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REGISTERED NUMBER: 05936308 (England and Wales)














MIDLANDS ELECTRICAL SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023






MIDLANDS ELECTRICAL SYSTEMS LIMITED (REGISTERED NUMBER: 05936308)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIDLANDS ELECTRICAL SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTOR: N Fisher





SECRETARY: Mrs Y M Fisher





REGISTERED OFFICE: Unit 31
Manorside Industrial Estate
Walkers Road
Redditch
Worcestershire
B98 9HD





REGISTERED NUMBER: 05936308 (England and Wales)

MIDLANDS ELECTRICAL SYSTEMS LIMITED (REGISTERED NUMBER: 05936308)

BALANCE SHEET
28TH FEBRUARY 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 31,889 42,358
Investments 5 75,923 14,553
107,812 56,911

CURRENT ASSETS
Debtors 6 262,377 459,359
Cash at bank 136,148 315,145
398,525 774,504
CREDITORS
Amounts falling due within one year 7 186,044 620,291
NET CURRENT ASSETS 212,481 154,213
TOTAL ASSETS LESS CURRENT
LIABILITIES

320,293

211,124

CREDITORS
Amounts falling due after more than one
year

8

(2,170

)

(9,789

)

PROVISIONS FOR LIABILITIES 9 (6,059 ) (8,048 )
NET ASSETS 312,064 193,287

CAPITAL AND RESERVES
Called up share capital 50 100
Capital redemption reserve 10 50 -
Retained earnings 10 311,964 193,187
312,064 193,287

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 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.

MIDLANDS ELECTRICAL SYSTEMS LIMITED (REGISTERED NUMBER: 05936308)

BALANCE SHEET - continued
28TH FEBRUARY 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 director and authorised for issue on 25th September 2023 and were signed by:





N Fisher - Director


MIDLANDS ELECTRICAL SYSTEMS LIMITED (REGISTERED NUMBER: 05936308)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023

1. STATUTORY INFORMATION

Midlands Electrical Systems 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 as modified by the revaluation of certain assets.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

MIDLANDS ELECTRICAL SYSTEMS LIMITED (REGISTERED NUMBER: 05936308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£ £ £
COST
At 1st March 2022
and 28th February 2023 30,322 119,730 150,052
DEPRECIATION
At 1st March 2022 29,110 78,584 107,694
Charge for year 182 10,287 10,469
At 28th February 2023 29,292 88,871 118,163
NET BOOK VALUE
At 28th February 2023 1,030 30,859 31,889
At 28th February 2022 1,212 41,146 42,358

5. FIXED ASSET INVESTMENTS
Other
investments
£
COST OR VALUATION
At 1st March 2022 14,553
Additions 60,313
Revaluations 1,057
At 28th February 2023 75,923
NET BOOK VALUE
At 28th February 2023 75,923
At 28th February 2022 14,553

Cost or valuation at 28th February 2023 is represented by:

Other
investments
£
Valuation in 2023 75,923

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 261,341 456,534
Other debtors 1,036 2,825
262,377 459,359

MIDLANDS ELECTRICAL SYSTEMS LIMITED (REGISTERED NUMBER: 05936308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Hire purchase contracts 7,619 9,919
Trade creditors 40,523 413,644
Taxation and social security 120,391 174,338
Other creditors 17,511 22,390
186,044 620,291

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Hire purchase contracts 2,170 9,789

9. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 6,059 8,048

Deferred tax
£
Balance at 1st March 2022 8,048
Provided during year (1,989 )
Balance at 28th February 2023 6,059

10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1st March 2022 193,187 - 193,187
Profit for the year 339,284 339,284
Dividends (122,017 ) (122,017 )
Purchase of own shares (98,490 ) 50 (98,440 )
At 28th February 2023 311,964 50 312,014