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Registration number: 10244731

Midland Fire Direct Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Midland Fire Direct Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Midland Fire Direct Ltd

Company Information

Directors

Mr O S Marston

Mrs S Marston

Registered office

35-37 High Street
Barrow upon Soar
Loughborough
Leicestershire
LE12 8PY

Accountants

Rafton Associates Ltd 8 Woodland Close
Markfield
Leicestershire
LE67 9QH

 

Midland Fire Direct Ltd

(Registration number: 10244731)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

104,292

5,454

Current assets

 

Stocks

5

135,000

36,836

Debtors

6

422,945

427,739

Cash at bank and in hand

 

33,845

5,345

 

591,790

469,920

Creditors: Amounts falling due within one year

7

(514,072)

(361,029)

Net current assets

 

77,718

108,891

Total assets less current liabilities

 

182,010

114,345

Creditors: Amounts falling due after more than one year

7

(147,012)

(96,956)

Provisions for liabilities

(15,215)

(1,036)

Net assets

 

19,783

16,353

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

19,782

16,352

Shareholders' funds

 

19,783

16,353

 

Midland Fire Direct Ltd

(Registration number: 10244731)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 December 2024 and signed on its behalf by:
 

.........................................
Mr O S Marston
Director

.........................................
Mrs S Marston
Director

 

Midland Fire Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
35-37 High Street
Barrow upon Soar
Loughborough
Leicestershire
LE12 8PY

These financial statements were authorised for issue by the Board on 20 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred 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 income 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.

 

Midland Fire Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings, tools and equipment

33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Midland Fire Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

 

Midland Fire Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

22,273

-

22,273

Additions

5,626

107,993

113,619

At 30 June 2024

27,899

107,993

135,892

Depreciation

At 1 July 2023

16,819

-

16,819

Charge for the year

2,995

11,786

14,781

At 30 June 2024

19,814

11,786

31,600

Carrying amount

At 30 June 2024

8,085

96,207

104,292

At 30 June 2023

5,454

-

5,454

5

Stocks

2024
£

2023
£

Other inventories

135,000

36,836

6

Debtors

Current

2024
£

2023
£

Trade debtors

318,452

278,660

Prepayments

10,349

3,570

Other debtors

94,144

145,509

 

422,945

427,739

 

Midland Fire Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

44,269

28,382

Trade creditors

 

355,374

192,563

Taxation and social security

 

94,701

125,551

Accruals and deferred income

 

1,500

1,500

Other creditors

 

18,228

13,033

 

514,072

361,029

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

147,012

96,956

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

ordinary shares of £0.01 each

100

1

100

1

       
 

Midland Fire Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

66,253

96,956

Hire purchase contracts

80,759

-

147,012

96,956

Current loans and borrowings

2024
£

2023
£

Bank borrowings

30,436

28,382

Hire purchase contracts

13,833

-

44,269

28,382

Bank borrowings

Bounce Back Loan is denominated in £ with a nominal interest rate of 2.50%, and the final instalment is due on 31 August 2026. The carrying amount at year end is £21,667 (2023 - £31,667).

Bank Loan is denominated in £ with a nominal interest rate of 9.90%, and the final instalment is due on 28 September 2027. The carrying amount at year end is £75,023 (2023 - £93,672).

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £3,000.00 (2023 - £1,740.00) per each ordinary shares

300,000

174,000

 

 
 

Midland Fire Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

11

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Monies loaned to the directors at an interest rate of 2.25%

70,800

424,496

(463,068)

32,228

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Monies loaned to the directors at an interest rate of 2.25%

36,378

292,227

(257,805)

70,800

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

25,140

Dividends paid to directors

2024
£

2023
£

Mr O S Marston

Dividends paid during the year

150,000

87,000

 

 

Mrs S Marston

Dividends paid during the year

150,000

87,000