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Registration number: 03027911

Midland Commercial Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Midland Commercial Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Midland Commercial Services Limited

Company Information

Directors

James Brown

Anthony Walter Brown

Fiona Mary Brown

Jordon Charles Brown

Company secretary

Fiona Mary Brown

Registered office

11 Upton Road
Rugby
Warks
CV22 7DL

Accountants

M Ball & Co Limited
The Hemington
Millhouse Business Centre
Station Road
Castle Donington
Derby
DE74 2NJ

 

Midland Commercial Services Limited

(Registration number: 03027911)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

342,322

253,874

Current assets

 

Stocks

5

12,000

12,000

Debtors

6

1,035,294

860,047

Cash at bank and in hand

 

77,917

123,746

 

1,125,211

995,793

Creditors: Amounts falling due within one year

7

(645,371)

(551,513)

Net current assets

 

479,840

444,280

Total assets less current liabilities

 

822,162

698,154

Creditors: Amounts falling due after more than one year

7

(96,139)

(87,277)

Provisions for liabilities

(74,703)

(58,557)

Net assets

 

651,320

552,320

Capital and reserves

 

Called up share capital

8

500

500

Retained earnings

650,820

551,820

Shareholders' funds

 

651,320

552,320

 

Midland Commercial Services Limited

(Registration number: 03027911)
Balance Sheet as at 30 September 2024

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 June 2025 and signed on its behalf by:
 

.........................................
James Brown
Director

 

Midland Commercial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
11 Upton Road
Rugby
Warks
CV22 7DL
United Kingdom

These financial statements were authorised for issue by the Board on 16 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Midland Commercial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

Over the term of the lease

Plant and machinery

20% straight line per annum

Motor vehicles

20% reducing balance annum

Fixtures and fittings

15% reducing balance per annum

Computer equipment

20% straight line per annum

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Midland Commercial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2023 - 22).

 

Midland Commercial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

51,880

153,150

100,825

78,479

605,335

989,669

Additions

-

30,660

62,331

819

57,100

150,910

Disposals

-

-

-

-

(10,500)

(10,500)

At 30 September 2024

51,880

183,810

163,156

79,298

651,935

1,130,079

Depreciation

At 1 October 2023

51,880

85,525

97,753

70,302

430,335

735,795

Charge for the year

-

13,015

4,545

3,087

39,246

59,893

Eliminated on disposal

-

-

-

-

(7,931)

(7,931)

At 30 September 2024

51,880

98,540

102,298

73,389

461,650

787,757

Carrying amount

At 30 September 2024

-

85,270

60,858

5,909

190,285

342,322

At 30 September 2023

-

67,625

3,072

8,177

175,000

253,874

 

Midland Commercial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Stocks

2024
£

2023
£

Other inventories

12,000

12,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

444,595

398,369

Prepayments

15,344

14,984

Other debtors

575,355

446,694

 

1,035,294

860,047

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

87,025

59,082

Trade creditors

 

170,426

183,144

Taxation and social security

 

114,915

99,984

Accruals and deferred income

 

4,081

5,656

Other creditors

 

268,924

203,647

 

645,371

551,513

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £87,025 (2023 - £59,082).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

96,139

87,277

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £96,139 (2023 - £87,277).

 

Midland Commercial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

500

500

500

500

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,297

18,950

Hire purchase contracts

83,842

68,327

96,139

87,277

Current loans and borrowings

2024
£

2023
£

Bank borrowings

8,333

10,014

Hire purchase contracts

78,692

49,068

87,025

59,082

10

Related party transactions

The directors owed £507,805 to the company at the year end, in the previous year the directors owed the company £378,017.

No interest was charged on these balances.