Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 4 |
|
|
|
4,491 | 5,338 | |||
Current assets | ||||
Stocks | 5 |
|
|
|
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
225,182 | 245,198 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
Net current assets | 49,949 | 111,038 | ||
Total assets less current liabilities | 54,440 | 116,376 | ||
Creditors: amounts falling due after more than one year | 8 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Director's responsibilities:
The financial statements of Midland Industrial Agencies Ltd (registered number:
M R Chittock
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Midland Industrial Agencies Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 52a St. John Street, Ashbourne, DE6 1GH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
The company recognises revenue when:-
the amount of revenue can be reliably measured;-
it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Vehicles |
|
Office equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.
Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.
Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.
Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Prior year adjustment has been made in the accounts to correct errors in the posting of a Bad Debt Provision and the interest in relation to a CBIL Loan. This adjustment resulted in Trade Debtors being decreased by £22,403, Bank Loans being increased by £19,500 and brought forward reserves decreasing by £2,903.
As previously reported | Adjustment | As restated | ||||
Year ended 30 April 2023 | £ | £ | £ | |||
Profit and Loss Account | 94,643 | (2,903) | 91,740 | |||
Debtors | 151,762 | (22,403) | 129,359 | |||
Creditors | 177,296 | 19,500 | 196,796 |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
Vehicles | Office equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 May 2023 |
|
|
|
||
Additions |
|
|
|
||
At 30 April 2024 |
|
|
|
||
Accumulated depreciation | |||||
At 01 May 2023 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 30 April 2024 |
|
|
|
||
Net book value | |||||
At 30 April 2024 |
|
|
|
||
At 30 April 2023 |
|
|
|
2024 | 2023 | ||
£ | £ | ||
Stocks |
|
|
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by Parent undertakings |
|
|
|
Other debtors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Bank loans |
|
|
|
Trade creditors |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Other creditors |
|
|
Transactions with the entity's director
2024 | 2023 | ||
£ | £ | ||
Amounts payable to the directors | 55,621 | 9,955 |
The above loan is unsecured, interest free and repayable on demand.
The company has taken advantage of the exemption in FRS 102 1A C.35 "Related Party Disclosures" from disclosing transactions with other members of the group.