Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30false2023-07-01No description of principal activity11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09805296 2023-07-01 2024-06-30 09805296 2022-07-01 2023-06-30 09805296 2024-06-30 09805296 2023-06-30 09805296 c:Director1 2023-07-01 2024-06-30 09805296 d:FreeholdInvestmentProperty 2024-06-30 09805296 d:FreeholdInvestmentProperty 2023-06-30 09805296 d:FreeholdInvestmentProperty 2 2023-07-01 2024-06-30 09805296 d:CurrentFinancialInstruments 2024-06-30 09805296 d:CurrentFinancialInstruments 2023-06-30 09805296 d:Non-currentFinancialInstruments 2024-06-30 09805296 d:Non-currentFinancialInstruments 2023-06-30 09805296 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 09805296 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 09805296 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 09805296 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 09805296 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 09805296 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 09805296 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 09805296 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 09805296 d:ShareCapital 2024-06-30 09805296 d:ShareCapital 2023-06-30 09805296 d:SharePremium 2023-07-01 2024-06-30 09805296 d:SharePremium 2024-06-30 09805296 d:SharePremium 2023-06-30 09805296 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 09805296 d:RetainedEarningsAccumulatedLosses 2024-06-30 09805296 d:RetainedEarningsAccumulatedLosses 2023-06-30 09805296 c:OrdinaryShareClass1 2023-07-01 2024-06-30 09805296 c:OrdinaryShareClass1 2023-06-30 09805296 c:OrdinaryShareClass2 2023-07-01 2024-06-30 09805296 c:OrdinaryShareClass2 2024-06-30 09805296 c:FRS102 2023-07-01 2024-06-30 09805296 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 09805296 c:FullAccounts 2023-07-01 2024-06-30 09805296 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09805296 d:OtherDeferredTax 2024-06-30 09805296 d:OtherDeferredTax 2023-06-30 09805296 6 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09805296


MIDSHIRES HOLDINGS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
MIDSHIRES HOLDINGS LIMITED
REGISTERED NUMBER:09805296

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
1,969,800
1,969,800

Investment property
 5 
730,000
588,576

  
2,699,800
2,558,376

Current assets
  

Debtors: amounts falling due within one year
 6 
2,299
1,975

Cash at bank and in hand
 7 
16,637
20,522

  
18,936
22,497

Creditors: amounts falling due within one year
 8 
(411,176)
(768,695)

Net current liabilities
  
 
 
(392,240)
 
 
(746,198)

Total assets less current liabilities
  
2,307,560
1,812,178

Creditors: amounts falling due after more than one year
 9 
(144,852)
(148,977)

Provisions for liabilities
  

Deferred tax
 11 
(35,357)
-

  
 
 
(35,357)
 
 
-

Net assets
  
2,127,351
1,663,201


Capital and reserves
  

Called up share capital 
  
100
100

Share premium account
 13 
979,901
979,901

Profit and loss account
 13 
1,147,350
683,200

  
2,127,351
1,663,201


Page 1

 
MIDSHIRES HOLDINGS LIMITED
REGISTERED NUMBER:09805296
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
B Fountain
Director

Date: 11 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MIDSHIRES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Midshires Holdings Limited is a company limited by shares, domiciled in England and Wales, registered number 09805296.
The registered office is Century House, 1 The Lakes, Northampton, NN4 7HD and the principal place of business is Units 3-6 Hartburn Close, Crow Lane Industrial Estate, Northampton, NN3 9UE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
MIDSHIRES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
MIDSHIRES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
MIDSHIRES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 6

 
MIDSHIRES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
1,969,800



At 30 June 2024
1,969,800





5.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
588,576


Surplus on revaluation
141,424



At 30 June 2024
730,000

The 2024 valuations were made by the director, on an open market value for existing use basis.







6.


Debtors

2024
2023
£
£


Called up share capital not paid
1
1

Prepayments and accrued income
2,298
1,974

2,299
1,975


Page 7

 
MIDSHIRES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
16,637
20,522



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
4,125
4,125

Amounts owed to group undertakings
401,400
758,900

Corporation tax
-
1,406

Other creditors
1,384
1,384

Accruals and deferred income
4,267
2,880

411,176
768,695


Banks loans are secured by a charge on the properties held in the company. 
Interest is accrued on the loan at 4.5% per annum above base rate.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
144,852
148,977


Banks loans are secured by a charge on the properties held in the company. 
Interest is accrued on the loan at 4.5% per annum above base rate.
The bank loan falls due for repayment within 5 years.

Page 8

 
MIDSHIRES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Bank loans

Amounts falling due within 1 year
4,125
4,125

Amounts falling due 1-2 years
4,125
4,125

Amounts falling due 2-5 years
140,727
144,852

148,977
153,102



11.


Deferred taxation




2024


£






Charged to profit or loss
(35,357)



At end of year
(35,357)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Investment property revaluation gains
(35,357)
-


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



0 (2023 - 100) Ordinary shares of £1.00 each
-
100
10,000 (2023 - ) Ordinary shares of £0.01 each
100
-

100

100

At 2 August 2023 there was a sub-division of shares whereby the existing 100 Ordinary shares of £1 each were sub-divided in 10,000 Ordinary shares of £0.01 each.


Page 9

 
MIDSHIRES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Reserves

Share premium account

The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

The profit and loss reserve includes all current and prior year retained profits and losses. All amounts are distributable.


14.


Related party transactions

The company owns 100% of the share capital of Midshires Electrical & Lighting Limited and therefore has not reported transactions with that wholly owned company in accordance with FRS102.


15.


Controlling party

The company was under the control of B P Fountain during the year due to his majority shareholding.

 
Page 10