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REGISTERED NUMBER: 01342411 (England and Wales)















Financial Statements for the Year Ended 31 May 2024

for

MIDLAND FUNERAL SUPPLIES LIMITED

MIDLAND FUNERAL SUPPLIES LIMITED (REGISTERED NUMBER: 01342411)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


MIDLAND FUNERAL SUPPLIES LIMITED (REGISTERED NUMBER: 01342411)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 84,765 81,916

CURRENT ASSETS
Stocks 240,247 220,379
Debtors 5 526,458 563,781
Cash at bank and in hand 32,186 70,009
798,891 854,169
CREDITORS
Amounts falling due within one year 6 480,150 501,942
NET CURRENT ASSETS 318,741 352,227
TOTAL ASSETS LESS CURRENT
LIABILITIES

403,506

434,143

CREDITORS
Amounts falling due after more than one
year

7

(5,045

)

(15,208

)

PROVISIONS FOR LIABILITIES (20,288 ) (19,377 )
NET ASSETS 378,173 399,558

CAPITAL AND RESERVES
Called up share capital 26 26
Capital redemption reserve 73 73
Retained earnings 378,074 399,459
SHAREHOLDERS' FUNDS 378,173 399,558

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2024 and were signed on its behalf by:





Mr S A Jukes - Director


MIDLAND FUNERAL SUPPLIES LIMITED (REGISTERED NUMBER: 01342411)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Midland Funeral Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01342411

Registered office: 26a Tamworth Street
Lichfield
WS13 6JJ

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


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. Management considers that certain accounting assumptions relating to taxation and provisions are its critical accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 5% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on cost

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost of finished goods and work in progress comprise direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


MIDLAND FUNERAL SUPPLIES LIMITED (REGISTERED NUMBER: 01342411)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
Having navigated the challenges thrown up by worldwide events over the earlier years of the current decade, we now find the markets for our raw materials to be relatively settled. Energy costs as well as inflation are steadily reducing from the peaks of 2022/23.
However, following two consecutive years of substantial rise in the minimum wage, exacerbated by uncertainties surrounding the incoming government's employment policies, the cost of labour and any associated issues are now moving to pole position as regard to the pressures on our costs of manufacture.
Although the national death rate has been at a reduced level in recent months, which has been reflected in our turnover, we have held our market share.

On this basis, management continue to prepare these accounts on a going concern basis and deem this appropriate. The director does not consider that a material uncertainty about the going concern status currently exists. In making this assessment the director has considered the likely trading conditions for a period of twelve months from the date of the approval of these accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 21 ) .

MIDLAND FUNERAL SUPPLIES LIMITED (REGISTERED NUMBER: 01342411)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 39,543 227,980 2,408 52,050 321,981
Additions 7,131 29,201 - - 36,332
Disposals (27,624 ) (7,250 ) (2,408 ) (22,650 ) (59,932 )
At 31 May 2024 19,050 249,931 - 29,400 298,381
DEPRECIATION
At 1 June 2023 29,779 163,377 2,408 44,501 240,065
Charge for year 657 25,277 - 3,020 28,954
Eliminated on disposal (27,624 ) (7,250 ) (2,408 ) (18,121 ) (55,403 )
At 31 May 2024 2,812 181,404 - 29,400 213,616
NET BOOK VALUE
At 31 May 2024 16,238 68,527 - - 84,765
At 31 May 2023 9,764 64,603 - 7,549 81,916


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 365,820 385,469
Amounts owed by group undertakings 154,992 174,537
Other debtors 5,646 3,775
526,458 563,781

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts 6,726 16,391
Invoice finance 231,129 230,841
Trade creditors 91,080 87,574
Amounts owed to group undertakings 77,304 89,056
Taxation and social security 44,981 45,668
Other creditors 28,930 32,412
480,150 501,942

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts 5,045 15,208

MIDLAND FUNERAL SUPPLIES LIMITED (REGISTERED NUMBER: 01342411)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Hire purchase contracts 11,771 31,599
Invoice discounting loan 231,129 230,841
242,900 262,440

The invoice discounting loan is secured over the trade debtors to which it relates.
The hire purchase liability is secured over the asset to which it relates.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adele Lawton (Senior Statutory Auditor)
for and on behalf of Lawton Bradford Accountants Ltd

10. FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £7,763 (2023 £7,811.)

11. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Jukes Group Limited, incorporated in England & Wales, which is the parent of the smallest and largest group preparing consolidated financial statements that include the company. The registered office is 26a Tamworth Street, Lichfield, Staffordshire. WS13 6JJ.