REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Midal Cables International Ltd. |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Midal Cables International Ltd. |
Midal Cables International Ltd. (Registered number: 03657827) |
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 |
Midal Cables International Ltd. |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Leytonstone House |
3 Hanbury Drive |
Leytonstone |
London |
E11 1GA |
ACCOUNTANTS: |
Chartered Accountants & Statutory |
Auditors |
25 Vicarage Lane |
Ilford |
Essex |
IG1 4AG |
Midal Cables International Ltd. (Registered number: 03657827) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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 |
Midal Cables International Ltd. (Registered number: 03657827) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Midal Cables International Ltd. is a |
The company's principal activity is that of sales agent in the UK for its associated company. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements for the company have been prepared on a going concern basis. The company had net liabilities of £458,902 at the balance sheet date. This indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. |
In the event that the company requires support, Midal Cables B.S.C. (C), the company's associated company, has confirmed that it has undertaken to continue to provide such financial support as the company requires for its continued operations and will not recall the amounts owed to it at the year end, for a period of not less than twelve months from the date of approval of these financial statements. |
As a result of the above, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
Turnover |
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. |
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. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives and is provided on the following annual basis: |
Plant and machinery - 20% on cost |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
Midal Cables International Ltd. (Registered number: 03657827) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Debtors |
Short-term debtors are measured at transaction price, less any impairment. |
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. |
Foreign currency translation |
Functional and presentation currency |
The company's functional and presentational currency is GBP. |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Holiday pay accrual |
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Midal Cables International Ltd. (Registered number: 03657827) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed to group undertakings |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified. |
In their report, the auditors emphasised the following matter without qualifying their report: |
Material uncertainty related to going concern |
We draw attention to Note 2 in the financial statements, which indicates that as at 31 December 2023 the Company's net liabilities exceeded its total assets by £458,902. As stated in Note 2, this condition indicates that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
The audit report was signed on 24 September 2024 by Sooreeyen Iyaroo (Senior statutory auditor) on behalf of Barnes Roffe LLP. |
Midal Cables International Ltd. (Registered number: 03657827) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | PENSION COMMITMENTS |
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £9,397 (2022 - £5,823). Contributions totalling £859 (2022 - £615) remained payable to the fund at the balance sheet date and are included in creditors. |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions with key management and from disclosing other related party transactions as they are with other companies that are wholly owned within the group. |
11. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors, there is no ultimate controlling party as no member holds more than 50% of the voting rights of the company. |