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COMPANY REGISTRATION NUMBER: 01168807
Midexco Limited
Unaudited financial statements
30 September 2023
Midexco Limited
Statement of financial position
30 September 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
356,777
367,513
Current assets
Stocks
142,335
95,155
Debtors
6
342,188
212,127
Cash at bank and in hand
188,611
312,907
---------
---------
673,134
620,189
Creditors: Amounts falling due within one year
7
( 180,027)
( 157,465)
---------
---------
Net current assets
493,107
462,724
---------
---------
Total assets less current liabilities
849,884
830,237
Creditors: Amounts falling due after more than one year
8
( 290,977)
( 287,023)
Provisions
Taxation including deferred tax
( 4,007)
( 4,118)
---------
---------
Net assets
554,900
539,096
---------
---------
Capital and reserves
Called up share capital
9
20
25
Capital redemption reserve
10
20
15
Profit and loss account
10
554,860
539,056
---------
---------
Shareholders funds
554,900
539,096
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Midexco Limited
Statement of financial position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 7 February 2024 , and are signed on behalf of the board by:
Mr D A Reynolds
Director
Company registration number: 01168807
Midexco Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and trading address is Unit 12, Blackfiars Court Excalibur Road, Beacon Park, Gorleston-On-Sea, Great Yarmouth, Norfolk, United Kingdom, NR31 7RQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of employees during the year was 5 (2022: 5 ).
5. Tangible assets
Freehold Property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 October 2022 and 30 September 2023
360,625
6,300
3,500
40,247
27,027
437,699
---------
------
------
-------
-------
---------
Depreciation
At 1 October 2022
7,212
4,307
875
35,882
21,910
70,186
Charge for the year
7,212
498
656
1,091
1,279
10,736
---------
------
------
-------
-------
---------
At 30 September 2023
14,424
4,805
1,531
36,973
23,189
80,922
---------
------
------
-------
-------
---------
Carrying amount
At 30 September 2023
346,201
1,495
1,969
3,274
3,838
356,777
---------
------
------
-------
-------
---------
At 30 September 2022
353,413
1,993
2,625
4,365
5,117
367,513
---------
------
------
-------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
336,103
206,317
Other debtors
6,085
5,810
---------
---------
342,188
212,127
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
95,394
101,739
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,400
Social security and other taxes
80,868
33,299
Other creditors
3,765
20,027
---------
---------
180,027
157,465
---------
---------
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
290,977
287,023
---------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
20
20
25
25
----
----
----
----
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Within this amount is a balance of £24,023 in relation to non-distributable reserves, the remaining balance of £530,837 is distributable.
11. Related party transactions
The company has a loan of £315,000 with its parent company, Speycrest Limited . Interest is charged on the loan at an effective rate of 1.52%. The loan is repayable in full on 1 April 2029.
12. Controlling party
The immediate and ultimate parent company of this company is Speycrest Limited , a company incorporated in England and Wales. Their registered office is Foxburgh Meadow Barn, Broome House Farm, Thwaite St. Mary, Norfolk, NR35 2EE. Mr B D Knappett is the ultimate controlling party by way of his shareholding in the parent company.