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REGISTERED NUMBER: 12725102 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Midland Steel Distribution Limited

Midland Steel Distribution Limited (Registered number: 12725102)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Midland Steel Distribution Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: G R Nunn





REGISTERED OFFICE: Unit 3 Midlands Works
Heath Mill Road
Wombourne
Wolverhampton
WV5 8AP





REGISTERED NUMBER: 12725102 (England and Wales)





ACCOUNTANTS: Davies Archytas Accountants Ltd
14 The Oaks
Clews Road
Redditch
Worcestershire
B98 7ST

Midland Steel Distribution Limited (Registered number: 12725102)

Abridged Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 35,831 45,667

CURRENT ASSETS
Stocks 159,702 338,497
Debtors 703,549 842,149
Cash at bank 4,447 7,411
867,698 1,188,057
CREDITORS
Amounts falling due within one year 1,352,960 1,106,785
NET CURRENT (LIABILITIES)/ASSETS (485,262 ) 81,272
TOTAL ASSETS LESS CURRENT
LIABILITIES

(449,431

)

126,939

CREDITORS
Amounts falling due after more than one
year

(26,146

)

(43,489

)

PROVISIONS FOR LIABILITIES - (8,169 )
NET (LIABILITIES)/ASSETS (475,577 ) 75,281

CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Retained earnings (476,577 ) 74,281
SHAREHOLDERS' FUNDS (475,577 ) 75,281

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Steel Distribution Limited (Registered number: 12725102)

Abridged Balance Sheet - continued
31 July 2024


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 28 February 2025 and were signed by:





G R Nunn - Director


Midland Steel Distribution Limited (Registered number: 12725102)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Midland Steel Distribution 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.
Motor vehicles - 20% on reducing balance
Equipment - 20% 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.

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.

Midland Steel Distribution Limited (Registered number: 12725102)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Going concern
The company changed directors and ownership on 18 September 2024.

At the time of approving the financial statements the new director and controlling party through ongoing support from himself and related entities has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore the director continues to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2023 51,505
Additions 416
At 31 July 2024 51,921
DEPRECIATION
At 1 August 2023 5,838
Charge for year 10,252
At 31 July 2024 16,090
NET BOOK VALUE
At 31 July 2024 35,831
At 31 July 2023 45,667

5. LOANS

An analysis of the maturity of loans is given below:

31.7.24 31.7.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,658 10,001

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,178 20,798

Midland Steel Distribution Limited (Registered number: 12725102)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Hire purchase contracts 23,063 37,743
Factoring account 599,074 403,069
622,137 440,812

Hire purchase liabilities are secured upon the assets to which they relate.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
600 Ordinary 'A' £1 600 600
400 Ordinary 'B' £1 400 400
1,000 1,000

8. CONTROLLING PARTY

The controlling party is the director by virtue of their ownership of the 100% 'A' ordinary issued share capital in the company.