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REGISTERED NUMBER: 05936308 (England and Wales)














MIDLANDS ELECTRICAL SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29TH FEBRUARY 2024






MIDLANDS ELECTRICAL SYSTEMS LIMITED (REGISTERED NUMBER: 05936308)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIDLANDS ELECTRICAL SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29TH FEBRUARY 2024







DIRECTOR: N Fisher





SECRETARY: Mrs Y M Fisher





REGISTERED OFFICE: Unit 31
Manorside Industrial Estate
Walkers Road
Redditch
Worcestershire
B98 9HD





REGISTERED NUMBER: 05936308 (England and Wales)

MIDLANDS ELECTRICAL SYSTEMS LIMITED (REGISTERED NUMBER: 05936308)

BALANCE SHEET
29TH FEBRUARY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 57,709 31,889
Investments 5 55,264 75,923
112,973 107,812

CURRENT ASSETS
Debtors 6 203,107 262,377
Cash at bank 476,723 136,148
679,830 398,525
CREDITORS
Amounts falling due within one year 7 373,653 186,044
NET CURRENT ASSETS 306,177 212,481
TOTAL ASSETS LESS CURRENT
LIABILITIES

419,150

320,293

CREDITORS
Amounts falling due after more than one
year

8

(8,445

)

(2,170

)

PROVISIONS FOR LIABILITIES 9 (13,949 ) (6,059 )
NET ASSETS 396,756 312,064

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 10 50 50
Retained earnings 10 396,656 311,964
396,756 312,064

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 director acknowledges his 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.

MIDLANDS ELECTRICAL SYSTEMS LIMITED (REGISTERED NUMBER: 05936308)

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 director and authorised for issue on 16th October 2024 and were signed by:





N Fisher - Director


MIDLANDS ELECTRICAL SYSTEMS LIMITED (REGISTERED NUMBER: 05936308)

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

1. STATUTORY INFORMATION

Midlands Electrical Systems 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 as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

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.

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 7 (2023 - 8 ) .

MIDLANDS ELECTRICAL SYSTEMS LIMITED (REGISTERED NUMBER: 05936308)

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

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£ £ £
COST
At 1st March 2023 30,322 119,730 150,052
Additions - 50,836 50,836
Disposals - (24,959 ) (24,959 )
At 29th February 2024 30,322 145,607 175,929
DEPRECIATION
At 1st March 2023 29,292 88,871 118,163
Charge for year 155 20,419 20,574
Eliminated on disposal - (20,517 ) (20,517 )
At 29th February 2024 29,447 88,773 118,220
NET BOOK VALUE
At 29th February 2024 875 56,834 57,709
At 28th February 2023 1,030 30,859 31,889

The net book value of tangible fixed assets includes £ 19,282 in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS
Other
investments
£
COST OR VALUATION
At 1st March 2023 75,923
Additions 61,019
Disposals (85,000 )
Revaluations 3,322
At 29th February 2024 55,264
NET BOOK VALUE
At 29th February 2024 55,264
At 28th February 2023 75,923

Cost or valuation at 29th February 2024 is represented by:

Other
investments
£
Valuation in 2024 55,264

MIDLANDS ELECTRICAL SYSTEMS LIMITED (REGISTERED NUMBER: 05936308)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 201,071 261,341
Other debtors 2,036 1,036
203,107 262,377

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts 4,308 7,619
Trade creditors 292,904 40,523
Taxation and social security 59,153 120,391
Other creditors 17,288 17,511
373,653 186,044

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Hire purchase contracts 8,445 2,170

9. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 13,949 6,059

Deferred tax
£
Balance at 1st March 2023 6,059
Provided during year 7,890
Balance at 29th February 2024 13,949

10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1st March 2023 311,964 50 312,014
Profit for the year 172,692 172,692
Dividends (88,000 ) (88,000 )
At 29th February 2024 396,656 50 396,706