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REGISTERED NUMBER: 01375983 (England and Wales)



































Financial Statements

for the Year Ended 30 June 2024

for

Midland Automotive Parts Limited

Midland Automotive Parts Limited (Registered number: 01375983)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Midland Automotive Parts Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: S T Ingham
Mrs A C Ingham
S D Ingham



SECRETARY: S T Ingham



REGISTERED OFFICE: Llainwen
Pentre Cwm
Llansilin
Oswestry
Shropshire
SY10 7QF



REGISTERED NUMBER: 01375983 (England and Wales)



ACCOUNTANTS: Paterson Brodie Limited
Chartered Certified Accountants
Cliveden Chambers
Cliveden Place
Longton
Stoke-on-Trent
Staffordshire
ST3 4JB



SOLICITORS: Linden Myers
Talbot House
11-15 Market Street
Shrewsbury
Shropshire
SY1 1LG

Midland Automotive Parts Limited (Registered number: 01375983)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,725 4,151

CURRENT ASSETS
Stocks 151,511 161,246
Debtors 5 101,339 103,505
252,850 264,751
CREDITORS
Amounts falling due within one year 6 86,297 86,410
NET CURRENT ASSETS 166,553 178,341
TOTAL ASSETS LESS CURRENT
LIABILITIES

170,278

182,492

CREDITORS
Amounts falling due after more than one
year

7

(9,642

)

(19,913

)

PROVISIONS FOR LIABILITIES (653 ) (742 )
NET ASSETS 159,983 161,837

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 109,983 111,837
SHAREHOLDERS' FUNDS 159,983 161,837

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Midland Automotive Parts Limited (Registered number: 01375983)

Balance Sheet - continued
30 June 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





S T Ingham - Director


Midland Automotive Parts Limited (Registered number: 01375983)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Midland Automotive Parts 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Midland Automotive Parts Limited (Registered number: 01375983)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023
and 30 June 2024 922 3,711 9,016 13,649
DEPRECIATION
At 1 July 2023 884 - 8,614 9,498
Charge for year 24 - 402 426
At 30 June 2024 908 - 9,016 9,924
NET BOOK VALUE
At 30 June 2024 14 3,711 - 3,725
At 30 June 2023 38 3,711 402 4,151

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 20,246 16,902
Amount due from group companies 80,000 80,000
VAT 331 -
Prepayments 762 6,603
101,339 103,505

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 33,234 31,995
Trade creditors 39,122 37,873
Social security and other taxes 3,019 3,872
VAT - 2,820
Other creditors 807 -
Directors' loan accounts 6,564 5,733
Accrued expenses 3,551 4,117
86,297 86,410

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans - 1-2 years 9,642 10,271
Bank loans - 2-5 years - 9,642
9,642 19,913

Midland Automotive Parts Limited (Registered number: 01375983)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.24 30.6.23
£    £   
Within one year 2,007 7,704
Between one and five years 1,710 -
3,717 7,704

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£ £
Bank overdrafts 22,963 17,455
Bank loans - 4,528
22,963 21,983