Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-3113truetrue2023-06-01false13The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01569582 2023-06-01 2024-05-31 01569582 2022-06-01 2023-05-31 01569582 2024-05-31 01569582 2023-05-31 01569582 c:Director1 2023-06-01 2024-05-31 01569582 d:PlantMachinery 2023-06-01 2024-05-31 01569582 d:PlantMachinery 2024-05-31 01569582 d:PlantMachinery 2023-05-31 01569582 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 01569582 d:MotorVehicles 2023-06-01 2024-05-31 01569582 d:MotorVehicles 2024-05-31 01569582 d:MotorVehicles 2023-05-31 01569582 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 01569582 d:FurnitureFittings 2023-06-01 2024-05-31 01569582 d:FurnitureFittings 2024-05-31 01569582 d:FurnitureFittings 2023-05-31 01569582 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 01569582 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 01569582 d:Goodwill 2024-05-31 01569582 d:Goodwill 2023-05-31 01569582 d:CurrentFinancialInstruments 2024-05-31 01569582 d:CurrentFinancialInstruments 2023-05-31 01569582 d:Non-currentFinancialInstruments 2024-05-31 01569582 d:Non-currentFinancialInstruments 2023-05-31 01569582 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 01569582 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 01569582 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 01569582 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 01569582 d:ShareCapital 2024-05-31 01569582 d:ShareCapital 2023-05-31 01569582 d:CapitalRedemptionReserve 2024-05-31 01569582 d:CapitalRedemptionReserve 2023-05-31 01569582 d:RetainedEarningsAccumulatedLosses 2024-05-31 01569582 d:RetainedEarningsAccumulatedLosses 2023-05-31 01569582 c:FRS102 2023-06-01 2024-05-31 01569582 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 01569582 c:FullAccounts 2023-06-01 2024-05-31 01569582 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 01569582 d:WithinOneYear 2024-05-31 01569582 d:WithinOneYear 2023-05-31 01569582 d:BetweenOneFiveYears 2024-05-31 01569582 d:BetweenOneFiveYears 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 01569582










MIDLAND MATERIALS HANDLING CO. LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
MIDLAND MATERIALS HANDLING CO. LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 10

 
MIDLAND MATERIALS HANDLING CO. LIMITED
REGISTERED NUMBER: 01569582

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
393,828
307,171

Current assets
  

Stocks
  
165,753
155,283

Debtors: amounts falling due after more than one year
 6 
756,228
663,918

Debtors: amounts falling due within one year
 6 
407,987
375,454

Cash at bank and in hand
  
830,103
772,375

  
2,160,071
1,967,030

Creditors: amounts falling due within one year
 7 
(414,842)
(334,672)

Net current assets
  
 
 
1,745,229
 
 
1,632,358

Total assets less current liabilities
  
2,139,057
1,939,529

Creditors: amounts falling due after more than one year
 8 
(761,574)
(675,096)

Provisions for liabilities
  

Deferred tax
  
(88,306)
(76,793)

Net assets
  
1,289,177
1,187,640


Capital and reserves
  

Called up share capital 
  
232
232

Capital redemption reserve
  
168
168

Profit and loss account
  
1,288,777
1,187,240

  
1,289,177
1,187,640

Page 1

 
MIDLAND MATERIALS HANDLING CO. LIMITED
REGISTERED NUMBER: 01569582
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 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 on 26 September 2024.




R.L. Hinton
Director

Page 2

 
MIDLAND MATERIALS HANDLING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Midland Materials Handling Co. Limited (the Company) is a private company limited by shares incorporated and domiciled in England. The address of the registered office and principal place of business is Units 17 & 18 Maple Leaf Industrial Estate, Walsall,  West Midlands, England. WS2 8TF.

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 financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is stated net of VAT and trade discounts.
Turnover on sale of goods is recognised when the rights and obligations associated with the goods have been transferred to the customer.
Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. For fixed term service contracts turnover is recognised on a straight-line basis over the term of the contract. Turnover on short-term services rendered is recognised upon job completion.
Rental income received under operating leases is recognised as described in the company's accounting policy for leased assets below.

 
2.3

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over its useful economic life of two years.

 
2.4

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 3

 
MIDLAND MATERIALS HANDLING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance and 10% straight line.
Motor vehicles
-
20%
reducing balance.
Fixtures and fittings
-
25%
reducing balance.

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.

 
2.5

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.

 
2.6

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.

 
2.7

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 and loans to related parties.

 
2.8

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.

 
2.9

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. 

Page 4

 
MIDLAND MATERIALS HANDLING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.12

Residual interests on leased trucks

A portion of the company's UK sales are through leasing companies whereby the company sells equipment to the leasing company which in turn enters into a lease agreement with the customer.  Some leases contain a commitment from the company to repurchase the equipment from the customer at the end of the lease at a price specified in the lease agreement.
Consequently, the company has a liability to repurchase equipment at the end of the lease term which is matched by an equivalent asset, being the repurchased equipment, subject to the extent that the agreed repurchase price of the equipment does not exceed its realisable value at the time of repurchase.
Accordingly, the equipment to be repurchased is recorded as a debtor on the balance sheet at the lower of cost and net realisable value and the corresponding liability is recorded within creditors payable either within or after one year, according to the timing of the commitments.
The assets are not depreciated until repurchase.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

Page 5

 
MIDLAND MATERIALS HANDLING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.15

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, 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 13).

Page 6

 
MIDLAND MATERIALS HANDLING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2023
20,000



At 31 May 2024

20,000



Amortisation


At 1 June 2023
20,000



At 31 May 2024

20,000



Net book value



At 31 May 2024
-



At 31 May 2023
-



Page 7

 
MIDLAND MATERIALS HANDLING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost 


At 1 June 2023
594,494
188,153
18,366
801,013


Additions
173,843
30,349
309
204,501


Disposals
(123,000)
(12,241)
(6,899)
(142,140)



At 31 May 2024

645,337
206,261
11,776
863,374



Depreciation


At 1 June 2023
371,353
108,293
14,196
493,842


Charge for the year on owned assets
52,297
16,011
997
69,305


Disposals
(76,165)
(10,785)
(6,651)
(93,601)



At 31 May 2024

347,485
113,519
8,542
469,546



Net book value



At 31 May 2024
297,852
92,742
3,234
393,828



At 31 May 2023
223,141
79,860
4,170
307,171

Page 8

 
MIDLAND MATERIALS HANDLING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Residual value in assets transferred for part of their life
756,228
663,918


2024
2023
£
£

Due within one year

Trade debtors
203,248
154,135

Amounts owed by group undertakings
144,925
144,913

Prepayments and accrued income
6,800
6,800

Residual value in assets transferred for part of their life
53,014
69,606

407,987
375,454



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Obligations under repurchase agreements
53,014
69,606

Trade creditors
297,913
119,739

Corporation tax
-
37,768

Other taxation and social security
41,591
43,026

Obligations under hire purchase contracts - secured on related assets
5,832
16,538

Accruals and deferred income
16,492
47,995

414,842
334,672



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Obligations under repurchase agreements
756,228
663,918

Oligations under hire purchase contracts - secured on related assets
5,346
11,178

761,574
675,096


Page 9

 
MIDLAND MATERIALS HANDLING CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Commitments under operating leases

At 31 May 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
75,473
75,473

Later than 1 year and not later than 5 years
15,184
90,657

90,657
166,130


10.


Ultimate parent undertaking

The ultimate parent undertaking is MMH Holdings Limited a company registered in England.
 
Page 10