10 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STEWARTS MIDCO LIMITED


Opinion
We have audited the financial statements of Stewarts Midco Limited (the 'company') for the year ended 30 April 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STEWARTS MIDCO LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STEWARTS MIDCO LIMITED


To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Leigh Dudley FCCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

10 October 2023

STEWARTS MIDCO LIMITED (REGISTERED NUMBER: 03446129)

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £   

TURNOVER - -

Administrative expenses 4,210 3,981
OPERATING LOSS 4 (4,210 ) (3,981 )

Income from fixed asset investments 70,796 79,931
PROFIT BEFORE TAXATION 66,586 75,950

Tax on profit 5 31 (30 )
PROFIT FOR THE FINANCIAL YEAR 66,555 75,980

STEWARTS MIDCO LIMITED (REGISTERED NUMBER: 03446129)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 66,555 75,980


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

66,555

75,980

STEWARTS MIDCO LIMITED (REGISTERED NUMBER: 03446129)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 1,356 1,595
Investments 8 100,000 100,000
101,356 101,595

CURRENT ASSETS
Cash at bank 1,460 987

CREDITORS
Amounts falling due within one year 9 49,310 44,866
NET CURRENT LIABILITIES (47,850 ) (43,879 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

53,506

57,716

PROVISIONS FOR LIABILITIES 10 203 172
NET ASSETS 53,303 57,544

CAPITAL AND RESERVES
Called up share capital 11 50,000 50,000
Share premium 12 27 27
Retained earnings 12 3,276 7,517
53,303 57,544

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by:





I S Jamison - Director


STEWARTS MIDCO LIMITED (REGISTERED NUMBER: 03446129)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 May 2021 50,000 11,468 27 61,495

Changes in equity
Dividends - (79,931 ) - (79,931 )
Total comprehensive income - 75,980 - 75,980
Balance at 30 April 2022 50,000 7,517 27 57,544

Changes in equity
Dividends - (70,796 ) - (70,796 )
Total comprehensive income - 66,555 - 66,555
Balance at 30 April 2023 50,000 3,276 27 53,303

STEWARTS MIDCO LIMITED (REGISTERED NUMBER: 03446129)

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


1. STATUTORY INFORMATION

Stewarts Midco 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

The results of the company are consolidated in the ultimate parent's financial statements and these can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Preparation of consolidated financial statements
The financial statements contain information about Stewarts Midco 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Current 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.


STEWARTS MIDCO LIMITED (REGISTERED NUMBER: 03446129)

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

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

For financial assets carried at amortised costs, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for the decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 April 2023 nor for the year ended 30 April 2022.

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

2023 2022
£    £   
Directors' remuneration - -

4. OPERATING LOSS

The operating loss is stated after charging:

20212020
££   
Depreciation - owned assets331389
Auditor's remuneration3,4203,600

STEWARTS MIDCO LIMITED (REGISTERED NUMBER: 03446129)

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


5. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Deferred tax 31 (30 )
Tax on profit 31 (30 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 66,586 75,950
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

12,651

14,431

Effects of:
Income not taxable for tax purposes (13,451 ) (15,187 )
Capital allowances in excess of depreciation (80 ) -
Depreciation in excess of capital allowances - 25
Group relief 881 731
Deferred tax movement 30 (30 )

Total tax charge/(credit) 31 (30 )

The provision for deferred tax is calculated based on tax rates enacted or substantially enacted
at the balance sheet date. The corporation tax amount has increase on 1 April 2023 to 25%. The previous tax rate was 19%.

6. DIVIDENDS

20222021
££

Ordinary shares of £1 each - interim79,93139,611

STEWARTS MIDCO LIMITED (REGISTERED NUMBER: 03446129)

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


7. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 May 2022
and 30 April 2023 63,924
DEPRECIATION
At 1 May 2022 62,329
Charge for year 239
At 30 April 2023 62,568
NET BOOK VALUE
At 30 April 2023 1,356
At 30 April 2022 1,595

8. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2022
and 30 April 2023 100,000
NET BOOK VALUE
At 30 April 2023 100,000
At 30 April 2022 100,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Stewarts Plumbing & Heating Limited
Registered office: Stewart Court 21 Coventry Road, Coleshill, Birmingham, B46 3BB
Nature of business: provision of plumbing and heating services
%
Class of shares: holding
Ordinary 100.00

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 902
Social security and other taxes 66 66
Amounts due to group companies 48,186 42,840
Directors' current accounts 1,058 1,058
49,310 44,866

STEWARTS MIDCO LIMITED (REGISTERED NUMBER: 03446129)

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


10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 203 172

Deferred
tax
£   
Balance at 1 May 2022 172
Provided during year 31
Balance at 30 April 2023 203

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully
paid:

Number: Class: Nominal 2022 2021
value: £ £
50,000 Ordinary Shares £1 50,000 50,000

50,000 50,000

Ordinary shares carry rights to vote, dividend and have equal rights to the return of capital on the liquidation of the company.

12. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 May 2022 7,517 27 7,544
Profit for the year 66,555 - 66,555
Dividends (70,796 ) - (70,796 )
At 30 April 2023 3,276 27 3,303

The company's reserves are as follows:

The retained earnings reserve, which represents cumulative profits or losses net of dividends paid.

The share premium reserve, which represents the cumulative premium arising on the issue of new shares in the company.

STEWARTS MIDCO LIMITED (REGISTERED NUMBER: 03446129)

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


13. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Stewarts Holdings (UK) Limited, which is the ultimate parent company. The company is registered in England and Wales, and the financial statements are consolidated in Stewarts Holdings (UK) Limited. The consolidated financial statements are available from Companies House, Cardiff, CF14 3UZ.

The registered office address for Stewarts Holdings (UK) Limited is Charter House, 161 Newhall Street, Birmingham, B3 1SW.

14. OTHER FINANCIAL COMMITMENTS

There is an unlimited cross guarantee in place between Stewarts Midco Limited and Stewarts Plumbing & Heating Limited. At 30 April 2023 Stewarts Plumbing & Heating Limited had a bank overdraft outstanding of £832,248 (2022: £525,060) which was potentially repayable by the company under this guarantee.

15. RELATED PARTY DISCLOSURES

At the year end amounts due to the directors totalled £1,058 (2022: £1,058)

16. ULTIMATE CONTROLLING PARTY

There is no sole ultimate controlling party by virtue of the shareholding in the company's ultimate parent, Stewarts Holdings (UK) Limited.