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REGISTERED NUMBER: 07171660 (England and Wales)















MIDLAND STRUCTURES LIMITED

Unaudited Financial Statements for the Year Ended 28 February 2023






MIDLAND STRUCTURES LIMITED (REGISTERED NUMBER: 07171660)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIDLAND STRUCTURES LIMITED

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Jonathan G Whittaker
Jack G Whittaker





SECRETARY: Jack G Whittaker





REGISTERED OFFICE: 6 Waterside Business Park
Brettell Lane
Brierley Hill
West Midlands
DY5 3LH





REGISTERED NUMBER: 07171660 (England and Wales)





ACCOUNTANTS: Michael Dufty Partnership Limited
59-61 Charlotte Street
St Pauls Square
Birmingham
West Midlands
B3 1PX

MIDLAND STRUCTURES LIMITED (REGISTERED NUMBER: 07171660)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,829,520 1,334,227

CURRENT ASSETS
Stocks 625,951 837,458
Debtors 5 2,230,261 2,347,296
Cash at bank 20,016 170,596
2,876,228 3,355,350
CREDITORS
Amounts falling due within one year 6 3,140,430 3,450,942
NET CURRENT LIABILITIES (264,202 ) (95,592 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,565,318

1,238,635

CREDITORS
Amounts falling due after more than one
year

7

(695,885

)

(576,534

)

PROVISIONS FOR LIABILITIES (390,362 ) (230,892 )
NET ASSETS 479,071 431,209

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 478,971 431,109
SHAREHOLDERS' FUNDS 479,071 431,209

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

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

MIDLAND STRUCTURES LIMITED (REGISTERED NUMBER: 07171660)

Balance Sheet - continued
28 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 Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





Jonathan G Whittaker - Director


MIDLAND STRUCTURES LIMITED (REGISTERED NUMBER: 07171660)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Midland Structures 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 20% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on 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 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.

MIDLAND STRUCTURES LIMITED (REGISTERED NUMBER: 07171660)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 46 (2022 - 44 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST OR VALUATION
At 1 March 2022 69,906 1,475,761 45,038
Additions 77,957 596,829 3,549
At 28 February 2023 147,863 2,072,590 48,587
DEPRECIATION
At 1 March 2022 9,797 273,168 29,804
Charge for year 6,991 174,931 4,430
At 28 February 2023 16,788 448,099 34,234
NET BOOK VALUE
At 28 February 2023 131,075 1,624,491 14,353
At 28 February 2022 60,109 1,202,593 15,234

MIDLAND STRUCTURES LIMITED (REGISTERED NUMBER: 07171660)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 March 2022 56,000 11,279 1,657,984
Additions - 21,071 699,406
At 28 February 2023 56,000 32,350 2,357,390
DEPRECIATION
At 1 March 2022 - 10,988 323,757
Charge for year 14,000 3,761 204,113
At 28 February 2023 14,000 14,749 527,870
NET BOOK VALUE
At 28 February 2023 42,000 17,601 1,829,520
At 28 February 2022 56,000 291 1,334,227

Cost or valuation at 28 February 2023 is represented by:

Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
Valuation in 2020 - (32,948 ) -
Cost 147,863 2,105,538 48,587
147,863 2,072,590 48,587

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2020 - - (32,948 )
Cost 56,000 32,350 2,390,338
56,000 32,350 2,357,390

If plant and equipment had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 237,759 279,759
Aggregate depreciation 152,100 170,324

Plant and equipment was valued on an open market basis on 1 April 2019 by the directors .

The net book value of tangible fixed assets includes £ 1,357,142 (2022 - £ 1,148,925 ) in respect of assets held under hire purchase contracts.

MIDLAND STRUCTURES LIMITED (REGISTERED NUMBER: 07171660)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,010,720 1,982,624
Other debtors and prepayments 219,541 225,591
Directors' current accounts - 139,081
2,230,261 2,347,296

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans 128,667 44,000
Hire purchase contracts 275,726 254,275
Trade creditors 1,161,347 1,034,071
Social security and other taxes 179,855 470,338
Other creditors 106,580 73,593
Invoice Finance 949,033 1,252,489
Directors' current accounts 10,503 285
Accrued expenses 328,719 321,891
3,140,430 3,450,942

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans - 1-2 years 25,000 -
Other loans - 2-5 years - 3,667
Hire purchase contracts 670,885 572,867
695,885 576,534

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 946,611 827,142
Invoice finance liability 949,033 1,252,489
1,895,644 2,079,631

The invoice finance liability is secured on the trade debtors of the company.

The hire purchase borrowings are secured on the assets to which the borrowing relates.

MIDLAND STRUCTURES LIMITED (REGISTERED NUMBER: 07171660)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
Jonathan G Whittaker
Balance outstanding at start of year 139,081 150,661
Amounts advanced 70,200 64,420
Amounts repaid (209,600 ) (76,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (319 ) 139,081

Jack G Whittaker
Balance outstanding at start of year (285 ) 178,475
Amounts advanced 159,500 65,240
Amounts repaid (169,400 ) (244,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (10,185 ) (285 )