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REGISTERED NUMBER: 05089982 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Midland Industrial Temperature Solutions
Company Limited

Midland Industrial Temperature Solutions
Company Limited (Registered number: 05089982)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Midland Industrial Temperature Solutions
Company Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: P J Smith
Mrs P E Smith





SECRETARY: Mrs P E Smith





REGISTERED OFFICE: 1 Aston Court
Bromsgrove Technology Park
Bromsgrove
Worcestershire
B60 3AL





REGISTERED NUMBER: 05089982 (England and Wales)





ACCOUNTANTS: Kenneth Morris Limited
1 Aston Court
Bromsgrove Technology Park
Bromsgrove
Worcestershire
B60 3AL

Midland Industrial Temperature Solutions
Company Limited (Registered number: 05089982)

Abridged Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,420 20,988

CURRENT ASSETS
Stocks 36,240 39,251
Debtors 43,045 128,652
Cash at bank 12,687 15,632
91,972 183,535
CREDITORS
Amounts falling due within one year 88,617 98,068
NET CURRENT ASSETS 3,355 85,467
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,775

106,455

CREDITORS
Amounts falling due after more than one
year

(14,115

)

(24,023

)

PROVISIONS FOR LIABILITIES (3,223 ) (3,882 )
NET ASSETS 3,437 78,550

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,337 78,450
SHAREHOLDERS' FUNDS 3,437 78,550

Midland Industrial Temperature Solutions
Company Limited (Registered number: 05089982)

Abridged Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 26 June 2024 and were signed on its behalf by:





Mrs P E Smith - Director


Midland Industrial Temperature Solutions
Company Limited (Registered number: 05089982)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Midland Industrial Temperature Solutions Company 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.
Improvements to property - 25% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% 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.

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.

Midland Industrial Temperature Solutions
Company Limited (Registered number: 05089982)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Factored debts
The majority of sales ledger balances are factored and the company retains significant benefits and risks relating to the debts. Trade debtors are shown gross. The amount due to the factoring company is shown in creditors at net values and is detailed in the notes to the accounts. Factoring charges are charged to the profit and loss account over the relevant period.

Operating leases
The relevant annual rentals are charged to the profit and loss account on a straight line basis over the lease term, unless they relate to vacant leasehold properties, in which case provision is made on a discounted basis for the net obligation under the lease. The unwinding of the discount is disclosed within interest payable and similar charges.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 April 2023 118,667
Additions 1,052
At 31 March 2024 119,719
DEPRECIATION
At 1 April 2023 97,679
Charge for year 4,620
At 31 March 2024 102,299
NET BOOK VALUE
At 31 March 2024 17,420
At 31 March 2023 20,988

Cost or valuation at 31 March 2024 is represented by:

Totals
£   
Valuation in 2008 25,000
Cost 94,719
119,719

Midland Industrial Temperature Solutions
Company Limited (Registered number: 05089982)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

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

2024 2023
£    £   
Cost 16,597 16,597
Aggregate depreciation 13,275 13,275

Plant and machinery were valued on an open market basis on 31 March 2008 by the directors .

5. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
HSBC Invoice Financing 27,258 41,192

HSBC bank plc hold the following securities:-
a legal assignment created 22 February 2011 and HSBC Invoice Finance (UK) Limited hold a fixed charge on non-vesting debts and a floating charge.

6. CONTINGENT LIABILITIES

There were no known contingent liabilities at the year end.

7. POST BALANCE SHEET EVENTS

There were no known material post balance sheet events.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Midland Industrial Temperature Solutions
Company Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Midland Industrial Temperature Solutions Company Limited for the year ended 31 March 2024 which comprise the Abridged Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Midland Industrial Temperature Solutions Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Midland Industrial Temperature Solutions Company Limited and state those matters that we have agreed to state to the Board of Directors of Midland Industrial Temperature Solutions Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midland Industrial Temperature Solutions Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Midland Industrial Temperature Solutions Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Midland Industrial Temperature Solutions Company Limited. You consider that Midland Industrial Temperature Solutions Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Midland Industrial Temperature Solutions Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Kenneth Morris Limited
1 Aston Court
Bromsgrove Technology Park
Bromsgrove
Worcestershire
B60 3AL


26 June 2024