Registered number
00741683
Midland Industrial Designers Limited
Report and Accounts
30 November 2024
Midland Industrial Designers Limited
Report to the directors on the preparation of the unaudited statutory accounts of Midland Industrial Designers Limited for the year ended 30 November 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Midland Industrial Designers Limited for the year ended 30 November 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.
Coalesco Accountants Limited
Chartered Certified Accountants
156 Russell Drive
Wollaton
Nottingham
NG8 2BE
27 January 2025
Midland Industrial Designers Limited
Registered number: 00741683
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 693,045 714,860
Current assets
Stocks 203,500 148,500
Debtors 4 682,698 447,580
Cash at bank and in hand 1,046,660 1,176,308
1,932,858 1,772,388
Creditors: amounts falling due within one year 5 (687,434) (365,685)
Net current assets 1,245,424 1,406,703
Total assets less current liabilities 1,938,469 2,121,563
Provisions for liabilities (6,000) (6,000)
Net assets 1,932,469 2,115,563
Capital and reserves
Called up share capital 1,015 1,015
Profit and loss account 1,931,454 2,114,548
Shareholders' funds 1,932,469 2,115,563
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A E M Warzynski
Director
Approved by the board on 27 January 2025
Midland Industrial Designers Limited
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
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.
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Office equipment 10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
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.
Leased assets
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2023 508,230 340,313 169,596 1,018,139
Additions - 19,540 15,413 34,953
Disposals - - (15,989) (15,989)
At 30 November 2024 508,230 359,853 169,020 1,037,103
Depreciation
At 1 December 2023 - 234,858 68,421 303,279
Charge for the year - 29,969 23,788 53,757
On disposals - - (12,978) (12,978)
At 30 November 2024 - 264,827 79,231 344,058
Net book value
At 30 November 2024 508,230 95,026 89,789 693,045
At 30 November 2023 508,230 105,455 101,175 714,860
4 Debtors 2024 2023
£ £
Trade debtors 653,328 420,682
Other debtors 29,370 26,898
682,698 447,580
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 94,725 85,357
Corporation tax 129,664 38,111
Other taxes and social security costs 86,153 74,832
Other creditors 376,892 167,385
687,434 365,685
6 Other information
Midland Industrial Designers Limited is a private company limited by shares and incorporated in England. Its registered office is:
Common Lane
Main Road
Watnall
Nottingham
NG16 1HD
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