Middlesex Limited

	Page
Strategic Report	1—3
Directors' Report	4
Independent Auditor's Report	5—7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Statement of Cash Flows	12
Notes to the Financial Statements	13—17

The directors present their strategic report for the year ended 31 March 2025.

Principal Activity

Middlesex Limited specialises in drylining, partitioning, and ceilings for commercial offices and residential apartment blocks. The company operates as a fitout contractor primarily serving tier‑one contractors in London and the South of England.

Review of the Business

For the financial year ended 31 March 2025, Middlesex Limited generated a turnover of £32,737,112, representing a 2.78% increase compared to the previous year. The company posted a post‑tax profit of £1,401,166 despite the challenges posed by the administration of a key client, ISG Group, on 20 September 2024. This event resulted in a bad debt write‑off of £1,967,438.

The impact of ISG Group’s administration was mitigated by securing direct contracts with former clients of ISG, allowing the company to maintain its project pipeline and revenue momentum. Middlesex Limited’s strong reputation in the fit‑out sector continues to drive growth, supported by a robust pipeline of projects. The company remains focused on expanding its presence in both the commercial and residential markets in London and the South of England.

Principal Risks and Uncertainties

The identification, assessment, and management of risks are central to the execution of Middlesex Limited’s business strategy. The company operates in an inherently high‑risk industry and continuously monitors and addresses these risks to minimise adverse impacts on its operations and financial performance. The key risks and mitigation strategies include:

1. Construction Risk

The construction industry faces complex project management challenges, including delays, cost overruns, and quality issues. Middlesex Limited addresses these risks through꞉

Proven Supply Chain꞉ Working with a well‑established network of trusted suppliers and subcontractors to ensure consistent delivery of materials and services.
Robust Project Monitoring: Conducting monthly cost reviews for all projects to ensure they remain on budget and within scope.
Proactive Issue Resolution: Implementing an early warning system to identify potential project delays or deviations and taking corrective actions promptly.

2. Financial Risk

The company recognises the importance of maintaining financial stability to sustain operations and growth:

Liquidity Management: Regular review of cash flow projections to ensure sufficient working capital. Maintaining contingency funding arrangements to address unexpected financial pressures.
Bad Debt Risk: The administration of ISG Group highlighted the importance of credit risk management. The company has enhanced its due diligence procedures and credit terms for new clients to reduce exposure to bad debts.

3. Market Risk

The construction industry is sensitive to economic fluctuations, which can affect demand for commercial and residential projects. The company mitigates market risks by:

Diversifying its client base to include both public and private sector projects.
Expanding into new market segments, such as modular construction and sustainable building solutions, to capitalise on emerging trends.
Building a strong pipeline of contracts to ensure stable revenue streams.

4. Regulatory and Compliance Risk

The construction sector is subject to extensive regulations, including building standards, health and safety laws, and environmental legislation. Middlesex Limited ensures compliance by:

Staying updated on regulatory changes through membership in industry bodies and regular training programs.
Employing dedicated compliance officers to oversee adherence to applicable laws and regulations.
Implementing robust health and safety policies, ensuring a safe working environment for employees and subcontractors.

...CONTINUED

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Middlesex Limited

Strategic Report (continued)

For The Year Ended 31 March 2025

Principal Risks and Uncertainties - continued

5. Labour Risk

The industry faces a shortage of skilled labour, which can delay projects and increase costs. Middlesex Limited addresses this risk by:

Investing in apprenticeship schemes and on-the-job training to develop a pipeline of skilled workers.
Offering competitive remuneration and benefits packages to attract and retain top talent.
Partnering with industry training bodies to access a wider pool of qualified professionals.

6. Supply Chain Disruption Risk

Delays or cost increases in the supply chain can significantly affect project delivery. The company mitigates this risk through:

Maintaining diversified supplier relationships to avoid over-reliance on a single source.
Pre-ordering critical materials and maintaining inventory buffers where possible.
Regularly reviewing supplier performance to ensure reliability and quality.

Section 172(1) Statement

The directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the Company for the benefit of its members as a whole and, in doing so, had regard, amongst other matters, to those matters set out in section 172(1)(a) to (f) of the" Companies Act 2006, being:

the likely consequences of any decision in the long term;
the need to foster the Company's business relationships with suppliers, customers and others; the impact of the Company's operations on the community and the environment;
the desirability of the Company maintaining a reputation for high standards of business conduct; and
the need to act fairly as between members of the Group.

Stakeholder Engagement

Middlesex Limited recognises that the success of its business is intrinsically linked to the strength of its relationships with key stakeholders. Building and nurturing these relationships with professionalism, integrity, and fairness ensures the long-term sustainability of the business. Below is an overview of how Middlesex Limited engages with its stakeholders and incorporates their input into decision-making:

1. Employees

Employees are the backbone of Middlesex Limited’s operations, and their engagement is critical to delivering high-quality projects and maintaining the company’s reputation. Key initiatives include:

regular communication;
feedback mechanisms;
professional development; and
health, safety and well-being.

2. Customers

Middlesex Limited’s customers are primarily tier-one contractors and property developers who demand consistent delivery of high-quality projects. The company engages with its customers to build lasting partnerships based on trust and excellence:

tailored solutions;
proactive communication;
customer feedback; and
commitment to excellence.

3. Suppliers and Subcontractors

The company relies on a network of trusted suppliers and subcontractors to deliver materials and services critical to its operations. Engagement with these partners ensures seamless project execution:

collaborative relationships;
clear relationships;
clear expectations;
regular performance reviews; and
fair dealing.

...CONTINUED

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Middlesex Limited

Strategic Report (continued)

For The Year Ended 31 March 2025

Section 172(1) Statement - continued

4. Shareholders

As owners of the business, shareholders are key stakeholders whose interests align with the long-term success of the company. Middlesex Limited engages shareholders through:

Regular communication; and
transparent reporting.

5. Regulators and Industry Bodies

Compliance with legal and regulatory requirements is non-negotiable, and engaging with regulators ensures the company remains aligned with industry standards:

proactive compliance; and
membership in industry organisations.

Middlesex Limited integrates stakeholder feedback into its decision-making processes to balance competing interests and ensure long-term success.

On behalf of the board

Mr Neil Gordge

Director

1 December 2025

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Middlesex Limited

Company No. 05395854

Directors' Report For The Year Ended 31 March 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors

The directors who held office during the year were as follows:

Mr Neil Gordge

Mr Ryan McCullagh

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Ballantyne & Company Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Neil Gordge

Director

1 December 2025

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Independent Auditor's Report

to the Members of

Middlesex Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Middlesex Limited for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit/(loss) 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.

Basis for Opinion

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 entity's ability to continue as a going concern for a period of at least 12 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.

Other Information

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. In connection with our audit of the financial statements, 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 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 the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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 or 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.

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Independent Auditor's Report (continued)

to the Members of

Middlesex Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures in response to those risks. This includes obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The primary responsibility however, for the prevention and detection of fraud, rests with those charged with governance and executive management of the entity. In identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations we considered the following:

We obtained an understanding of the legal and regulatory framework applicable to the Company. We determined the most significant are those relating to the financial reporting framework (namely the Companies Act 2006, UK GAAP and the application of FRS102), HMRC tax compliance in the UK and EU General Data Protection Regulation.

We developed an understanding of how Middlesex Limited is complying with those frameworks by making enquiries of those charged with governance and executive management. We corroborated our enquiries through correspondence with third party entities where relevant and available.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, at the planning stage of the audit by meeting with executive management to understand where they considered there to be fraud risk and susceptibility. We also reviewed budgeted projections and actual outturn against prior year budget to determine if there were any anomalies. Where we considered audit risk to be higher we undertook tests to mitigate each identified risk
We assessed the internal control environment established to mitigate risks of fraud or non-compliance with laws and regulations. In addition to this we evaluated compliance with laws and regulations and made enquiries of any non-compliance.

With regard to detection and responding to fraud we made enquiries of those charged with governance and executive management as to whether there was any knowledge of actual, suspected or alleged fraud.

We undertook discussions amongst the audit engagement team with respect to how and where fraud might occur in the financial statements and what the likely indicator would be.

As result of the procedures noted above we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud to be in the timing of recognition of income; posting of unusual journals; and management override on internal controls.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would be to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or international misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our 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 that 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.

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Independent Auditor's Report (continued)

to the Members of

Middlesex Limited

Dalvir Johal - CA (Senior Statutory Auditor)

for and on behalf of Ballantyne & Company Limited , Statutory Auditor

1 December 2025

Ballantyne & Company Limited

Chartered Accountants & Registered Auditors

60 St. Enoch Square

Glasgow

G1 4AG

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Middlesex Limited

Statement of Comprehensive Income

For The Year Ended 31 March 2025

Statement of Comprehensive Income

		2025	2024
	Notes	£	£
TURNOVER	3	32,737,112	31,852,726
Cost of sales		(26,968,138 )	(28,248,664 )

GROSS PROFIT		5,768,974	3,604,062

Administrative expenses		(4,166,419 )	(2,415,125 )
Other operating income		137,518	405,000

OPERATING PROFIT	5	1,740,073	1,593,937
Profit/(loss) on disposal of fixed assets		2,036	(752 )

PROFIT BEFORE TAXATION		1,742,109	1,593,185
Tax on Profit	10	(340,943 )	(423,120 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		1,401,166	1,170,065
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR		1,401,166	1,170,065

The notes on pages 12 to 17 form part of these financial statements.

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Middlesex Limited

Balance Sheet

As At 31 March 2025

Balance Sheet

Registered number: 05395854

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	11		145,119		167,480

			145,119		167,480
CURRENT ASSETS
Debtors	12	7,448,776		9,042,715
Cash at bank and in hand		3,350,660		785,336

		10,799,436		9,828,051
Creditors: Amounts Falling Due Within One Year	13	(4,064,404 )		(4,260,712 )

NET CURRENT ASSETS (LIABILITIES)			6,735,032		5,567,339

TOTAL ASSETS LESS CURRENT LIABILITIES			6,880,151		5,734,819

NET ASSETS			6,880,151		5,734,819

CAPITAL AND RESERVES
Called up share capital	14		100		100
Profit and Loss Account			6,880,051		5,734,719

SHAREHOLDERS' FUNDS			6,880,151		5,734,819

On behalf of the board

Mr Neil Gordge

Director

1 December 2025

The notes on pages 12 to 17 form part of these financial statements.

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Middlesex Limited

Statement of Changes in Equity

For The Year Ended 31 March 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 April 2023	100	4,941,591	4,941,691
Profit for the year and total comprehensive income	-	1,170,065	1,170,065

Dividends paid	-	(376,937)	(376,937)

As at 31 March 2024 and 1 April 2024	100	5,734,719	5,734,819


Profit for the year and total comprehensive income	-	1,401,166	1,401,166

Dividends paid	-	(255,834)	(255,834)

As at 31 March 2025	100	6,880,051	6,880,151

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Middlesex Limited

Statement of Cash Flows

For The Year Ended 31 March 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	3,273,065	815,916
Tax paid		(428,446 )	(221,248 )

Net cash generated from operating activities		2,844,619	594,668

Cash flows from investing activities
Purchase of tangible assets		(29,814 )	(49,753 )
Proceeds from disposal of tangible assets		6,353	405

Net cash used in investing activities		(23,461 )	(49,348 )

Cash flows from financing activities
Equity dividends paid		(255,834 )	(376,937 )



Increase in cash and cash equivalents		2,565,324	168,383
Cash and cash equivalents at beginning of year	2	785,336	616,953

Cash and cash equivalents at end of year	2	3,350,660	785,336

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Middlesex Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	1,401,166	1,170,065
Adjustments for:
Tax on profit	340,943	423,120
Amortisation of intangible assets	-	78
Depreciation of tangible assets	47,858	48,961
(Profit)/loss on disposal of tangible assets	(2,036)	752
Movements in working capital:
Decrease/(increase) in trade and other debtors	1,593,939	(1,105,287 )
(Decrease)/increase in trade and other creditors	(108,805 )	278,227

Net cash generated from operations	3,273,065	815,916

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	3,350,660	785,336

3. Analysis of changes in net funds

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	785,336	2,565,324	3,350,660

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Middlesex Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Middlesex Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05395854 . The registered office is Darwin House, Bourne End Business Park, Cores End Road, Bourne End, Buckinghamshire, SL8 5AS.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Significant judgements and estimations

The preparation of the financial statements requires the company to make judgements, estimates and assumptions that affect items reported. Such estimates and assumptions are based on management's best knowledge of current facts, circumstances and future events. Actual results may differ, possibly significantly, from those estimates.

Contract accounting requires estimates to be made for contract costs and income. In many cases, these contractual obligations span more than one financial period. Also the costs and income may be affected by a number of uncertainties that depend on the outcome of future events and may need to be revised as events unfold and uncertainties are resolved. Management bases its estimation of costs and income and its assessment of the expected outcome of each contractual obligation on the latest available information. This includes detailed contract valuations, forecasts of the costs to complete, variations and claims with customers and progress against agreed programme of works. The reliable estimates of the contract position, reflecting both the forecasted costs and the forecasted revenue on each contract, and the profit or loss earned to date are updated regularly and significant changes are highlighted through established internal reporting and review procedures. The impact of any change in the accounting estimates is then reflected in the financial statements. In deriving a reliable estimate, revenue is recognised to the extent that amounts forecast from variations and claims are agreed or considered, in management's judgement, probable to be agreed.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Construction contract

Revenue from construction contracts is recognised over time using the Output method to measure progress toward satisfaction of performance obligations. This method reflects the value of work completed to date, based on Contract Valuation certified by the customer

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance
Computer Equipment	25% reducing balance

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Middlesex Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Retention sales	141,069	-
Retention sales	-	30,920,413
Sales - UK	32,596,043	-
Sales - UK	-	932,313

	32,737,112	31,852,726

4. Other Operating Income

	2025	2024
	£	£
Other operating income	137,518	405,000

	137,518	405,000

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	1,967,438	549,612
Depreciation of tangible fixed assets	47,858	48,961

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	8,000	7,500

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Middlesex Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	419,402	401,728
Social security costs	49,075	43,069
Other pension costs	6,992	14,278

	475,469	459,075

8. Average Number of Employees

Average number of employees, including directors, during the year was: 11 (2024: 10)

9. Directors' remuneration

	2025	2024
	£	£
Emoluments	46,625	15,459

10. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	408,232	423,120
Prior period adjustment			(67,289 )	-

			340,943	423,120


Total tax charge for the period			340,943	423,120


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			1,742,109	1,593,185

Tax on profit at 25% (UK standard rate)			435,527	398,297
Goodwill/depreciation not allowed for tax			11,965	12,240
Expenses not deductible for tax purposes			26,344	25,086
Capital allowances			(6,375 )	(12,503 )
Research and Development tax credit			(59,229 )	-
Prior period adjustment			(67,289 )	-

Total tax charge for the period			340,943	423,120

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Middlesex Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

11. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2024	198,044	262,093	127,353	587,490
Additions	-	17,500	12,314	29,814
Disposals	-	(132,603 )	-	(132,603 )

As at 31 March 2025	198,044	146,990	139,667	484,701

Depreciation
As at 1 April 2024	160,093	177,726	82,191	420,010
Provided during the period	9,488	26,041	12,329	47,858
Disposals	-	(128,286 )	-	(128,286 )

As at 31 March 2025	169,581	75,481	94,520	339,582

Net Book Value
As at 31 March 2025	28,463	71,509	45,147	145,119

As at 1 April 2024	37,951	84,367	45,162	167,480

12. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	6,032,327	5,349,412
Amounts owed by participating interests	890,521	857,021
Other debtors	525,928	2,836,282

	7,448,776	9,042,715

13. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	2,348,429	2,955,765
Other creditors	488,065	564,239
Corporation tax	335,617	423,120
Taxation and social security	231,346	11,717
Accruals and deferred income	660,947	305,871

	4,064,404	4,260,712

14. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

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Middlesex Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

15. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £6,992 (2024: £14,278).

At the balance sheet date contributions of £1,405 (2024: £0) were due to the fund and are included in creditors.

16. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	255,834	376,937

17. Post Balance Sheet Events

On 9 April 2025, control of Middlesex Limited was transferred to Middlesex Holding Limited, which now holds significant influence over the entity. This event occurred after the reporting period and is disclosed as a non-adjusting post balance sheet event

18. Related Party Disclosures

Middlesex Limited shares a director with Middlesex Interior Division Limited. Included in Trade Creditors at the balance sheet date is an amount owed by Middlesex Limited of £328,052. Included in Trade Debtors at the balance sheet is an amount owed to Middlesex Limited of £152,542. During the year, sales of £331,032 and purchases of £770,143 were made to Middlesex Interior Division Limited. Other debtors include amounts owed to Middlesex Limited amounted to £890,443.

Middlesex shares directors with Middlesex Facades Limited. Included in Trade Creditors at the balance sheet date is an amount owed by Middlesex Limited of £35,489. At the balance sheet date, included in Trade Debtors is an amount of £127,981 owed by Middlesex Facades Limited. During the year, sales of £734,177 and purchases of £91,029 were made to Middlesex Facades Limited.

Middlesex Limited shares a director with Middlesex Carpentry Limited. Included in Trade Creditors at the balance sheet date is an amount of £71,742 owed by Middlesex Limited. Included in Trade Debtors is an amount of £45,012 owed by Middlesex Carpentry Limited. During the year sales of £43,714 and purchases of £293,617 were made to Middlesex Carpentry Limited.

Middlesex Limited shares a director with Middlesex Firestopping Limited. Included in Trade Creditors at the balance sheet date is an amount of £181,835 owed by Middlesex Limited. Included in Trade Debtors is an amount of £273,183 owed by Middlesex Firestopping Limited. During the year sales of £350,076 and purchases of £1,752,009 were made to Middlesex Firestopping Limited.

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