Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30true2023-07-01falseNo description of principal activity3134falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04694499 2023-07-01 2024-06-30 04694499 2022-07-01 2023-06-30 04694499 2024-06-30 04694499 2023-06-30 04694499 2022-07-01 04694499 c:Director1 2023-07-01 2024-06-30 04694499 d:FurnitureFittings 2023-07-01 2024-06-30 04694499 d:FurnitureFittings 2024-06-30 04694499 d:FurnitureFittings 2023-06-30 04694499 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04694499 d:OfficeEquipment 2023-07-01 2024-06-30 04694499 d:OfficeEquipment 2024-06-30 04694499 d:OfficeEquipment 2023-06-30 04694499 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04694499 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04694499 d:CurrentFinancialInstruments 2024-06-30 04694499 d:CurrentFinancialInstruments 2023-06-30 04694499 d:Non-currentFinancialInstruments 2024-06-30 04694499 d:Non-currentFinancialInstruments 2023-06-30 04694499 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 04694499 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 04694499 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 04694499 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 04694499 d:ShareCapital 2024-06-30 04694499 d:ShareCapital 2023-06-30 04694499 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 04694499 d:RetainedEarningsAccumulatedLosses 2024-06-30 04694499 d:RetainedEarningsAccumulatedLosses 2023-06-30 04694499 c:FRS102 2023-07-01 2024-06-30 04694499 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 04694499 c:FullAccounts 2023-07-01 2024-06-30 04694499 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04694499 d:WithinOneYear 2024-06-30 04694499 d:WithinOneYear 2023-06-30 04694499 d:BetweenOneFiveYears 2024-06-30 04694499 d:BetweenOneFiveYears 2023-06-30 04694499 d:MoreThanFiveYears 2024-06-30 04694499 d:MoreThanFiveYears 2023-06-30 04694499 2 2023-07-01 2024-06-30 04694499 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 04694499 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 04694499 d:TaxLossesCarry-forwardsDeferredTax 2024-06-30 04694499 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 04694499 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure
Registered number: 04694499


MIDSHIRES ELECTRICAL & LIGHTING LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
MIDSHIRES ELECTRICAL & LIGHTING LIMITED
REGISTERED NUMBER:04694499

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
116,672
132,862

Current assets
  

Stocks
  
1,075,787
1,117,556

Debtors: amounts falling due within one year
 5 
3,377,506
3,596,619

Cash at bank and in hand
 6 
522,987
231,641

  
4,976,280
4,945,816

Creditors: amounts falling due within one year
 7 
(3,000,532)
(2,832,712)

Net current assets
  
 
 
1,975,748
 
 
2,113,104

Total assets less current liabilities
  
2,092,420
2,245,966

Creditors: amounts falling due after more than one year
 8 
(40,000)
(88,000)

  

Net assets
  
2,052,420
2,157,966


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
 10 
2,052,320
2,157,866

  
2,052,420
2,157,966


Page 1

 
MIDSHIRES ELECTRICAL & LIGHTING LIMITED
REGISTERED NUMBER:04694499
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider 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 directors acknowledge their 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 P Fountain
Director

Date: 11 September 2024

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

Page 2

 
MIDSHIRES ELECTRICAL & LIGHTING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Midshires Electrical & Lighting Limited is a company limited by shares, domiciled in England and Wales, registered number 04694499.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

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.

 
2.5

Borrowing costs

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

Page 3

 
MIDSHIRES ELECTRICAL & LIGHTING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
MIDSHIRES ELECTRICAL & LIGHTING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15% reducing balance
Office equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 5

 
MIDSHIRES ELECTRICAL & LIGHTING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

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.

Page 6

 
MIDSHIRES ELECTRICAL & LIGHTING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 31 (2023 - 34).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 July 2023
308,354
172,110
480,464


Additions
625
11,823
12,448



At 30 June 2024

308,979
183,933
492,912



Depreciation


At 1 July 2023
194,876
152,726
347,602


Charge for the year on owned assets
17,045
11,593
28,638



At 30 June 2024

211,921
164,319
376,240



Net book value



At 30 June 2024
97,058
19,614
116,672



At 30 June 2023
113,478
19,384
132,862

Page 7

 
MIDSHIRES ELECTRICAL & LIGHTING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Debtors

2024
2023
£
£


Trade debtors
2,894,413
2,787,375

Amounts owed by group undertakings
401,400
758,900

Other debtors
31,272
31,319

Prepayments and accrued income
46,763
13,412

Deferred taxation
3,658
5,613

3,377,506
3,596,619



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
522,987
231,641

Less: bank overdrafts
-
(49,179)

522,987
182,462



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
49,179

Bank loans
48,000
48,000

Trade creditors
2,313,414
2,086,645

Corporation tax
170,936
136,731

Other taxation and social security
201,110
203,569

Other creditors
4,604
4,200

Accruals and deferred income
262,468
304,388

3,000,532
2,832,712


Page 8

 
MIDSHIRES ELECTRICAL & LIGHTING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
40,000
88,000


Bank loans fall due for repayment within 5 years.


9.


Deferred taxation




2024
2023


£

£






At beginning of year
5,613
9,336


Charged to profit or loss
(1,955)
(3,723)



At end of year
3,658
5,613

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
5,283
6,075

Pension provisions
(8,941)
(11,688)

(3,658)
(5,613)


10.


Reserves

Profit and loss account

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


11.


Pension commitments

As at the balance sheet date there were employers contributions outstanding totalling £1,953 (2023 - £1,618).

Page 9

 
MIDSHIRES ELECTRICAL & LIGHTING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
124,042
116,584

Later than 1 year and not later than 5 years
283,949
359,346

Later than 5 years
-
26,667

407,991
502,597


13.


Related party transactions

The company is a wholly owned subsidiary of Midshires Holdings Limited and therefore has not reported transactions with wholly owned group members in accordance with FRS102.


14.


Controlling party

The company's ultimate parent is Midshires Holdings Limited.
Midshires Holdings Limited is a company incorporated in the United Kingdom and is controlled by B P Fountain by virtue of his majority shareholding. 

 
Page 10