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REGISTERED NUMBER: 02979032 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 October 2024

for

Midland Elements Limited

Midland Elements Limited (Registered number: 02979032)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


Midland Elements Limited (Registered number: 02979032)

Balance Sheet
31 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 97,067 45,039
Investments 6 100 100
97,167 45,139

CURRENT ASSETS
Stocks 89,883 82,750
Debtors 7 2,777,666 2,753,062
Cash at bank and in hand 294,527 275,972
3,162,076 3,111,784
CREDITORS
Amounts falling due within one year 8 570,624 507,319
NET CURRENT ASSETS 2,591,452 2,604,465
TOTAL ASSETS LESS CURRENT LIABILITIES 2,688,619 2,649,604

CREDITORS
Amounts falling due after more than one year 9 (33,127 ) -

PROVISIONS FOR LIABILITIES (7,268 ) (8,400 )
NET ASSETS 2,648,224 2,641,204

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 2,648,220 2,641,200
SHAREHOLDERS' FUNDS 2,648,224 2,641,204

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Elements Limited (Registered number: 02979032)

Balance Sheet - continued
31 October 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2025 and were signed on its behalf by:





Mr S Smith - Director


Midland Elements Limited (Registered number: 02979032)

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

1. STATUTORY INFORMATION

Midland Elements Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02979032

Registered office: 58 Sutherland Road
Longton
Stoke On Trent
Staffordshire
ST3 1HU

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at 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 Profit and Loss Account, 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 Elements Limited (Registered number: 02979032)

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

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2023
and 31 October 2024 35,000
AMORTISATION
At 1 November 2023
and 31 October 2024 35,000
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

Midland Elements Limited (Registered number: 02979032)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2023 104,818 3,079 75,250 183,147
Additions 16,018 - 86,255 102,273
Disposals - - (45,000 ) (45,000 )
At 31 October 2024 120,836 3,079 116,505 240,420
DEPRECIATION
At 1 November 2023 85,413 3,079 49,616 138,108
Charge for year 7,085 - 22,910 29,995
Eliminated on disposal - - (24,750 ) (24,750 )
At 31 October 2024 92,498 3,079 47,776 143,353
NET BOOK VALUE
At 31 October 2024 28,338 - 68,729 97,067
At 31 October 2023 19,405 - 25,634 45,039

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 86,255
At 31 October 2024 86,255
DEPRECIATION
Charge for year 21,564
At 31 October 2024 21,564
NET BOOK VALUE
At 31 October 2024 64,691

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2023
and 31 October 2024 100
NET BOOK VALUE
At 31 October 2024 100
At 31 October 2023 100

Midland Elements Limited (Registered number: 02979032)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 597,146 412,506
Amounts owed by group undertakings 2,172,188 2,331,870
Other debtors 8,332 8,686
2,777,666 2,753,062

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 22,085 -
Trade creditors 173,451 179,575
Taxation and social security 349,846 299,451
Other creditors 25,242 28,293
570,624 507,319

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 33,127 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 55,212 -

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

11. CONTINGENT LIABILITIES

Midland Elements Holding Limited, a connected party, has other loans of £115,264 (2023 £826,490) secured by fixed and floating charges over the company's assets.

12. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £133,875 (2023 £0). This financial commitment represents the total amount of payments remaining on leases ending in 2029.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the board of directors of Midland Elements Holdings Limited, by virtue of their majority shareholding.