REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
MIDLAND ROCK (LEICESTER) LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
and Statutory Auditors |
Granville Hall |
Granville Road |
Leicester |
LE1 7RU |
BANKERS: |
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: |
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. |
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: |
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. |
for and on behalf of |
and Statutory Auditors |
Granville Hall |
Granville Road |
Leicester |
LE1 7RU |
MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest receivable and similar income |
(103,474 | ) | 987,106 |
Interest payable and similar expenses | 5 |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 6 | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
MIDLAND ROCK (LEICESTER) LIMITED (REGISTERED NUMBER: 06258942) |
BALANCE SHEET |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 May 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 May 2024 |
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 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | (15,000 | ) | (5,071 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 | ( |
) |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 99,439 | 146,894 |
Finance income | (3,606 | ) | (1,121 | ) |
433,737 | 1,521,621 |
(Increase)/decrease in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) 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 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 | 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Motor vehicles | - |
Office and workshop | - |
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 |
Other pension costs |
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 |
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 |
Information regarding the highest paid director for the year ended 31 May 2024 is as follows: |
2024 |
£ |
Emoluments etc |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Factoring charges and interest |
Hire purchase |
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 | ( |
) |
Tax on (loss)/profit | ( |
) |
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 | ( |
) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods | ( |
) |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
9. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Bad debt provision | (52,786 | ) | (27,419 | ) |
Directors' current accounts | 6,329 | 6,329 |
VAT |
Accrued income |
Prepayments |
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) |
Trade creditors |
Invoice discounting |
Paye/Ni payable | 38,341 | 40,035 |
VAT | 124,064 | - |
Other creditors |
Directors' current accounts | 5,052 | 20,052 |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 13) |
13. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
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 |
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 |
Movement in year | (44,263 | ) |
Balance at 31 May 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 June 2023 |
Deficit for the year | ( |
) |
Dividends | ( |
) |
At 31 May 2024 |
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. |