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REGISTERED NUMBER: 12707338 (England and Wales)















MIDA Plant Hire Limited

Financial Statements For The Year Ended 31st March 2024






MIDA Plant Hire Limited (Registered number: 12707338)






Contents of the Financial Statements
For The Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


MIDA Plant Hire Limited

Company Information
For The Year Ended 31st March 2024







DIRECTORS: M R Clorley
D D Murphy



REGISTERED OFFICE: 310 Wellingborough Road
Northampton
Northamptonshrie
NN1 4EP



BUSINESS ADDRESS: MIDA House
New Road
Maulden
Bedfordshire
MK45 2BG



REGISTERED NUMBER: 12707338 (England and Wales)



SENIOR STATUTORY AUDITOR: Paul Sparks FCA FCCA



AUDITORS: Cheney & Co
Statutory Auditor
310 Wellingborough Road
Northampton
NN1 4EP

MIDA Plant Hire Limited (Registered number: 12707338)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,752,565 5,247,208

CURRENT ASSETS
Debtors 5 720,110 274,904
Cash at bank 14,500 52,729
734,610 327,633
CREDITORS
Amounts falling due within one year 6 3,366,713 1,959,326
NET CURRENT LIABILITIES (2,632,103 ) (1,631,693 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,120,462

3,615,515

CREDITORS
Amounts falling due after more than one
year

7

(1,060,485

)

(2,471,654

)

PROVISIONS FOR LIABILITIES (1,229,000 ) (884,000 )
NET ASSETS 830,977 259,861

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 830,976 259,860
SHAREHOLDERS' FUNDS 830,977 259,861

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th September 2024 and were signed on its behalf by:




M R Clorley - Director



D D Murphy - Director


MIDA Plant Hire Limited (Registered number: 12707338)

Notes to the Financial Statements
For The Year Ended 31st March 2024

1. STATUTORY INFORMATION

MIDA Plant Hire 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.

Critical accounting judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the company`s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

In preparing these financial statements , the directors have made the following judgements:

Recoverability and consideration of the impairment of the fixed assets

The assets which are rented out to the group companies are considered as to whether there would be any impairment on the assets and if there is a material difference between net carrying value, the use of the future economic benefits of the assets and the recoverable amount if these were to be realised.

Provisions

A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material , provisions are determined by discounting the expected future cash flow that reflects the time value of money and the risks specific to the liability.

Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ, the directors' judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

Turnover
Turnover represents the monies charged for rentals invoiced and earned for the period and are net of any Value Added Tax, rebates and discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 50% on cost and 20% on cost

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.


MIDA Plant Hire Limited (Registered number: 12707338)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued
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.

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

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2023 6,115,225
Additions 1,552,154
Disposals (109,390 )
At 31st March 2024 7,557,989
DEPRECIATION
At 1st April 2023 868,017
Charge for year 956,403
Eliminated on disposal (18,996 )
At 31st March 2024 1,805,424
NET BOOK VALUE
At 31st March 2024 5,752,565
At 31st March 2023 5,247,208

MIDA Plant Hire Limited (Registered number: 12707338)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st April 2023 5,302,380
Additions 1,431,776
Disposals (29,750 )
At 31st March 2024 6,704,406
DEPRECIATION
At 1st April 2023 504,117
Charge for year 774,777
Eliminated on disposal (4,938 )
At 31st March 2024 1,273,956
NET BOOK VALUE
At 31st March 2024 5,430,450
At 31st March 2023 4,798,263

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 689,341 23,534
Other debtors 30,769 251,370
720,110 274,904

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 1,709,302 731,098
Trade creditors 78,231 39,589
Amounts owed to group undertakings 1,561,499 1,136,534
Taxation and social security 1,585 8,633
Other creditors 16,096 43,472
3,366,713 1,959,326

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 1,060,485 2,471,654

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 2,769,787 3,202,752

MIDA Plant Hire Limited (Registered number: 12707338)

Notes to the Financial Statements - continued
For The Year Ended 31st March 2024

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

The Report of the Auditors was unqualified.

Paul Sparks FCA FCCA (Senior Statutory Auditor)
for and on behalf of Cheney & Co

10. CONTINGENT LIABILITIES

There were no contingent liabilities as 31st March 2024 or 31st March 2023.

11. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 350,000 1,067,480

12. RELATED PARTY DISCLOSURES

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.

The ultimate controlling party are the shareholders of the parent company, MIDA Holdings limited. This is the direct and ultimate parent company and a copy of the parent company consolidated financial statements can be obtained from the business address as shown on the company information on request.

13. SUPPORT FROM THE OTHER GROUP COMPANIES

The balance sheet of the company shows net current liabilities of £2,632,103 at 31st March 2024 ( £1,631,693 at 31st March 2023). Of these amounts group companies were owed £1,561,499 at 31st March 2024 ( £1,136,534 at 31st March 2023). The group companies concerned have indicated their willingness to support the company for the foreseeable future especially as it owns all the plant for the group which the other companies need to use to carry on their trade. The next years' turnover for this company is anticipated to service the hire purchase and other debt adequately.