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MIDLAND HERITAGE VEHICLES LTD

Registered Number
14115540
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

MIDLAND HERITAGE VEHICLES LTD
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

BAKER, Christian Andrew Edwin
BATEMAN, Joe Ruben

Registered Address

64 Main Street
Willoughby
Rugby
CV23 8BB

Registered Number

14115540 (England and Wales)
MIDLAND HERITAGE VEHICLES LTD
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4487,105224,100
487,105224,100
Current assets
Stocks357,000158,769
Debtors245,92912,460
Cash at bank and on hand184273,313
603,113444,542
Creditors amounts falling due within one year(82,159)(199,903)
Net current assets (liabilities)520,954244,639
Total assets less current liabilities1,008,059468,739
Creditors amounts falling due after one year(100,000)-
Provisions for liabilities(26,226)(56,025)
Net assets881,833412,714
Capital and reserves
Called up share capital1010
Profit and loss account881,823412,704
Shareholders' funds881,833412,714
The financial statements were approved and authorised for issue by the Board of Directors on 16 December 2024, and are signed on its behalf by:
BAKER, Christian Andrew Edwin
Director
BATEMAN, Joe Ruben
Director

Registered Company No. 14115540
MIDLAND HERITAGE VEHICLES LTD
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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 (as applied to small entities by section 1A of the standard).
Turnover policy
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 sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-10
Fixtures and fittings15-
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year22
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 23249,000
Additions456,750
Disposals(154,000)
At 31 May 24551,750
Depreciation and impairment
At 01 June 2324,900
Charge for year55,145
On disposals(15,400)
At 31 May 2464,645
Net book value
At 31 May 24487,105
At 31 May 23224,100