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COMPANY REGISTRATION NUMBER: 01168807
Midexco Limited
Unaudited financial statements
30 September 2024
Midexco Limited
Statement of financial position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
346,920
356,777
Current assets
Stocks
148,215
142,335
Debtors
6
214,796
342,188
Cash at bank and in hand
293,855
188,611
---------
---------
656,866
673,134
Creditors: Amounts falling due within one year
7
( 155,889)
( 180,027)
---------
---------
Net current assets
500,977
493,107
---------
---------
Total assets less current liabilities
847,897
849,884
Creditors: Amounts falling due after more than one year
8
( 295,052)
( 290,977)
Provisions
Taxation including deferred tax
( 4,300)
( 4,007)
---------
---------
Net assets
548,545
554,900
---------
---------
Capital and reserves
Called up share capital
9
16
20
Capital redemption reserve
10
24
20
Profit and loss account
10
548,505
554,860
---------
---------
Shareholders funds
548,545
554,900
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Midexco Limited
Statement of financial position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 5 March 2025 , and are signed on behalf of the board by:
Mr D A Reynolds
Director
Company registration number: 01168807
Midexco Limited
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and trading address is Unit 12, Blackfiars Court Excalibur Road, Beacon Park, Gorleston-On-Sea, Great Yarmouth, Norfolk, United Kingdom, NR31 7RQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of employees during the year was 5 (2023: 5 ).
5. Tangible assets
Freehold Property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 October 2023 and 30 September 2024
360,625
6,300
3,500
40,247
27,027
437,699
---------
------
------
-------
-------
---------
Depreciation
At 1 October 2023
14,424
4,805
1,531
36,973
23,189
80,922
Charge for the year
7,212
374
492
819
960
9,857
---------
------
------
-------
-------
---------
At 30 September 2024
21,636
5,179
2,023
37,792
24,149
90,779
---------
------
------
-------
-------
---------
Carrying amount
At 30 September 2024
338,989
1,121
1,477
2,455
2,878
346,920
---------
------
------
-------
-------
---------
At 30 September 2023
346,201
1,495
1,969
3,274
3,838
356,777
---------
------
------
-------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
207,312
336,103
Other debtors
7,484
6,085
---------
---------
214,796
342,188
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
39,392
95,394
Social security and other taxes
78,500
80,868
Other creditors
37,997
3,765
---------
---------
155,889
180,027
---------
---------
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
295,052
290,977
---------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
16
16
20
20
----
----
----
----
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Within this amount is a balance of £19,948 in relation to non-distributable reserves, the remaining balance of £528,780 is distributable.
11. Related party transactions
The company has a loan of £ 315,000 with its parent company, Speycrest Limited . Interest is charged on the loan at an effective rate of 1.52%. The loan is repayable in full on 1 April 2029.
12. Controlling party
The immediate and ultimate parent company of this company is Speycrest Limited, a company incorporated in England and Wales. Their registered office is Foxburgh Meadow Barn, Broome House Farm, Thwaite St. Mary, Norfolk, NR35 2EE. Mr B D Knappett is the ultimate controlling party by way of his shareholding in the parent company.