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REGISTERED NUMBER: 05721701 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MIDSTEEL FLANGES AND FITTINGS LIMITED

MIDSTEEL FLANGES AND FITTINGS LIMITED (REGISTERED NUMBER: 05721701)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MIDSTEEL FLANGES AND FITTINGS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: D Ahern
P Enright
K O'Shea





SECRETARY: K O'Shea





REGISTERED OFFICE: Building 51
Third Avenue
Pensnett Trading Estate
Kingswinford
West Midlands
DY6 7XE





REGISTERED NUMBER: 05721701 (England and Wales)





AUDITORS: Dafferns LLP
Chartered Accountants
Statutory Auditor
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB

MIDSTEEL FLANGES AND FITTINGS LIMITED (REGISTERED NUMBER: 05721701)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 412,381 158,552

CURRENT ASSETS
Stocks 2,464,028 2,453,234
Debtors 6 2,211,090 2,361,918
Cash at bank and in hand 89,459 59,285
4,764,577 4,874,437
CREDITORS
Amounts falling due within one year 7 2,185,281 2,511,423
NET CURRENT ASSETS 2,579,296 2,363,014
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,991,677

2,521,566

CREDITORS
Amounts falling due after more than one
year

8

(1,187,093

)

(625,342

)

PROVISIONS FOR LIABILITIES (13,000 ) (33,400 )
NET ASSETS 1,791,584 1,862,824

CAPITAL AND RESERVES
Called up share capital 10 250,000 250,000
Retained earnings 1,541,584 1,612,824
SHAREHOLDERS' FUNDS 1,791,584 1,862,824

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:





P Enright - Director


MIDSTEEL FLANGES AND FITTINGS LIMITED (REGISTERED NUMBER: 05721701)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Midsteel Flanges and Fittings 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax and is recognised on despatch of goods.

Tangible fixed assets
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses.

Repairs and maintenance costs are charged to the statement of comprehensive income in the period in which they are incurred.

Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life.

Improvements to propertyStraight line over period of lease
Plant & machinery15% straight line
Fixtures & fittings25% straight line and 15% straight line
Motor vehicles25% straight line

Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of comprehensive income in the year that the disposal takes place.

MIDSTEEL FLANGES AND FITTINGS LIMITED (REGISTERED NUMBER: 05721701)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs in bringing the product to its current location and condition and is maintained on a first in, first out basis.

As stocks are sold, the carrying amount of those stocks is recognised as an expense in the year in which the related revenue is recognised.

At each reporting date, stocks are assessed for impairment and due allowances are made for obsolete and slow-moving items to reduce the carrying amount of these goods to their estimated selling price less costs to complete and sell. The amount of any write-down is recognised as an expense in the year that the write-down occurs. The reversal of any previous write-down is recognised as a reduction in the amount of stock expensed, in the year that the reversal occurs.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 useful estimated lives. Those held under finance leases are depreciated over the estimated useful lives or the lease term, whichever is the shorter.

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

Rentals paid under operating leases are charged to the profit and loss account as incurred.

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.

MIDSTEEL FLANGES AND FITTINGS LIMITED (REGISTERED NUMBER: 05721701)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 31 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 99,143 340,345 85,016 26,109 550,613
Additions - 292,089 28,501 - 320,590
Disposals - (34,200 ) - - (34,200 )
At 31 December 2023 99,143 598,234 113,517 26,109 837,003
DEPRECIATION
At 1 January 2023 90,435 204,033 75,835 21,758 392,061
Charge for year 2,375 53,120 6,915 4,351 66,761
Eliminated on disposal - (34,200 ) - - (34,200 )
At 31 December 2023 92,810 222,953 82,750 26,109 424,622
NET BOOK VALUE
At 31 December 2023 6,333 375,281 30,767 - 412,381
At 31 December 2022 8,708 136,312 9,181 4,351 158,552

MIDSTEEL FLANGES AND FITTINGS LIMITED (REGISTERED NUMBER: 05721701)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023 45,950
Additions 261,507
At 31 December 2023 307,457
DEPRECIATION
At 1 January 2023 5,169
Charge for year 30,885
At 31 December 2023 36,054
NET BOOK VALUE
At 31 December 2023 271,403
At 31 December 2022 40,781

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,331,460 1,480,361
Amounts owed by group undertakings 593,295 633,207
Advanced supplier payments 172,955 152,444
Other debtors 3,775 4,843
Tax 16 -
Prepayments 109,589 91,063
2,211,090 2,361,918

Included within trade debtors are balances of £1,442,699 (2022 - £1,563,859) which are subject to a sales invoice discounting facility.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 61,231 9,130
Trade creditors 1,023,934 688,964
Amounts owed to group undertakings 216,435 141,938
Corporation tax - 56,750
Social security and other taxes 221,594 257,929
Other creditors 9,317 6,479
Sales invoice discounting
facility 611,777 1,283,022
Accrued expenses 40,993 67,211
2,185,281 2,511,423

MIDSTEEL FLANGES AND FITTINGS LIMITED (REGISTERED NUMBER: 05721701)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 199,901 28,150
Amounts owed to group undertakings 987,192 597,192
1,187,093 625,342

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 261,132 37,280
Bank loans and overdrafts 611,777 1,283,022
872,909 1,320,302

The hire purchase creditors are secured against the relevant fixed assets.

The company's bank loans and overdrafts which includes an invoice discounting facility are secured by a charge over all the assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
250,000 Ordinary £1 250,000 250,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

M J Gibbs FCCA (Senior Statutory Auditor)
for and on behalf of Dafferns LLP

12. CONTINGENT LIABILITIES

The company had guaranteed the borrowings of its parent company, MFFH Ltd. At 31 December 2023 the contingent liability under that guarantee was £nil (2022 - £nil).

13. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 28,334 261,507

MIDSTEEL FLANGES AND FITTINGS LIMITED (REGISTERED NUMBER: 05721701)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

14. LEASING AGREEMENTS

Other financial commitments and guarantees in respect of operating leases for property and office equipment, which are not included in the balance sheet, amount to £815,573 (2022: £965,033) in total.

15. ULTIMATE CONTROLLING PARTY

The Company is a wholly-owned subsidiary of MFFH Limited, who is subsequently a wholly-owned subsidiary of Petrochem Process Pipeline UK Limited.

The company's ultimate parent company is KLK Limited, a company registered in Ireland. The largest group in which the results of the company are consolidated is that of KLK Limited, whose address is: Unit 31, Euro Business Park, Little Island, Co.Cork. Ireland,