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REGISTERED NUMBER: 06258942 (England and Wales)






























STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

MIDLAND ROCK (LEICESTER) LIMITED

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


MIDLAND ROCK (LEICESTER) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr I Mcgregor
Mr W J Fox
Ms L Fox
Mr D McGregor
Mr S Roberts


REGISTERED OFFICE: Elms Farm, Relief Road
Broughton Way
Broughton Astley
Leicestershire
LE9 6SN


REGISTERED NUMBER: 06258942 (England and Wales)


SENIOR STATUTORY AUDITOR: Mr W Scales FCA FMAAT


AUDITORS: Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU


BANKERS: HSBC Bank plc
2-6 Gallowtree Gate
Leicester
Leicestershire
LE1 6DA

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024


The directors present their strategic report for the year ended 31 May 2024.

Midland Rock (Leicester) Limited is an established business that incorporated in 2007. The company has since grown to become a leading business in the Midlands in the supply of aggregates, waste removal, grab hire, heavy civil construction services and other supporting services.

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements.

Performance of the business and Outlook

The company's turnover for the year ended 31 May 2024 decreased by 13.45% resulting in a small net loss for the year of £203k.

Our KPI's for the year are detailed below:


KPI's £    2024 2023

Turnover 15,956 18,436
Gross Profit % 9.39% 12.77%
Net Profit/(Loss) Before Tax (203) 840
Net Assets 2,211 2,455

We believe the signs looking forward are positive and are confident that the results will recover in 2025. The target for the next financial year is to increase turnover to similar levels of 2023 whilst also concentrating on improving profitability.

Our experienced management team and strong financial position enable us to be well positioned to continue the successful development of the company.

PRINCIPAL RISKS AND UNCERTAINTIES
The company manages liquidity risk by ensuring that there are sufficient funds to meet amounts due to trade creditors and loan repayments. Trade debtors are managed in respect of credit and cash flow risk by regular monitoring of amounts outstanding in terms of time and credit limits.

ON BEHALF OF THE BOARD:





Mr W J Fox - Director


7 March 2025

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


The directors present their report with the financial statements of the company for the year ended 31 May 2024.

DIVIDENDS
An interim dividend of £37,450 per share was paid on 1 April 2024 and £5,350 per share was paid on 1 May 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2024 will be £85,600.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

Mr I Mcgregor
Mr W J Fox
Ms L Fox
Mr D McGregor
Mr S Roberts

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


AUDITORS
The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr W J Fox - Director


7 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MIDLAND ROCK (LEICESTER) LIMITED


Opinion
We have audited the financial statements of Midland Rock (Leicester) Limited (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other 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 31 May 2024 and of its loss 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MIDLAND ROCK (LEICESTER) LIMITED


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 Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MIDLAND ROCK (LEICESTER) LIMITED


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the company and industry in which it operates through our general commercial experience. We determined that the following laws and regulations were most significant: FRS 102, Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect in the determination of the amounts and disclosures in the financial statements such as health and safety and employee related matters.

We enquired of management concerning the company's policies and procedures relating to:

- the identification and compliance with laws and regulations
- the detection and response to the risks of fraud
- the internal controls inherent within the company to mitigate fraud risk and non-compliance to laws and regulations

We enquired of management, whether they were aware of any instance of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud.

We communicated relevant laws and regulations and potential areas of fraud to all audit team members including the potential for fraud in revenue recognition through the manipulation of costs incurred on contracts. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition and significant one-off or unusual transactions.

Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud).

Our audit procedures included but were not limited to:

- A review of laws and regulations the company is subject to, followed by compliance checks and discussion with management to ensure no instances of non compliance.

- Identifying and testing journal entries, on a sample basis, to review for potential management bias or manipulation of revenue recognition.

- A review of a sample of sales orders in the year and detailed cut off testing around the year end to ensure revenue is recorded accurately and recognised in the correct period.

We did not identify any matters during the course of our work that indicated non-compliance with laws and regulations or relating to fraud.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MIDLAND ROCK (LEICESTER) LIMITED


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.




Mr W Scales FCA FMAAT (Senior Statutory Auditor)
for and on behalf of Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU

10 March 2025

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

TURNOVER 15,956,368 18,436,174

Cost of sales 14,457,401 16,082,060
GROSS PROFIT 1,498,967 2,354,114

Administrative expenses 1,606,047 1,368,129
OPERATING (LOSS)/PROFIT 4 (107,080 ) 985,985

Interest receivable and similar income 3,606 1,121
(103,474 ) 987,106

Interest payable and similar expenses 5 99,439 146,894
(LOSS)/PROFIT BEFORE TAXATION (202,913 ) 840,212

Tax on (loss)/profit 6 (44,263 ) 526,055
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(158,650

)

314,157

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 2,815,415 3,063,152

CURRENT ASSETS
Stocks 9 15,003 12,810
Debtors 10 4,031,122 3,497,730
Cash at bank 776,702 193,375
4,822,827 3,703,915
CREDITORS
Amounts falling due within one year 11 4,820,509 3,484,974
NET CURRENT ASSETS 2,318 218,941
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,817,733

3,282,093

CREDITORS
Amounts falling due after more than one year 12 (110,570 ) (286,417 )

PROVISIONS FOR LIABILITIES 15 (496,241 ) (540,504 )
NET ASSETS 2,210,922 2,455,172

CAPITAL AND RESERVES
Called up share capital 16 2 2
Retained earnings 17 2,210,920 2,455,170
SHAREHOLDERS' FUNDS 2,210,922 2,455,172

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2025 and were signed on its behalf by:





Mr W J Fox - Director


MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 2 2,231,013 2,231,015

Changes in equity
Dividends - (90,000 ) (90,000 )
Total comprehensive income - 314,157 314,157
Balance at 31 May 2023 2 2,455,170 2,455,172

Changes in equity
Dividends - (85,600 ) (85,600 )
Total comprehensive income - (158,650 ) (158,650 )
Balance at 31 May 2024 2 2,210,920 2,210,922

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,357,441 1,675,650
Interest paid (56,853 ) (115,211 )
Interest element of hire purchase payments paid (42,586 ) (31,683 )
Tax paid - (83,937 )
Net cash from operating activities 1,258,002 1,444,819

Cash flows from investing activities
Purchase of tangible fixed assets (23,581 ) (991,919 )
Sale of tangible fixed assets 60,500 81,000
Interest received 3,606 1,121
Net cash from investing activities 40,525 (909,798 )

Cash flows from financing activities
Capital repayments in year (614,600 ) (483,578 )
Amount withdrawn by directors (15,000 ) (5,071 )
Equity dividends paid (85,600 ) (90,000 )
Net cash from financing activities (715,200 ) (578,649 )

Increase/(decrease) in cash and cash equivalents 583,327 (43,628 )
Cash and cash equivalents at beginning of
year

2

193,375

237,003

Cash and cash equivalents at end of year 2 776,702 193,375

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
(Loss)/profit before taxation (202,913 ) 840,212
Depreciation charges 553,490 557,346
Profit on disposal of fixed assets (12,673 ) (21,710 )
Finance costs 99,439 146,894
Finance income (3,606 ) (1,121 )
433,737 1,521,621
(Increase)/decrease in stocks (2,193 ) 1,680
(Increase)/decrease in trade and other debtors (533,392 ) 263,939
Increase/(decrease) in trade and other creditors 1,459,289 (111,590 )
Cash generated from operations 1,357,441 1,675,650

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 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 776,702 193,375
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 193,375 237,003


MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank 193,375 583,327 776,702
193,375 583,327 776,702
Debt
Finance leases (702,193 ) 284,601 (417,592 )
(702,193 ) 284,601 (417,592 )
Total (508,818 ) 867,928 359,110

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Midland Rock (Leicester) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover comprises the fair value for the sale of goods and services excluding value added taxes and represents net invoice value. The company supplies products and services to customers under standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be on dispatch of goods or completion of services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Office and workshop - 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their estimated useful lives.The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing it's financial statements.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,862,334 1,572,963
Other pension costs 129,928 77,643
1,992,262 1,650,606

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

Production 32 32
Administration 7 5
Sales 2 4
Directors 5 2
46 43

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 328,315 157,974

Information regarding the highest paid director for the year ended 31 May 2024 is as follows:
2024
£   
Emoluments etc 100,209

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 22,496 12,851
Depreciation - owned assets 553,490 557,345
Profit on disposal of fixed assets (12,673 ) (21,710 )
Auditors remuneration 12,000 12,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Factoring charges and interest 56,853 115,211
Hire purchase 42,586 31,683
99,439 146,894

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
Prior year
UK corporation tax - (14,449 )

Deferred taxation (44,263 ) 540,504
Tax on (loss)/profit (44,263 ) 526,055

UK corporation tax has been charged at 25% (2023 - 25%).

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. TAXATION - continued

Reconciliation of total tax (credit)/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
£    £   
(Loss)/profit before tax (202,913 ) 840,212
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

(50,728

)

210,053

Effects of:
Expenses not deductible for tax purposes 5,870 6,075
Depreciation in excess of capital allowances 595 324,376
Adjustments to tax charge in respect of previous periods - (14,449 )
Total tax (credit)/charge (44,263 ) 526,055

As at 31 May 2024 the company has taxable losses of £511,932 (2023: £466,837) to be carried forward and offset against future trading profits.

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 85,600 90,000

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. TANGIBLE FIXED ASSETS
Office
Plant and Motor and
machinery vehicles workshop Totals
£    £    £    £   
COST
At 1 June 2023 1,470,807 3,023,568 37,740 4,532,115
Additions - 342,123 11,457 353,580
Disposals - (80,000 ) - (80,000 )
At 31 May 2024 1,470,807 3,285,691 49,197 4,805,695
DEPRECIATION
At 1 June 2023 420,461 1,043,929 4,573 1,468,963
Charge for year 157,552 391,621 4,317 553,490
Eliminated on disposal - (32,173 ) - (32,173 )
At 31 May 2024 578,013 1,403,377 8,890 1,990,280
NET BOOK VALUE
At 31 May 2024 892,794 1,882,314 40,307 2,815,415
At 31 May 2023 1,050,346 1,979,639 33,167 3,063,152

9. STOCKS
2024 2023
£    £   
Stocks 15,003 12,810

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,917,229 3,384,122
Bad debt provision (52,786 ) (27,419 )
Directors' current accounts 6,329 6,329
VAT - 8,669
Accrued income 73,404 57,043
Prepayments 86,946 68,986
4,031,122 3,497,730

Trade debtors include debts subject to invoice discounting of £2,485,097 (2023: £2,047,492).

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 307,022 415,776
Trade creditors 2,685,386 2,527,026
Invoice discounting 1,290,331 427,717
Paye/Ni payable 38,341 40,035
VAT 124,064 -
Other creditors 235,626 4,981
Directors' current accounts 5,052 20,052
Accruals and deferred income 134,687 49,387
4,820,509 3,484,974

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 110,570 286,417

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 307,022 415,776
Between one and five years 110,570 286,417
417,592 702,193

14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Invoice discounting 1,290,331 427,717
Hire purchase contracts 417,592 702,193
1,707,923 1,129,910

Amounts owing under hire purchase contracts are secured on the assets concerned.

The balance owing in respect of invoice discounting is secured on the book and other debts of the company.

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 624,526 657,893
Short term timing differences (302 ) (680 )
Taxation losses (127,983 ) (116,709 )
496,241 540,504

Deferred
tax
£   
Balance at 1 June 2023 540,504
Movement in year (44,263 )
Balance at 31 May 2024 496,241

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

17. RESERVES
Retained
earnings
£   

At 1 June 2023 2,455,170
Deficit for the year (158,650 )
Dividends (85,600 )
At 31 May 2024 2,210,920

18. PENSION COMMITMENTS

The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company within independently administered funds. The total contributions paid in the year amounted to £129,928 (2023: £77,643). Contributions of £1,588 (2023: £3,578) were unpaid at the year end.

MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


19. RELATED PARTY DISCLOSURES

At the year end the company owed Midland Rock Recycling Limited £31,148 (2023: £59,621).

Mr W Fox and Mr I Mcgregor are both shareholders and directors of Midland Rock Recycling Limited.

At the year end the company owed £5,052 (2023: £20,052) to Mr W Fox, a director of the company. At the year end the company was owed £6,329 (2023: £6,329) by Mr I Mcgregor, a director of the company. The loans are repayable on demand and interest is charged at the rate advised by HMRC.