REGISTERED NUMBER: 03657827 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Midal Cables International Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr Hamid Rashid Al Zayani

Mr Rashid Hamid Al Zayani

Mr Khaled Abdullatif Mohamed

REGISTERED OFFICE:

Unit 2

Vista Business Centre

50 Salisbury Road

Hounslow

Middlesex

TW4 6JQ

REGISTERED NUMBER:

03657827 (England and Wales)

SENIOR STATUTORY AUDITOR:

Selven Iyaroo

AUDITORS:

Barnes Roffe Audit Limited

Chartered Accountants and Statutory Auditors

Leytonstone House

3 Hanbury Drive

Leytonstone

London

E11 1GA

ACCOUNTANTS:

N Seerungum & Co

Chartered Accountants & Statutory

Auditors

25 Vicarage Lane

Ilford

Essex

IG1 4AG

FIXED ASSETS

Tangible assets

4

1,605

2,112

CURRENT ASSETS

Debtors

5

74,421

3,688

Cash at bank

12,234

9,849

86,655

13,537

CREDITORS

Amounts falling due within one year

6

(56,385

)

(53,320

)

NET CURRENT ASSETS/(LIABILITIES)

30,270

(39,783

)

TOTAL ASSETS LESS CURRENT LIABILITIES

31,875

(37,671

)

CREDITORS

Amounts falling due after more than one year

7

(266,172

)

(421,231

)

NET LIABILITIES

(234,297

)

(458,902

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(234,299

)

(458,904

)

(234,297

)

(458,902

)

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 23 September 2025 and were signed on its behalf by:

Mr Rashid Hamid Al Zayani - Director

Mr Khaled Abdullatif Mohamed - Director

1.	STATUTORY INFORMATION

Midal Cables International Ltd. 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.

The company's principal activity is that of sales agent in the UK for its associated company.

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.

Going concern

The financial statements for the company have been prepared on a going concern basis. The company had net liabilities of £234,297 at the balance sheet date. This indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

In the event that the company requires support, Midal Cables B.S.C. (C), the company's associated company, has confirmed that it has undertaken to continue to provide such financial support as the company requires for its continued operations and will not recall the amounts owed to it at the year end, for a period of not less than twelve months from the date of approval of these financial statements.

As a result of the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives and is provided on the following annual basis:

Plant and machinery - 20% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

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.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non- monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

6,898

DEPRECIATION

At 1 January 2024

4,786

Charge for year

507

At 31 December 2024

5,293

NET BOOK VALUE

At 31 December 2024

1,605

At 31 December 2023

2,112

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

74,421

3,688

During the year, deferred tax asset amounting to £73,190 was recognised based on the anticipated future use of tax losses carried forward by the company. Deferred tax asset of £73,190 is disclosed in other debtors.

At 31 December 2024, the company had unused tax losses of £292,761 on which deferred tax asset has been recognised.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

-

2,562

Other creditors

56,385

50,758

56,385

53,320

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed to group undertakings

266,172

421,231

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

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

Material uncertainty related to going concern

We draw attention to Note 2 in the financial statements, which indicates that as at 31 December 2024 the Company's net liabilities exceeded its total assets by £234,297. As stated in Note 2, this condition indicates that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 23 September 2025 by Selven Iyaroo (Senior statutory auditor) on behalf of Barnes Roffe Audit Limited.

9.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,881 (2023 - £9,397). Contributions totalling £2,921 (2023 - £859) remained payable to the fund at the balance sheet date and are included in creditors.

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions with key management and from disclosing other related party transactions as they are with other companies that are wholly owned within the group.

11.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors, there is no ultimate controlling party as no member holds more than 50% of the voting rights of the company.