Company registration number 09421981 (England and Wales)
MIDLAND FIXINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MIDLAND FIXINGS LTD
COMPANY INFORMATION
Directors
A M Fowler
M C Fowler
R C Fowler
Company number
09421981
Registered office
The Parrs
Lilac Grove
Beeston
Nottingham
NG9 1PJ
Auditor
Taylor Dawson Plumb Limited
22 Regent Street
Nottingham
NG1 5BQ
MIDLAND FIXINGS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 20
MIDLAND FIXINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
The principal activity of the company is a supplier of fixings products to the building services sector.
Review of the business
During the year company sales have increased by 14.3% (2024: £28,072,511, 2023 £24,556,114). This is in line with the original targets set at the beginning of the year, demonstrating how the company continues to grow, whilst also recognising the inflationary impacts on goods supplied.
We anticipate further sales growth, with the company continuing to invest in new team members to support this.
The 'cost of doing business' has remained consistent with the previous year (2024: 21.8% 2023: 21.3%). This means that the administrative expenditure of the business, excluding depreciation and amortisation, has remained constant as a proportion of turnover.
Inventory is held to ensure wherever possible more than 95% of orders can be fulfilled on time and in full. As turnover increases there are potential risks to inventory supply, such as ongoing tensions in Europe & the Far East, and therefore the value of stock held will likely further increase to satisfy customer demand.
Trade debtors are being effectively managed with the debtor days position slightly increasing in the year to 31 December 2024 from 46.3 days to 48.93 days. This impact has coupled with an equivalent increase in average creditor days for the year to 31 December 2024 to 31.9 days (2023: 17.3 days).
Decreased stock holding days has meant that overall working capital days have decreased by 14 days as at 31 December 2024 to 87 days (2023: 101 days) driving the working capital percentage up from 17% to 24.8%.
Principal risks and uncertainties
The key risks and uncertainties affecting the company are the sluggish performance of the UK economy, as well as continued global tensions which have the potential to drive supply shortages and disrupt established supply chains.
To mitigate the risks and uncertainties, we continue increasing stocks as opportunity affords, and continue to identify alternative sources of supply. We continue to focus on first class customer service and develop designed, tested and fabricated solutions which address the requirements of the new Building Safety Act legislation on our customer base.
We acknowledge the ongoing pressures on working capital management within the industry, which have the potential to impact customers' ability to pay us in a timely manner. We continue to adopt robust credit risk management procedures to mitigate this risk.
We are also mindful of our Environmental, Social and Governance obligations as a supplier to the UK Construction industry, continuing to drive efficiencies through our transport planning operations and recognising the need to reduce embodied carbon in the built environment as we drive towards a Net Zero economy.
A M Fowler
Director
29 May 2025
MIDLAND FIXINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of a supplier of fixings products to the building services sector.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid at a rate of £27,500 per share on 30 September 2024, amounting to £2,750,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A M Fowler
M C Fowler
R C Fowler
Auditor
The auditors, Taylor Dawson Plumb Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The Directors have prepared a review of the business, together with a summary of the principal risks and uncertainties affecting the company, and these are detailed within the Strategic Report on page 1.
MIDLAND FIXINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
A M Fowler
Director
29 May 2025
MIDLAND FIXINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MIDLAND FIXINGS LTD
- 4 -
Opinion
We have audited the financial statements of Midland Fixings Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MIDLAND FIXINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MIDLAND FIXINGS LTD (CONTINUED)
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the application of the Financial Reporting Standard 102 and the Companies Act 2006 together with compliance with UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the entity's ability to operate or to avoid a material penalty.
We assessed the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, by considering the following:
The nature of the industry and the business performance.
Discussions with Directors and management and consideration of their policies and procedures for identifying non-compliance or detecting and responding to the risks of fraud.
Communication throughout the audit team to remain alert to indications of non-compliance throughout the audit.
Based on the results of our risk assessment we designed our audit procedures to identify fraud and non-compliance with such laws and regulations identified above.
We reviewed the disclosures in the financial statements and tested to supporting documentation.
We considered the risk of fraud through management override of controls and, in response, we incorporated testing of manual journals throughout our audit approach and assessed whether judgements made in making accounting estimates were indicative of potential bias.
We performed analytical procedures to identify any unusual or unexpected trends or relationships that may indicate risks of material misstatement due to fraud.
We made enquiries into management of any actual and potential litigation and claims.
MIDLAND FIXINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MIDLAND FIXINGS LTD (CONTINUED)
- 6 -
There are inherent limitations in the audit procedures described above and therefore there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Where instances of non-compliance with laws and regulations are not closely linked to events and transactions within the financial statements, then we are less likely to become aware of these. In addition, the risk is increased regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Sara Dawson (Senior Statutory Auditor)
For and on behalf of Taylor Dawson Plumb Limited, Statutory Auditor
Chartered Accountants
22 Regent Street
Nottingham
NG1 5BQ
29 May 2025
MIDLAND FIXINGS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
28,072,511
24,556,114
Cost of sales
(16,488,029)
(14,476,024)
Gross profit
11,584,482
10,080,090
Administrative expenses
(6,331,286)
(5,390,474)
Operating profit
4
5,253,196
4,689,616
Interest receivable and similar income
7
82,991
61,233
Interest payable and similar expenses
8
(5,681)
Profit before taxation
5,330,506
4,750,849
Tax on profit
9
(1,356,505)
(1,108,052)
Profit for the financial year
3,974,001
3,642,797
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 10 to 20 form part of these financial statements.
MIDLAND FIXINGS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
682,417
386,868
Investments
12
14,570
696,987
386,868
Current assets
Stocks
14
2,943,386
2,699,955
Debtors
15
5,264,282
5,925,671
Cash at bank and in hand
4,360,128
2,074,616
12,567,796
10,700,242
Creditors: amounts falling due within one year
16
(6,481,425)
(5,514,140)
Net current assets
6,086,371
5,186,102
Total assets less current liabilities
6,783,358
5,572,970
Provisions for liabilities
Deferred tax liability
17
83,104
96,717
(83,104)
(96,717)
Net assets
6,700,254
5,476,253
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
6,700,154
5,476,153
Total equity
6,700,254
5,476,253
The notes on pages 10 to 20 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
A M Fowler
Director
Company registration number 09421981 (England and Wales)
MIDLAND FIXINGS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
100
4,583,356
4,583,456
Year ended 31 December 2023:
Profit and total comprehensive income
-
3,642,797
3,642,797
Dividends
10
-
(2,750,000)
(2,750,000)
Balance at 31 December 2023
100
5,476,153
5,476,253
Year ended 31 December 2024:
Profit and total comprehensive income
-
3,974,001
3,974,001
Dividends
10
-
(2,750,000)
(2,750,000)
Balance at 31 December 2024
100
6,700,154
6,700,254
The notes on pages 10 to 20 form part of these financial statements.
MIDLAND FIXINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information
Midland Fixings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Parrs, Lilac Grove, Beeston, Nottingham, NG9 1PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of MF Group Holdings Limited (registered in England and Wales). These consolidated financial statements are available from Companies House, Crown Way, Maindy, Cardiff CF4 3UZ.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discount. Revenue is recognised when the significant risks and rewards of ownership have passed to the buyer, usually on dispatch of the goods.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
in accordance with the property lease
Fixtures and fittings and tooling
33% on cost and 15% on cost
Office equipment
25% on reducing balance
Assets in the course of construction are not depreciated.
MIDLAND FIXINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Investments in subsidiary undertakings are recognised at cost.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Cost is calculated using the average pricing method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
MIDLAND FIXINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.11
Foreign exchange
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.
1.12
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
There have been no judgements (apart from those involving estimates) made in the process of applying the accounting policies that would have had a significant effect on amounts recognised in the financial statements.
The key assumptions concerning the future and other sources of estimation uncertainty at the
reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
Carrying value of stock
Carrying value of stock: When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated future sales of goods for resale and usage of consumables. The stock provision is deducted from the total stock reported in note 14.
Customer rebates
Customer rebates: When calculating rebates due to customers, management consider the contract terms in place with the customer for any rebates earned and provision is made where management expect a claim in the future from ongoing customer relationships which have generated significant spend during the period. Customer rebates accrued are included within Accruals and deferred income in note 16.
Supplier rebates
Supplier rebates: When calculating rebates due from suppliers, management consider the contract terms in place with the supplier for any rebates earned and provision is made where management expect a claim in the future from ongoing supplier relationships which have generated significant spend during the period. Supplier rebates accrued are included within Other debtors in note 15.
MIDLAND FIXINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
United Kingdom
27,960,655
24,460,244
Europe
111,856
95,870
28,072,511
24,556,114
2024
2023
£
£
Other revenue
Interest income
82,991
61,233
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
9,700
9,600
Depreciation of owned tangible fixed assets
120,612
160,364
(Profit)/loss on disposal of tangible fixed assets
(99)
339
Operating lease charges
452,076
368,288
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Sales
22
18
Administration
18
23
Distribution
33
25
Design and production
17
13
Directors
3
3
Total
93
82
MIDLAND FIXINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Employees
(Continued)
- 14 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
4,423,292
3,732,365
Social security costs
425,249
403,488
Pension costs
70,443
68,638
4,918,984
4,204,491
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
9,180
7,897
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
63,507
39,695
Other interest income
19,484
21,538
Total income
82,991
61,233
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
5,681
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,370,115
1,117,986
Adjustments in respect of prior periods
(6,070)
Total current tax
1,370,115
1,111,916
Deferred tax
Origination and reversal of timing differences
(13,610)
(3,864)
Total tax charge
1,356,505
1,108,052
MIDLAND FIXINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 15 -
The main rate of corporation tax increased from 19% to 25% from 1 April 2023. The company was therefore subject to a hybrid rate of 23.52% for the year ended 31 December 2023.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
5,330,506
4,750,849
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
1,332,627
1,117,426
Adjustments in respect of prior years
(6,070)
Capital allowances in excess of depreciation
37,488
560
Deferred taxation released
(13,610)
(3,864)
Taxation charge for the year
1,356,505
1,108,052
10
Dividends
2024
2023
£
£
Interim paid
2,750,000
2,750,000
MIDLAND FIXINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
11
Tangible fixed assets
Improvements to property
Assets under construction
Fixtures and fittings and tooling
Office equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
466,257
451,356
314,320
1,231,933
Additions
285,570
104,077
26,640
416,287
Disposals
(399)
(399)
At 31 December 2024
466,257
285,570
555,433
340,561
1,647,821
Depreciation and impairment
At 1 January 2024
459,958
219,854
165,253
845,065
Depreciation charged in the year
6,296
62,034
52,282
120,612
Eliminated in respect of disposals
(273)
(273)
At 31 December 2024
466,254
281,888
217,262
965,404
Carrying amount
At 31 December 2024
3
285,570
273,545
123,299
682,417
At 31 December 2023
6,299
231,502
149,067
386,868
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
14,570
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
-
Additions
14,570
At 31 December 2024
14,570
Carrying amount
At 31 December 2024
14,570
At 31 December 2023
-
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
MIDLAND FIXINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Subsidiaries
(Continued)
- 17 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Midfix Limited
The Parrs, Lilac Grove, Beeston, Nottingham, NG9 1PJ
Dormant
Ordinary
100.00
Midfix (London) Limited
The Parrs, Lilac Grove, Beeston, Nottingham, NG9 1PJ
Dormant
Ordinary
100.00
14
Stocks
2024
2023
£
£
Goods in transit
13,392
18,157
Finished goods and goods for resale
2,929,994
2,681,798
2,943,386
2,699,955
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,511,828
3,735,848
Other debtors
442,646
1,591,533
Prepayments and accrued income
179,341
146,833
5,133,815
5,474,214
2024
2023
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
130,467
451,457
Total debtors
5,264,282
5,925,671
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,442,673
687,492
Amounts owed to group undertakings
2,805,078
2,676,425
Corporation tax
729,965
1,063,928
Other taxation and social security
509,606
486,859
Accruals and deferred income
994,103
599,436
6,481,425
5,514,140
MIDLAND FIXINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
83,104
96,717
2024
Movements in the year:
£
Liability at 1 January 2024
96,717
Credit to profit or loss
(13,613)
Liability at 31 December 2024
83,104
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
70,443
68,638
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
MIDLAND FIXINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
20
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
843,210
264,793
Between two and five years
3,458,794
627,148
In over five years
4,004,133
8,306,137
891,941
21
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
1,944,000
-
22
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries.
Other related parties
During the year the company rented premises from an entity in which the directors held an interest. Rent payable in the year was under a commercial arrangement and totalled £136,000 (2023: £136,000). Amounts outstanding at the year ended 31 December 2024 amounted to £Nil (2023: £Nil).
Other debtors includes amounts owed by directors, including spouses, amounting to £67,160 (2023: £1,392,111). Advances during the year were £646,996 whilst repayments during the year were £1,991,431. Interest of £19,484 was charged on the loans during the year at the HMRC official rate of interest. Comparative figures for last year, other than the closing credit balance, are not provided as the company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose such related party transactions.
.
MIDLAND FIXINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
23
Ultimate controlling party
The ultimate parent company is MF Group Holdings Ltd (registered in England and Wales). MF Group Holdings Ltd is controlled by the directors by virtue of their shareholdings. A copy of the parent company's consolidated financial statements can be obtained from Companies House, Crown Way, Maindy, Cardiff CF4 3UZ.
The immediate parent company is Midland Fixings Group Ltd (registered in England and Wales), which is a 100% subsidiary of MF Group Holdings Ltd.
Both the ultimate parent company and immediate parent company have the same registered office address as Midland Fixings Ltd.
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