2022-06-01 03197860 2023-05-31 03197860 2022-06-01 2023-05-31 03197860 2022-05-31 03197860 2021-06-01 2022-05-31 03197860 uk-core:WithinOneYear 2022-05-31 03197860 uk-core:WithinOneYear 2023-05-31 03197860 uk-core:AfterOneYear 2022-05-31 03197860 uk-core:AfterOneYear 2023-05-31 03197860 uk-core:ShareCapital 2023-05-31 03197860 uk-core:ShareCapital 2022-05-31 03197860 uk-core:InvestmentPropertiesRevaluationReserve 2023-05-31 03197860 uk-core:InvestmentPropertiesRevaluationReserve 2022-05-31 03197860 uk-core:RetainedEarningsAccumulatedLosses 2023-05-31 03197860 uk-core:RetainedEarningsAccumulatedLosses 2022-05-31 03197860 uk-bus:Director1 2022-06-01 2023-05-31 03197860 uk-core:OfficeEquipment 2022-06-01 2023-05-31 03197860 uk-core:WithinOneYear 2023-05-31 03197860 uk-core:WithinOneYear 2022-05-31 03197860 uk-core:AfterOneYear uk-core:Secured 2023-05-31 03197860 uk-core:AfterOneYear uk-core:Secured 2022-05-31 iso4217:GBP xbrli:pure 03197860 uk-bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 03197860 uk-bus:FRS102 2022-06-01 2023-05-31 03197860 uk-bus:FullAccounts 2022-06-01 2023-05-31 03197860 uk-bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31
Midrange Technical Services Limited
Registered Number:03197860
For the year ended 31 May 2023
England and Wales
Unaudited Financial Statements
2
Registered Number :
03197860
As at 31 May 2023
Midrange Technical Services Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
1,156
1,360
2
3
3,135,000
3,560,000
Investment property
3,136,156
3,561,360
Current assets
Trade and other receivables
1,815
48,034
4
130,290
Cash and cash equivalents
20,388
68,422
132,105
Trade and other payables: amounts falling due within one
year
(97,601)
(20,142)
5
34,504
48,280
Net current assets
Total assets less current liabilities
3,184,436
3,595,864
Trade and other payables: amounts falling due after more
than one year
(2,056,552)
(1,902,354)
6
(177,267)
(181,320)
Provisions for liabilities
1,104,815
Net assets
1,357,992
Capital and reserves
Called up share capital
2
2
Fair value reserve
1,001,000
1,299,233
Retained earnings
103,813
58,757
1,104,815
1,357,992
Shareholders' funds
For the year ended 31 May 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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Registered Number :
03197860
For the year ended 31 May 2023
Midrange Technical Services Limited
Statement of Financial Position Continued
Raymond Anthony Sabell Director
These financial statements were approved and authorised for issue by the Board on 13 November 2023 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 May 2023
Midrange Technical Services Limited
Notes to the Financial Statements
Statutory Information
Midrange Technical Services Limited is a private limited company, limited by shares, domiciled in England and Wales,
registration number 03197860.
Registered address:
12 Denise Drive
Harborne
Birmingham
B17 0BN
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of 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 costs convention as
modified by the revaluation of certain assets.
Going Concern
The company is in negotation to replace existing secured loans totalling £1,408,544 which are moving to standard
variable rates from 1st November,2023 . The existing lender has indicated their willingness to continue to lend
interest rates will increase which would impact substantially on the cashflow and viability of the business. The
director has several properties on the market and completion is expected on a further 2 properties which will reduce
the borrowings following 1 sale during the year .
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets are stated at cost or valuation less depreciation . Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
15% Reducing balance
Computer equipment
Investment property
Investment properties are included in the balance sheet at their open market fair value as at the balance sheet date. The resulting aggregate surplus or deficit is transferred to a fair value reserve and deferred taxation is provided on any surplus.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date including any surplus on revaluation of freehold investment properties.
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5
For the year ended 31 May 2023
Midrange Technical Services Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Computer
equipment
£
Cost or
valuation
At 01 June 2022
28,313
At 31 May 2023
28,313
Provision for depreciation and impairment
At 01 June 2022
26,953
Charge for year
204
At 31 May 2023
27,157
At 31 May 2023
Net book value
1,156
At 31 May 2022
1,360
3. Investment property
Total
£
Fair value
At 01 June 2022
3,560,000
Disposals
(180,000)
Fair value adjustments
(245,000)
At 31 May 2023
3,135,000
Net book value
At 31 May 2023
3,135,000
At 31 May 2022
3,560,000
The director has considered the fair value of the property and provided his assessment of market values to reflect the current market conditions. An adjustment has been provided for.
4. Trade and other receivables
2022
2023
£
£
Prepayments and accrued income
1,969
1,815
Amounts owed by directors
46,065
-
1,815
48,034
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For the year ended 31 May 2023
Midrange Technical Services Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
9,770
9,901
Trade creditors
2,060
7,162
Accruals and deferred income
8,312
9,698
Directors' loan accounts
-
70,840
20,142
97,601
6. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
22,863
25,699
Bank loans and overdraft (secured)
1,879,491
2,030,853
1,902,354
2,056,552
7. Related party transactions
The ultimate controlling party during the year was Raymond Sabell , director , whom controls the company by virtue
of owning 100% of the share capital.
The director has loaned £78,907 to a connected person during the year but this is expected to be repaid by 31st
March,2024. As a result the directors loan account is £46,065 overdrawn at the balance sheet.
8. Average number of persons employed
During the year the average number of employees was 0
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