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REGISTERED NUMBER: 08500349 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2024

for

Midson & Smith Limited

Midson & Smith Limited (Registered number: 08500349)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Midson & Smith Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: Mr M Midson
Mr N Smith





REGISTERED OFFICE: Unit 33 Century Business Centre
Century Business Park
Manvers
Rotherham
South Yorkshire
S63 5DA





REGISTERED NUMBER: 08500349 (England and Wales)






Midson & Smith Limited (Registered number: 08500349)

Balance Sheet
31 October 2024

31.10.24 31.10.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 21,487 27,315
Investment property 5 360,000 415,000
381,487 442,315

CURRENT ASSETS
Stocks 572,286 341,934
Debtors 6 4,760 19,226
Cash at bank 9,479 86,837
586,525 447,997
CREDITORS
Amounts falling due within one year 7 695,170 574,981
NET CURRENT LIABILITIES (108,645 ) (126,984 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

272,842

315,331

PROVISIONS FOR LIABILITIES 35,204 55,782
NET ASSETS 237,638 259,549

CAPITAL AND RESERVES
Called up share capital 8 20 20
Revaluation reserve 9 140,815 195,815
Retained earnings 9 96,803 63,714
SHAREHOLDERS' FUNDS 237,638 259,549

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

Midson & Smith Limited (Registered number: 08500349)

Balance Sheet - continued
31 October 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 20 January 2025 and were signed on its behalf by:





Mr M Midson - Director


Midson & Smith Limited (Registered number: 08500349)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Midson & Smith 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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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.

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.

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 3 (2023 - 3 ) .

Midson & Smith Limited (Registered number: 08500349)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2023 28,484
Additions 10,879
Disposals (9,365 )
At 31 October 2024 29,998
DEPRECIATION
At 1 November 2023 1,169
Charge for year 7,342
At 31 October 2024 8,511
NET BOOK VALUE
At 31 October 2024 21,487
At 31 October 2023 27,315

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2023 415,000
Revaluations (55,000 )
At 31 October 2024 360,000
NET BOOK VALUE
At 31 October 2024 360,000
At 31 October 2023 415,000

Fair value at 31 October 2024 is represented by:
£   
Valuation in 2023 195,815
Valuation in 2024 (55,000 )
Cost 219,185
360,000

If investment property had not been revalued it would have been included at the following historical cost:

31.10.24 31.10.23
as restated
£    £   
Cost 219,185 219,185

Investment property was valued on an open market basis on 31 October 2023 by the directors. .

Midson & Smith Limited (Registered number: 08500349)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
as restated
£    £   
Other debtors 4,760 19,226

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
as restated
£    £   
Trade creditors 14,650 32,970
Taxation and social security 19,449 27,714
Other creditors 661,071 514,297
695,170 574,981

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: as restated
£    £   
20 Ordinary £1 20 20

9. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 November 2023 209,724 195,815 405,539
Prior year adjustment (146,010 ) (146,010 )
63,714 259,529
Deficit for the year (21,911 ) (21,911 )
Revaluation 55,000 (55,000 ) -
At 31 October 2024 96,803 140,815 237,618