Company registration number 02863746 (England and Wales)
MIDLAND GROUNDWORKS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MIDLAND GROUNDWORKS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MIDLAND GROUNDWORKS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
327,555
260,302
Current assets
Stocks
35,500
75,059
Debtors
4
34,696
26,448
Cash at bank and in hand
12,952
41,190
83,148
142,697
Creditors: amounts falling due within one year
5
(40,954)
(75,934)
Net current assets
42,194
66,763
Total assets less current liabilities
369,749
327,065
Creditors: amounts falling due after more than one year
6
(38,295)
-
Provisions for liabilities
(13,234)
(6,352)
Net assets
318,220
320,713
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
318,120
320,613
Total equity
318,220
320,713
MIDLAND GROUNDWORKS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -

For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 12 August 2025
Mr C M Birch
Director
Company registration number 02863746 (England and Wales)
MIDLAND GROUNDWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information

Midland Groundworks Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Andrews House, Yale Business Village, Ellice Way, Wrexham, Clwyd, LL13 7YL.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer.

1.3
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:

Freehold land and buildings
5% on reducing balance and 2% on reducing balance
Land
Nil
Plant and equipment
20% on reducing balance
Office equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
1.4
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Work in progress is valued on the basis of direct costs plus attributable overheads based on a normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MIDLAND GROUNDWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
1
3
Tangible fixed assets
Freehold land and buildings
Land
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2023
80,353
130,060
322,519
541
52,500
585,973
Additions
-
0
-
0
97,196
530
-
0
97,726
At 30 November 2024
80,353
130,060
419,715
1,071
52,500
683,699
Depreciation and impairment
At 1 December 2023
16,337
-
0
258,942
503
49,889
325,671
Depreciation charged in the year
2,456
-
0
27,255
109
653
30,473
At 30 November 2024
18,793
-
0
286,197
612
50,542
356,144
MIDLAND GROUNDWORKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
3
Tangible fixed assets
Freehold land and buildings
Land
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
(Continued)
- 5 -
Carrying amount
At 30 November 2024
61,560
130,060
133,518
459
1,958
327,555
At 30 November 2023
64,016
130,060
63,577
38
2,611
260,302
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
34,420
26,151
Other debtors
276
297
34,696
26,448
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
19,419
48,799
Taxation and social security
4,973
21,030
Other creditors
16,562
6,105
40,954
75,934
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
38,295
-
0
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