Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31true60No description of principal activitytrue2023-04-01false49The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08911875 2023-04-01 2024-03-31 08911875 2022-04-01 2023-03-31 08911875 2024-03-31 08911875 2023-03-31 08911875 c:Director1 2023-04-01 2024-03-31 08911875 d:PlantMachinery 2023-04-01 2024-03-31 08911875 d:PlantMachinery 2024-03-31 08911875 d:PlantMachinery 2023-03-31 08911875 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08911875 d:MotorVehicles 2023-04-01 2024-03-31 08911875 d:MotorVehicles 2024-03-31 08911875 d:MotorVehicles 2023-03-31 08911875 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08911875 d:FurnitureFittings 2023-04-01 2024-03-31 08911875 d:FurnitureFittings 2024-03-31 08911875 d:FurnitureFittings 2023-03-31 08911875 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08911875 d:OfficeEquipment 2023-04-01 2024-03-31 08911875 d:OfficeEquipment 2024-03-31 08911875 d:OfficeEquipment 2023-03-31 08911875 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08911875 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08911875 d:Goodwill 2023-04-01 2024-03-31 08911875 d:Goodwill 2024-03-31 08911875 d:Goodwill 2023-03-31 08911875 d:CurrentFinancialInstruments 2024-03-31 08911875 d:CurrentFinancialInstruments 2023-03-31 08911875 d:Non-currentFinancialInstruments 2024-03-31 08911875 d:Non-currentFinancialInstruments 2023-03-31 08911875 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08911875 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08911875 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08911875 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08911875 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 08911875 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 08911875 d:ShareCapital 2024-03-31 08911875 d:ShareCapital 2023-03-31 08911875 d:RetainedEarningsAccumulatedLosses 2024-03-31 08911875 d:RetainedEarningsAccumulatedLosses 2023-03-31 08911875 c:OrdinaryShareClass1 2023-04-01 2024-03-31 08911875 c:OrdinaryShareClass1 2024-03-31 08911875 c:OrdinaryShareClass1 2023-03-31 08911875 c:FRS102 2023-04-01 2024-03-31 08911875 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08911875 c:FullAccounts 2023-04-01 2024-03-31 08911875 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08911875 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 08911875 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08911875









MIDLAND MOTOR FUELS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
MIDLAND MOTOR FUELS LTD
REGISTERED NUMBER: 08911875

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
212,500
225,000

Tangible assets
 5 
513,275
403,571

  
725,775
628,571

Current assets
  

Stocks
  
1,422,800
1,561,799

Debtors: amounts falling due within one year
 6 
1,633,695
1,083,752

Cash at bank and in hand
  
1,157,258
1,396,288

  
4,213,753
4,041,839

Creditors: amounts falling due within one year
 7 
(1,572,624)
(1,773,193)

Net current assets
  
 
 
2,641,129
 
 
2,268,646

Total assets less current liabilities
  
3,366,904
2,897,217

Creditors: amounts falling due after more than one year
 8 
(12,401)
(22,500)

  

Net assets
  
3,354,503
2,874,717


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
3,354,502
2,874,716

  
3,354,503
2,874,717


Page 1

 
MIDLAND MOTOR FUELS LTD
REGISTERED NUMBER: 08911875
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 March 2025.




Shailesh Chandra Kantilal Parekh
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MIDLAND MOTOR FUELS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 08911875.  The Company's registered office is 288-298 Tyburn Rd, Birmingham, B24 8LY.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

Cash flow
Under Financial Reporting Standard 102, the company is exempt from the requirement to prepare a cash flow statement on the grounds that it qualifies as a small company.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
MIDLAND MOTOR FUELS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


Page 4

 
MIDLAND MOTOR FUELS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
Motor vehicles
-
10%
Fixtures and fittings
-
10%
Office equipment
-
10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
MIDLAND MOTOR FUELS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term 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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 60 (2023 - 49).

Page 6

 
MIDLAND MOTOR FUELS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
250,000



At 31 March 2024

250,000



Amortisation


At 1 April 2023
25,000


Charge for the year on owned assets
12,500



At 31 March 2024

37,500



Net book value



At 31 March 2024
212,500



At 31 March 2023
225,000



Page 7

 
MIDLAND MOTOR FUELS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
481,993
52,665
87,063
137,000
758,721


Additions
139,659
14,700
12,500
-
166,859



At 31 March 2024

621,652
67,365
99,563
137,000
925,580



Depreciation


At 1 April 2023
263,499
11,390
32,514
47,747
355,150


Charge for the year on owned assets
35,815
5,597
6,818
8,925
57,155



At 31 March 2024

299,314
16,987
39,332
56,672
412,305



Net book value



At 31 March 2024
322,338
50,378
60,231
80,328
513,275



At 31 March 2023
218,493
41,275
54,549
89,253
403,570


6.


Debtors

2024
2023
£
£


Trade debtors
385,058
257,302

Other debtors
1,212,247
826,450

Prepayments and accrued income
36,390
-

1,633,695
1,083,752


Page 8

 
MIDLAND MOTOR FUELS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
1,115,773
1,292,478

Corporation tax
177,635
244,694

Other taxation and social security
82,901
106,778

Other creditors
103,815
46,743

Accruals and deferred income
82,500
72,500

1,572,624
1,773,193



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,401
22,500

12,401
22,500



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000


Amounts falling due 2-5 years

Bank loans
12,401
22,500


12,401
22,500


22,401
32,500


Page 9

 
MIDLAND MOTOR FUELS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



11.


Contingent liabilities

The company is party to a bank loan charge which contains fixed and floating charges and is secured against the property of the company.


12.


Pension commitments

The Company operates defined contributions pension schemes. The assets of the schemes are held
seperately from those of the Company in independently administered funds. Contributions totalling £7,453 (2023 - £9,466) were payable to the funds at the balance sheet date.


13.Directors' personal guarantees

The director has guaranteed for Fuel Bond to Esso for £85,000 and this is renewable on the anniversary of the fuel supply contract.

 
Page 10