REGISTERED NUMBER: 03132694 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MIDAS PATTERN COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Rance

P Lewis

SECRETARY:

P Lewis

REGISTERED OFFICE:

22 Shuttleworth Road

Elm Farm Industrial Estate

Bedford

Bedfordshire

MK41 0RX

REGISTERED NUMBER:

03132694 (England and Wales)

AUDITORS:

Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

BANKERS:

Barclays Bank plc

41 High Street

St Neots

Huntingdon

Cambridge

PE19 1AS

FIXED ASSETS

Tangible assets

4

950,516

956,602

CURRENT ASSETS

Stocks

241,337

278,171

Debtors

5

1,720,586

2,183,351

Cash at bank

1,746,505

1,650,965

3,708,428

4,112,487

CREDITORS

Amounts falling due within one year

6

1,340,676

1,696,317

NET CURRENT ASSETS

2,367,752

2,416,170

TOTAL ASSETS LESS CURRENT LIABILITIES

3,318,268

3,372,772

CREDITORS

Amounts falling due after more than one year

7

(171,654

)

(278,378

)

PROVISIONS FOR LIABILITIES

10

(489,194

)

(349,922

)

NET ASSETS

2,657,420

2,744,472

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

2,656,420

2,743,472

SHAREHOLDERS' FUNDS

2,657,420

2,744,472

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2025 and were signed on its behalf by:

A Rance - Director

1.	STATUTORY INFORMATION

Midas Pattern Company 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.

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.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

-

10% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% 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.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

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 statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

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.

Dilapidations provisions

Dilapidations are provided for based on professional valuations over the life of the relevant leases.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 88 (2023 - 113 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2024

234,946

1,447,447

187,820

Additions

-

127,262

3,941

Disposals

-

-

-

At 31 December 2024

234,946

1,574,709

191,761

DEPRECIATION

At 1 January 2024

98,721

851,271

130,998

Charge for year

13,724

104,560

9,014

Eliminated on disposal

-

-

-

At 31 December 2024

112,445

955,831

140,012

NET BOOK VALUE

At 31 December 2024

122,501

618,878

51,749

At 31 December 2023

136,225

596,176

56,822

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

215,967

156,473

2,242,653

Additions

141,626

8,052

280,881

Disposals

(174,084

)

-

(174,084

)

At 31 December 2024

183,509

164,525

2,349,450

DEPRECIATION

At 1 January 2024

64,966

140,095

1,286,051

Charge for year

38,546

10,244

176,088

Eliminated on disposal

(63,205

)

-

(63,205

)

At 31 December 2024

40,307

150,339

1,398,934

NET BOOK VALUE

At 31 December 2024

143,202

14,186

950,516

At 31 December 2023

151,001

16,378

956,602

The net book value of tangible fixed assets includes £ 408,631 (2023 - £ 390,348 ) in respect of assets held under hire purchase contracts.

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

1,068,486

1,527,476

Other debtors

217,355

499,594

Tax

50,796

-

Prepayments and accrued income

102,544

156,281

1,439,181

2,183,351

Amounts falling due after more than one year:

Directors' loan accounts

281,405

-

Aggregate amounts

1,720,586

2,183,351

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

60,000

60,000

Hire purchase contracts (see note 8)

107,706

95,131

Trade creditors

257,524

334,653

Tax

194,269

381,016

Social security and other taxes

49,424

81,283

VAT

147,480

120,179

Other creditors

56,801

23,593

Directors' current accounts

131,057

83,814

Accruals and deferred income

336,415

516,648

1,340,676

1,696,317

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 2-5 years

30,000

90,000

Hire purchase contracts (see note 8)

141,654

188,378

171,654

278,378

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

107,706

95,131

Between one and five years

141,654

188,378

249,360

283,509

Non-cancellable

operating leases

2024

2023

£

£

Within one year

218,068

204,744

Between one and five years

853,723

813,052

In more than five years

867,250

1,068,250

1,939,041

2,086,046

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

249,360

283,509

Hire purchase balances are secured on the related assets

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

227,594

219,122

Other provisions

261,600

130,800

489,194

349,922

Dilapidati

Deferred

on

tax

provision

£

£

Balance at 1 January 2024

219,122

130,800

Provided during year

8,472

-

Balance at 31 December 2024

227,594

130,800

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robyn Liddell (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

12.	TRANSACTIONS WITH DIRECTORS

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

A Rance

Balance outstanding at start of year

-

-

Amounts advanced

150,348

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

150,348

-

A loan of £278,147 was made to Mr A Rance on 20th June 2024 payable over 10 years with interest to be charged at a daily rate of 2.25%. At the year end £281,405 was owed to the company.

13.	GREEN INITIATIVES

In 2024, In Line with our PAS2060 (1,2 & 3) Carbon Net Zero accreditation, Midas purchased and registered a further 500 Pending Issuance Units (PIU's) and planted an additional 500 broadleaf trees, all within our local community forest - The Forest of Marston Vale. This brings the total number of PIU's to 2500 & the total number of trees planted to 5300. As part of our #MidasGreenInitiative and our long term strategic partnership with The Forest of Marston Vale we pledge to purchase a minimum of 500 PIU's and plant a minimum of 500 trees per annum. Significantly we also continued the development of plant based alternatives to traditional oil based Polyurethanes and our commitment to 100% circular manufacturing has been enhanced with further investments in our PU waste reprocessing/recycling facility.