REGISTERED NUMBER: |
Strategic Report, |
Report of the Director and |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
Midland Management Services Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 |
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: |
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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
Strelley Hall |
Main Street |
Strelley |
Nottingham |
NG8 6PE |
Midland Management Services Limited (Registered number: 05471064) |
Statement of Comprehensive Income |
for the year ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
68,546 | 499,045 |
Other operating income |
OPERATING PROFIT | 6 |
Exceptional item | 7 |
68,546 | 248,675 |
Interest receivable and similar income |
272,897 | 448,165 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Midland Management Services Limited (Registered number: 05471064) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 12 |
Debtors: amounts falling due after more than one year |
12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
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 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Loans made to related companies | ( |
) | ( |
) |
Repayment of loans to related companies |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Amount introduced by director | 69,225 | 32,204 |
Amount withdrawn by director | (198,514 | ) | (130,242 | ) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Exceptional item | - | 250,528 |
Finance costs | 69 | 10,508 |
Finance income | (204,351 | ) | (199,490 | ) |
124,637 | 688,286 |
Decrease in stocks |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
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 | 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 |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
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 |
2024 | 2023 |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditor's remuneration |
Audit work |
7. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Exceptional item | ( |
) |
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 |
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 |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Super deduction | ( |
) |
Effects of change in rate on deferred tax balance |
Total tax charge | 96,908 | 148,805 |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
12. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Owed by companies under common control |
Amounts recoverable on contract |
Other debtors |
Prepayments and accrued income |
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 |
Aggregate amounts |
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 |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 827 | - |
Accruals and deferred income |
14. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 136,540 | 122,063 |
Deferred tax |
£ |
Balance at 1 July 2023 |
Charge to Statement of Comprehensive Income during year |
Balance at 30 June 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2024 |
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 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
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 |
2024 | 2023 |
£ | £ |
Amounts advanced to companies under common control during the year |
Amounts repaid by companies under common control during the year |
Amount due from companies under common control |
Interest receivable on loans |
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. |