IRIS Accounts Productionv23.4.0.33608500349Board of Directors1.11.2231.10.2331.10.23falsetruefalsefalsetruefalseFair value modelOrdinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh085003492022-10-31085003492023-10-31085003492022-11-012023-10-31085003492021-10-31085003492021-11-012022-10-31085003492022-10-3108500349ns15:EnglandWales2022-11-012023-10-3108500349ns14:PoundSterling2022-11-012023-10-3108500349ns10:Director12022-11-012023-10-3108500349ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3108500349ns10:SmallEntities2022-11-012023-10-3108500349ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-3108500349ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3108500349ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3108500349ns10:FullAccounts2022-11-012023-10-3108500349ns10:OrdinaryShareClass12022-11-012023-10-3108500349ns10:Director22022-11-012023-10-3108500349ns10:RegisteredOffice2022-11-012023-10-3108500349ns5:CurrentFinancialInstruments2023-10-3108500349ns5:CurrentFinancialInstruments2022-10-3108500349ns5:ShareCapital2023-10-3108500349ns5:ShareCapital2022-10-3108500349ns5:RetainedEarningsAccumulatedLosses2023-10-3108500349ns5:RetainedEarningsAccumulatedLosses2022-10-3108500349ns5:PlantMachinery2022-11-012023-10-3108500349ns5:PlantMachinery2023-10-3108500349ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3108500349ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3108500349ns10:OrdinaryShareClass12023-10-3108500349ns5:RetainedEarningsAccumulatedLosses2022-10-3108500349ns5:RevaluationReserve2022-10-3108500349ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-3108500349ns5:RevaluationReserve2023-10-31

REGISTERED NUMBER: 08500349 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 October 2023

for


Midson & Smith Limited



Midson & Smith Limited (Registered number: 08500349)








Contents of the Financial Statements

for the Year Ended 31 October 2023





Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

4





Midson & Smith Limited



Company Information

for the Year Ended 31 October 2023









DIRECTORS:

M Midson


N Smith







REGISTERED OFFICE:

Unit 33 Century Business Centre


Century Business Park


Manvers


Rotherham


South Yorkshire


S63 5DA







REGISTERED NUMBER:

08500349 (England and Wales)








Midson & Smith Limited (Registered number: 08500349)



Balance Sheet

31 October 2023



31.10.23

31.10.22



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

4

27,315


-



Investment property

5

415,000


-



442,315


-




CURRENT ASSETS

Stocks

531,934


561,562



Debtors

6

19,226


-



Cash at bank

86,837


31,349



637,997


592,911



CREDITORS

Amounts falling due within one year

7

618,971


592,402



NET CURRENT ASSETS

19,026


509



TOTAL ASSETS LESS CURRENT

LIABILITIES

461,341


509




PROVISIONS FOR LIABILITIES

55,782


-



NET ASSETS

405,559


509




CAPITAL AND RESERVES

Called up share capital

8

20


20



Revaluation reserve

9

195,815


-



Retained earnings

9

209,724


489



SHAREHOLDERS' FUNDS

405,559


509




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.



Midson & Smith Limited (Registered number: 08500349)



Balance Sheet - continued

31 October 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 28 March 2024 and were signed on its behalf by:






M Midson - Director




Midson & Smith Limited (Registered number: 08500349)



Notes to the Financial Statements

for the Year Ended 31 October 2023


1.

STATUTORY INFORMATION



Midson & Smith 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.



Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


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.


Midson & Smith Limited (Registered number: 08500349)



Notes to the Financial Statements - continued

for the Year Ended 31 October 2023


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 3 (2022 - 3 ) .


4.

TANGIBLE FIXED ASSETS


Plant and


machinery


etc

£   



COST


Additions

35,528




Disposals

(7,044

)



At 31 October 2023

28,484




DEPRECIATION


Charge for year

1,463




Eliminated on disposal

(294

)



At 31 October 2023

1,169




NET BOOK VALUE


At 31 October 2023

27,315




5.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


Additions

219,185




Revaluations

195,815




At 31 October 2023

415,000




NET BOOK VALUE


At 31 October 2023

415,000





Fair value at 31 October 2023 is represented by:

£   



Valuation in 2023

195,815




Cost

219,185



415,000





If investment property had not been revalued it would have been included at the following historical cost:



31.10.23


31.10.22

£   

£   



Cost

219,185


-





Investment property was valued on an open market basis on 31 October 2023 by the directors. .



Midson & Smith Limited (Registered number: 08500349)



Notes to the Financial Statements - continued

for the Year Ended 31 October 2023


6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.10.23


31.10.22

£   

£   



Other debtors

19,226


-




7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.10.23


31.10.22

£   

£   



Trade creditors

32,970


10,221




Taxation and social security

71,704


3,990




Other creditors

514,297


578,191



618,971


592,402




8.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.10.23


31.10.22


value:

£   

£   



20

Ordinary

£1

20


20




9.

RESERVES


Retained


Revaluation



earnings


reserve


Totals

£   

£   

£   




At 1 November 2022

489


-


489




Profit for the year

405,050


405,050




Revaluation

(195,815

)

195,815


-




At 31 October 2023

209,724


195,815


405,539