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MIDLANDS ASSOCIATES LIMITED

Registered Number
08022540
(England and Wales)

Unaudited Financial Statements for the Period ended
30 April 2024

MIDLANDS ASSOCIATES LIMITED
Company Information
for the period from 30 April 2023 to 30 April 2024

Director

MA, Jieming

Registered Address

Unit 30 Maybrook Industrial Estate
Maybrook Road
Walsall
WS8 7DG

Registered Number

08022540 (England and Wales)
MIDLANDS ASSOCIATES LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,8904,438
1,8904,438
Current assets
Debtors4742,676721,660
Cash at bank and on hand6,8974,026
749,573725,686
Creditors amounts falling due within one year5(269,823)(240,658)
Net current assets (liabilities)479,750485,028
Total assets less current liabilities481,640489,466
Creditors amounts falling due after one year6(1,131,480)(1,139,996)
Net assets(649,840)(650,530)
Capital and reserves
Called up share capital11
Profit and loss account(649,841)(650,531)
Shareholders' funds(649,840)(650,530)
The financial statements were approved and authorised for issue by the Director on 24 January 2025, and are signed on its behalf by:
MA, Jieming
Director
Registered Company No. 08022540
MIDLANDS ASSOCIATES LIMITED
Notes to the Financial Statements
for the period ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery4
Fixtures and fittings4
Office Equipment4
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 30 April 2328,91579,91416,091124,920
At 30 April 2428,91579,91416,091124,920
Depreciation and impairment
At 30 April 2328,91575,50916,058120,482
Charge for year-2,515332,548
At 30 April 2428,91578,02416,091123,030
Net book value
At 30 April 24-1,890-1,890
At 29 April 23-4,405334,438
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables683,894645,989
Other debtors37,97674,137
Prepayments and accrued income20,8061,534
Total742,676721,660
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables235,409176,722
Taxation and social security24,09552,115
Other creditors10,31911,821
Total269,823240,658
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts21,04830,923
Other creditors1,110,4321,109,073
Total1,131,4801,139,996
7.Related party transactions
During the year, the company entered into the following transactions with related parties: Rexville Solutions Limited (The director and shareholder of Midlands Associates Limited is a director and shareholder of Rexville Solutions Limited) Midlands Associates Limited provides packaging and postage services to Rexville Solutions Limited. Total supplies amount to £2,102,262 (2023 £1,265,760) At the balance sheet date, the amount owed by Rexville Solutions Limited was £692,363 (2023 £704,846) Proxima Direct Limited (The director and shareholder of Midlands Associates Limited is the director and shareholder of Proxima Direct Limited) At the balance sheet date, the amount owed to Proxima Direct Limited was £10,286 (2023 £10,286)