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REGISTERED NUMBER: 01096847 (England and Wales)















MIDLAND HANDLING EQUIPMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29TH FEBRUARY 2024






MIDLAND HANDLING EQUIPMENT LIMITED (REGISTERED NUMBER: 01096847)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


MIDLAND HANDLING EQUIPMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29TH FEBRUARY 2024







DIRECTORS: C W Bown
R C Deacon
M S Young





REGISTERED OFFICE: Stretton Road
Great Glen
Leicester
Leicestershire
LE8 9GN





REGISTERED NUMBER: 01096847 (England and Wales)





ACCOUNTANTS: CUTTER & CO LTD
CHARTERED ACCOUNTANTS
3 Lyttleton Court
Birmingham Street
Halesowen
West Midlands
B63 3HN

MIDLAND HANDLING EQUIPMENT LIMITED (REGISTERED NUMBER: 01096847)

BALANCE SHEET
29TH FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 36,312 45,293

CURRENT ASSETS
Stocks 6 157,563 198,235
Debtors 7 1,439,646 1,102,720
Cash at bank and in hand 268,377 365,816
1,865,586 1,666,771
CREDITORS
Amounts falling due within one year 8 764,886 546,456
NET CURRENT ASSETS 1,100,700 1,120,315
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,137,012

1,165,608

CREDITORS
Amounts falling due after more than one
year

9

(86,985

)

(122,048

)

PROVISIONS FOR LIABILITIES 11 (8,921 ) (11,131 )
NET ASSETS 1,041,106 1,032,429

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 1,041,006 1,032,329
SHAREHOLDERS' FUNDS 1,041,106 1,032,429

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MIDLAND HANDLING EQUIPMENT LIMITED (REGISTERED NUMBER: 01096847)

BALANCE SHEET - continued
29TH FEBRUARY 2024


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 3rd October 2024 and were signed on its behalf by:





R C Deacon - Director


MIDLAND HANDLING EQUIPMENT LIMITED (REGISTERED NUMBER: 01096847)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH FEBRUARY 2024

1. STATUTORY INFORMATION

Midland Handling Equipment 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The total turnover of the company for the year has been derived from its principal activity, being the manufacture of conveyor systems.

The company recognises a sale on the delivery of goods to the customer and the point at which the risks and rewards of ownership of the goods pass from the Company to the customer and the Company has no further obligations to the customer.

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.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on cost
Computer and office equipment - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


MIDLAND HANDLING EQUIPMENT LIMITED (REGISTERED NUMBER: 01096847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

3. 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 18 ) .

5. TANGIBLE FIXED ASSETS
Computer
Fixtures and
Plant and and Motor office
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st March 2023 120,644 6,559 22,431 10,302 159,936
Disposals - (6,559 ) - (8,610 ) (15,169 )
At 29th February 2024 120,644 - 22,431 1,692 144,767
DEPRECIATION
At 1st March 2023 80,120 6,559 17,984 9,980 114,643
Charge for year 6,254 - 2,405 322 8,981
Eliminated on disposal - (6,559 ) - (8,610 ) (15,169 )
At 29th February 2024 86,374 - 20,389 1,692 108,455
NET BOOK VALUE
At 29th February 2024 34,270 - 2,042 - 36,312
At 28th February 2023 40,524 - 4,447 322 45,293

6. STOCKS
2024 2023
£    £   
Stocks 138,288 152,728
Work-in-progress 19,275 45,507
157,563 198,235

MIDLAND HANDLING EQUIPMENT LIMITED (REGISTERED NUMBER: 01096847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 443,522 159,012
Amounts owed by group undertakings 994,172 934,711
Other debtors 1,952 8,997
1,439,646 1,102,720

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 39,441 43,483
Trade creditors 118,272 203,055
Corporation tax 80,673 40,893
Social security and other taxes 17,141 14,995
VAT 78,339 41,034
Other creditors 6,525 3,624
Accruals and deferred income 424,495 199,372
764,886 546,456

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 39,441 42,212
Bank loans - 2-5 years 47,544 79,836
86,985 122,048

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 6,220 -
Between one and five years 11,403 -
17,623 -

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 8,921 11,131

MIDLAND HANDLING EQUIPMENT LIMITED (REGISTERED NUMBER: 01096847)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st March 2023 11,131
Provided during year (2,210 )
Balance at 29th February 2024 8,921

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 100 100 100

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R2D2 Conveyors Limited.