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REGISTERED NUMBER: 05471064 (England and Wales)















Strategic Report,

Report of the Director and

Financial Statements

for the Year Ended 30 June 2024

for

Midland Management Services Limited

Midland Management Services Limited (Registered number: 05471064)






Contents of the Financial Statements
for the year ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


Midland Management Services Limited

Company Information
for the year ended 30 June 2024







DIRECTOR: A Pitchford





SECRETARY: Mrs K Pitchford





REGISTERED OFFICE: 26 Oak Business Centre
Ratcliffe Road
Sileby
Loughborough
Leicestershire
LE12 7PU





REGISTERED NUMBER: 05471064 (England and Wales)





AUDITORS: Just Audit Limited
Chartered Accountants and Statutory Auditors
Strelley Hall
Main Street
Strelley
Nottingham
NG8 6PE

Midland Management Services Limited (Registered number: 05471064)

Strategic Report
for the year ended 30 June 2024

The director presents his strategic report for the year ended 30 June 2024.

FAIR REVIEW OF BUSINESS
The director is content with the performance of the company, despite the impact of inflation and slight reduction of turnover to £12.4M when compared to last year.

The net profit has reduced, partially due to the ongoing challenges of one contract and as the result of challenges associated with staff retention, productivity and processes. Financial performance has continued satisfactorily post-year end.

The business forecast for the next two years remains similar to the results for this year as the director continues to focus his time on the defence contract.

The director is happy to report that the net assets of the company have remained stable at £8.25M.

The business has already delivered 28% of forecast sales in this financial year, ending 30 June 2025 and has secured 22% of forecast sales for the year ending 30 June 2025 from the existing defence contract, and is in discussions to extend this contract for another 4 years, from 1 Feb 2024 worth £25M. Our projects division continues to expand and now has the potential to deliver £7M of project work (additional to the defence contract work) each year, with secured projects worth £2.3M.

The director expects company assets to remain stable over the next 12 months as loans to related parties are already in place for the current year with no new advances considered at this stage.

The company's key financial performance indicators (KPls) are Turnover, Gross Profit and retained earnings as detailed in the statement of comprehensive income and balance sheet. No further KPI analysis is considered necessary for an understanding of the financial performance of the company.

PRINCIPAL RISKS AND UNCERTAINTIES
Where necessary the director will seek advice from relevant professional advisors to consider, assess and identify risks following financial reviews, management accounts and job costing results.

The principal risks and uncertainties over the next 12 months relate to reliance on our narrow client base, the extension of the defence contract and economic drivers due to change of government. However, the primary business operates in the public sector and should the UK enter recession, the impacts of recession over the next two years should be limited.

The company has secured a total of 50% of the sales for the current financial year ending 30 June 2025 from existing contracts and continues to diversify previous revenue streams reducing dependency on the defence contract.

The director is satisfied that the company has sufficient working capital available to continue trading throughout the 12 months from the date of approval of these accounts.

ON BEHALF OF THE BOARD:





A Pitchford - Director


30 January 2025

Midland Management Services Limited (Registered number: 05471064)

Report of the Director
for the year ended 30 June 2024

The director presents his report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of contractors of electrical installations, planned and response electrical, gas, fabric and mechanical maintenance and mechanical and electrical consultancy services.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2024 was £227,000.

DIRECTOR
A Pitchford held office during the whole of the period from 1 July 2023 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen, in accordance with section 414C(11) of the Companies Act 2006 to include certain matters in its Strategic Report that would otherwise be required to be disclosed in this Report of the Director. The Strategic Report can be found on page 2 of these accounts.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





A Pitchford - Director


30 January 2025

Report of the Independent Auditors to the Members of
Midland Management Services Limited

Opinion
We have audited the financial statements of Midland Management Services Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Midland Management Services Limited


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the director that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Rachel Davis BA FCA (Senior Statutory Auditor)
for and on behalf of Just Audit Limited
Chartered Accountants and Statutory Auditors
Strelley Hall
Main Street
Strelley
Nottingham
NG8 6PE

30 January 2025

Midland Management Services Limited (Registered number: 05471064)

Statement of Comprehensive Income
for the year ended 30 June 2024

2024 2023
Notes £ £

TURNOVER 4 12,430,418 12,881,027

Cost of sales 10,054,024 9,925,827
GROSS PROFIT 2,376,394 2,955,200

Administrative expenses 2,307,848 2,456,155
68,546 499,045

Other operating income - 158
OPERATING PROFIT 6 68,546 499,203

Exceptional item 7 - 250,528
68,546 248,675

Interest receivable and similar income 204,351 199,490
272,897 448,165

Interest payable and similar expenses 8 69 10,508
PROFIT BEFORE TAXATION 272,828 437,657

Tax on profit 9 96,908 148,805
PROFIT FOR THE FINANCIAL YEAR 175,920 288,852

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

175,920

288,852

Midland Management Services Limited (Registered number: 05471064)

Balance Sheet
30 June 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 11 549,038 599,264

CURRENT ASSETS
Debtors: amounts falling due within one year 12 3,482,289 3,855,565
Debtors: amounts falling due after more than
one year

12

3,394,035

3,833,824
Cash at bank 1,947,920 1,277,511
8,824,244 8,966,900
CREDITORS
Amounts falling due within one year 13 980,662 1,136,941
NET CURRENT ASSETS 7,843,582 7,829,959
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,392,620

8,429,223

PROVISIONS FOR LIABILITIES 14 136,540 122,063
NET ASSETS 8,256,080 8,307,160

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 8,255,980 8,307,060
SHAREHOLDERS' FUNDS 8,256,080 8,307,160

The financial statements were approved by the director and authorised for issue on 30 January 2025 and were signed by:





A Pitchford - Director


Midland Management Services Limited (Registered number: 05471064)

Statement of Changes in Equity
for the year ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 July 2022 100 8,035,832 8,035,932

Changes in equity
Dividends - (17,624 ) (17,624 )
Total comprehensive income - 288,852 288,852
Balance at 30 June 2023 100 8,307,060 8,307,160

Changes in equity
Dividends - (227,000 ) (227,000 )
Total comprehensive income - 175,920 175,920
Balance at 30 June 2024 100 8,255,980 8,256,080

Midland Management Services Limited (Registered number: 05471064)

Cash Flow Statement
for the year ended 30 June 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 1,339,852 (1,299,394 )
Interest paid (69 ) (10,508 )
Tax paid (232,520 ) (323,994 )
Net cash from operating activities 1,107,263 (1,633,896 )

Cash flows from investing activities
Purchase of tangible fixed assets (15,568 ) (42,795 )
Sale of tangible fixed assets 9,703 19,734
Loans made to related companies (538,062 ) (309,549 )
Repayment of loans to related companies 32,011 370,429
Interest received 204,351 199,490
Net cash from investing activities (307,565 ) 237,309

Cash flows from financing activities
Amount introduced by director 69,225 32,204
Amount withdrawn by director (198,514 ) (130,242 )
Equity dividends paid - (17,624 )
Net cash from financing activities (129,289 ) (115,662 )

Increase/(decrease) in cash and cash equivalents 670,409 (1,512,249 )
Cash and cash equivalents at beginning
of year

2

1,277,511

2,789,760

Cash and cash equivalents at end of year 2 1,947,920 1,277,511

Midland Management Services Limited (Registered number: 05471064)

Notes to the Cash Flow Statement
for the year ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£ £
Profit before taxation 272,828 437,657
Depreciation charges 59,660 208,817
Profit on disposal of fixed assets (3,569 ) (19,734 )
Exceptional item - 250,528
Finance costs 69 10,508
Finance income (204,351 ) (199,490 )
124,637 688,286
Decrease in stocks - 150,317
Decrease/(increase) in trade and other debtors 1,222,234 (2,472,852 )
(Decrease)/increase in trade and other creditors (7,019 ) 334,855
Cash generated from operations 1,339,852 (1,299,394 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30/6/24 1/7/23
£ £
Cash and cash equivalents 1,947,920 1,277,511
Year ended 30 June 2023
30/6/23 1/7/22
£ £
Cash and cash equivalents 1,277,511 2,789,760


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/23 Cash flow At 30/6/24
£ £ £
Net cash
Cash at bank and in hand 1,277,511 670,409 1,947,920
1,277,511 670,409 1,947,920
Total 1,277,511 670,409 1,947,920

4. MAJOR NON-CASH TRANSACTIONS

During the previous year a provision of £250,528 was made in respect of a related party loan (see exceptional item note 7).

Non-cash movements in the year consist of interest charged to related parties of £204,351 and dividend movements through the director's loan account of £227,000.

Midland Management Services Limited (Registered number: 05471064)

Notes to the Financial Statements
for the year ended 30 June 2024

1. STATUTORY INFORMATION

Midland Management Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 26 Oak Business Centre, Ratcliffe Road, Sileby,Loughborough LE12 7PU and the company registration number is 05471064.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound sterling (£)

Going concern
At 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.

Turnover
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 rendering of services.

Turnover 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets are initially measured at cost less accumulated depreciation and any accumulated impairment losses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Midland Management Services Limited (Registered number: 05471064)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Determining whether there is any indication of impairment to the tangible assets held by the company. Factors considered when reviewing the assets include the economic viability and expected future financial performance of the asset both on a standalone basis and as part of the whole company.

Estimation of the stage of completion of contracts determines the income recognised in the year.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible Fixed Assets
Tangible fixed assets are depreciated over their estimated useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Recoverability of debtors
The recoverability of debtors outstanding at the year end is assessed by the director in light of relevant information available after the year end which provides further evidence of the status of their recoverability as at the year end.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£ £
United Kingdom 12,430,418 12,881,027
12,430,418 12,881,027

5. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 3,779,543 3,731,494
Social security costs 267,992 397,903
Other pension costs 97,077 60,634
4,144,612 4,190,031

Midland Management Services Limited (Registered number: 05471064)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Administration 9 9
Management 11 14
Supervisors 8 10
Operatives 65 69
Director 1 1
94 103

2024 2023
£ £
Director's remuneration 71,425 10,025
Director's pension contributions to money purchase schemes 2,434 2,318

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£ £
Hire of plant and machinery 50,604 115,091
Other operating leases 24,457 19,147
Depreciation - owned assets 59,660 208,818
Profit on disposal of fixed assets (3,569 ) (19,734 )
Auditor's remuneration
Audit work 19,000 16,000

7. EXCEPTIONAL ITEMS
2024 2023
£ £
Exceptional item - (250,528 )

The provision in the prior year is in respect of a loan to a related party.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Interest payable 69 10,508

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 82,498 172,147

Deferred tax 14,410 (23,342 )
Tax on profit 96,908 148,805

Midland Management Services Limited (Registered number: 05471064)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 272,828 437,657
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.500%)

68,207

89,720

Effects of:
Expenses not deductible for tax purposes 3,652 48,962
Super deduction - (603 )
Effects of change in rate on deferred tax balance 25,049 10,726
Total tax charge 96,908 148,805

10. DIVIDENDS
2024 2023
£ £
Ordinary shares of £1 each
Interim 227,000 17,624

11. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 July 2023 83,729 13,969 1,229,912 81,021 1,408,631
Additions 10,847 - - 4,721 15,568
Disposals (37,642 ) - (10,904 ) (37,722 ) (86,268 )
At 30 June 2024 56,934 13,969 1,219,008 48,020 1,337,931
DEPRECIATION
At 1 July 2023 65,905 13,494 652,644 77,324 809,367
Charge for year 6,724 287 48,091 4,558 59,660
Eliminated on disposal (33,852 ) - (8,560 ) (37,722 ) (80,134 )
At 30 June 2024 38,777 13,781 692,175 44,160 788,893
NET BOOK VALUE
At 30 June 2024 18,157 188 526,833 3,860 549,038
At 30 June 2023 17,824 475 577,268 3,697 599,264

12. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 1,216,772 2,254,477
Owed by companies under common control 1,471,298 525,457
Amounts recoverable on contract 419,475 598,710
Other debtors 283,003 415,847
Prepayments and accrued income 91,741 61,074
3,482,289 3,855,565

Midland Management Services Limited (Registered number: 05471064)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

12. DEBTORS - continued
2024 2023
£ £
Amounts falling due after more than one year:
Owed by companies under common control 3,394,035 3,833,824

Aggregate amounts 6,876,324 7,689,389

After the year end a loan agreement was renegotiated in respect of an amount of £741,489, included within amounts owed by companies under common control falling due within one year. As a result, at the date of approval of these financial statements, the amount is due in more than one year.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 605,121 765,242
Tax 32,498 182,585
Social security and other taxes 87,653 92,644
Other creditors 90,494 45,101
Directors' current accounts 827 -
Accruals and deferred income 164,069 51,369
980,662 1,136,941

14. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 136,540 122,063

Deferred tax
£
Balance at 1 July 2023 122,063
Charge to Statement of Comprehensive Income during year 14,477
Balance at 30 June 2024 136,540

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

16. RESERVES
Retained
earnings
£

At 1 July 2023 8,307,060
Profit for the year 175,920
Dividends (227,000 )
At 30 June 2024 8,255,980

Midland Management Services Limited (Registered number: 05471064)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

17. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£ £
A Pitchford
Balance outstanding at start of year 96,883 (1,155 )
Amounts advanced 198,514 130,242
Amounts repaid (296,224 ) (32,204 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (827 ) 96,883

The loan is unsecured, interest free and repayable on demand.

Dividends totalling £113,500 (2023: £8,812) were paid to the director during the year.

18. RELATED PARTY DISCLOSURES

Companies under common control
2024 2023
£ £
Amounts advanced to companies under common control during the year 538,062 309,549
Amounts repaid by companies under common control during the year 32,011 370,430
Amount due from companies under common control 4,865,332 4,359,281
Interest receivable on loans 204,351 199,490

A provision of £250,528 was made in the prior year in respect of one of the related party loans. This was due to market conditions facing one of the related parties’ business.

The related party loans are interest only and the capital is repayable at the end of the various terms under the various contracts, or earlier.The loans relate to amounts due from companies under common control and interest is charged at 4.5% per annum.

19. ULTIMATE CONTROLLING PARTY

The company is controlled by the director and his wife.