Company registration number 08106829 (England and Wales)
MIDSTREAM LIGHTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
MIDSTREAM LIGHTING LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 11
MIDSTREAM LIGHTING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
760,910
624,136
Tangible assets
4
65,079
81,523
Investments
5
13
13
826,002
705,672
Current assets
Stocks
6
232,194
167,946
Debtors
7
2,540,275
2,812,134
Cash at bank and in hand
240,945
977,970
3,013,414
3,958,050
Creditors: amounts falling due within one year
8
(3,239,798)
(3,908,541)
Net current (liabilities)/assets
(226,384)
49,509
Total assets less current liabilities
599,618
755,181
Creditors: amounts falling due after more than one year
9
(43,130)
(242,225)
Provisions for liabilities
(143,000)
(120,000)
Net assets
413,488
392,956
Capital and reserves
Called up share capital
300
300
Profit and loss reserves
413,188
392,656
Total equity
413,488
392,956

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MIDSTREAM LIGHTING LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 January 2025
Mr A Krupkin
Director
Company registration number 08106829 (England and Wales)
MIDSTREAM LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Midstream Lighting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wessex House, 1 Chesham Street, London, SW1X 8ND.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, as modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (on dispatch of the goods).

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Development costs in relation to new products developed by the company are capitalised as an intangible asset on the basis that they have met the applicable recognition criteria.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
- 20% on cost
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MIDSTREAM LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
- 25% on reducing balance
Fixtures and fittings
- 20% on cost
Computers
- 33.33% on cost

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.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

MIDSTREAM LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MIDSTREAM LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

Government assistance has also been extended by way of the provision of guarantees.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MIDSTREAM LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
17
17
3
Intangible fixed assets
Other
£
Cost
At 1 May 2023
777,714
Additions
324,563
At 30 April 2024
1,102,277
Amortisation and impairment
At 1 May 2023
153,578
Amortisation charged for the year
187,789
At 30 April 2024
341,367
Carrying amount
At 30 April 2024
760,910
At 30 April 2023
624,136
MIDSTREAM LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2023
113,087
12,268
26,144
151,499
Additions
7,500
305
-
0
7,805
At 30 April 2024
120,587
12,573
26,144
159,304
Depreciation and impairment
At 1 May 2023
52,681
1,631
15,664
69,976
Depreciation charged in the year
14,544
2,846
6,859
24,249
At 30 April 2024
67,225
4,477
22,523
94,225
Carrying amount
At 30 April 2024
53,362
8,096
3,621
65,079
At 30 April 2023
60,406
10,637
10,480
81,523
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
13
13
6
Stocks
2024
2023
£
£
Stocks
232,194
167,946
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
617,111
1,429,945
Corporation tax recoverable
17,708
17,708
Amounts owed by group undertakings
548,153
447,582
Other debtors
526,058
380,350
Prepayments and accrued income
831,245
536,549
2,540,275
2,812,134
MIDSTREAM LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
7
Debtors
(Continued)
- 9 -

During the year, a provision of £9,298 (2023: £88,648) was provided against trade debtors, no other provisions provided during the year.

 

8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10
986,248
743,336
Trade creditors
1,133,694
2,021,749
Amounts owed to group undertakings
18,816
-
0
Taxation and social security
98,952
45,583
Other creditors
153,863
66,335
Accruals and deferred income
848,225
1,031,538
3,239,798
3,908,541

Included within Bank loans and overdrafts is an amount of £479,000 (2023: £479,000) which is secured against the company's trade debtors and company bank accounts.

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,300
156,395
Other creditors
36,830
85,830
43,130
242,225
10
Loans and overdrafts
2024
2023
£
£
Bank loans
973,586
899,731
Bank overdrafts
18,962
-
0
Other loans
36,830
36,830
1,029,378
936,561
Payable within one year
986,248
743,336
Payable after one year
43,130
193,225
MIDSTREAM LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
11
Financial commitments, guarantees and contingent liabilities

The company has a contingent liability in respect of product warranties offered to their customers which expire after five years. The value of this liability cannot be quantified with reasonable accuracy and therefore no provision has been made within these financial statements.

12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
3,077
7,778
13
Prior period adjustment
Reconciliation of changes in equity
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Stock of finished goods
-
(333,283)
Equity as previously reported
713,103
726,239
Equity as adjusted
713,103
392,956
Analysis of the effect upon equity
Profit and loss reserves
-
(333,283)
Reconciliation of changes in profit/(loss) for the previous financial period
2023
£
Adjustments to prior year
Stock of finished goods
(333,283)
Profit as previously reported
64,091
Loss as adjusted
(269,192)
Notes to reconciliation
Stock of finished goods adjustment

The accounts have been restated to incorporate an adjustment to stock which was overstated in the prior period. The adjustment relates to WIP incorrectly calculated in the final stock figure for year ending 30 April 2023. The change has resulted in profits available for distribution at 30 April 2023 decreasing by £333,283.

MIDSTREAM LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
14
Related party transactions

Included within Other debtors are amounts owing of £126,743 (£108,743) from companies where the shareholders have a material interest. These amounts are interest free and repayable on demand.

 

Included in Other creditors is an amount due to a related company of £75,650 (2023: £75,000). This accrues interest at 1% which is below the market rate.

15
Parent company

The parent of the group is Midstream Limited, whose registered address is at Wessex House, 1 Chesham Street, London, SW1X 8ND.

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