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Registration number: 07021902

Midway Electronics Ltd
Annual Report and Unaudited Financial Statements
for the Year Ended 31 December 2025

Midway Electronics Ltd

Contents

Balance Sheet | 1
Notes to the Unaudited Financial Statements | 2 to 7

Midway Electronics Ltd

(Registration number: 07021902)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | - | 13,391
Current assets |  |  |
Stocks | 6 | 1,315 | 5,119
Debtors | 7 | 9,040 | 10,300
Cash at bank and in hand |  | 335,854 | 406,914
|  | 346,209 | 422,333
Creditors: Amounts falling due within one year | 8 | (9,392) | (15,037)
Net current assets |  | 336,817 | 407,296
Net assets |  | 336,817 | 420,687
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 336,717 | 420,587
Shareholders' funds |  | 336,817 | 420,687

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 March 2026 and signed on its behalf by:

K Hill Director |  |

Midway Electronics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dinwood Cottage
Shirenewton
Chepstow
Wales
NP16 6LS

These financial statements were authorised for issue by the Board on 11 March 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

Going concern

At 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 have continued to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises turnover when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- the cost incurred or to be incurred in respect of the transaction can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- specific criteria have been met for each of the company's activities; and
- the entity retains no effective control over the goods.

Midway Electronics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Midway Electronics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixtures and fittings | 20% straight line
Plant and machinery | 20% straight line
Office equipment | 20% straight line
Leasehold property improvements | 12.5% straight line

Midway Electronics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2024 - 3).

4 | Intangible assets

| Goodwill £
Cost or valuation
At 1 January 2025 | 18,180
At 31 December 2025 | 18,180
Amortisation
At 1 January 2025 | 18,180
At 31 December 2025 | 18,180
Carrying amount
At 31 December 2025 | -

Midway Electronics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

5 | Tangible assets

| Fixtures and fittings £ | Plant and machinery £ | Office Equipment £ | Leasehold Property Improvements £ | Total £
Cost or valuation
At 1 January 2025 | 23,492 | 9,750 | 12,164 | 106,932 | 152,338
At 31 December 2025 | 23,492 | 9,750 | 12,164 | 106,932 | 152,338
Depreciation
At 1 January 2025 | 23,492 | 9,750 | 12,164 | 93,541 | 138,947
Charge for the year | - | - | - | 13,391 | 13,391
At 31 December 2025 | 23,492 | 9,750 | 12,164 | 106,932 | 152,338
Carrying amount
At 31 December 2025 | - | - | - | - | -
At 31 December 2024 | - | - | - | 13,391 | 13,391

6 | Stocks

| 2025 £ | 2024 £
Stocks | 1,315 | 5,119

7 | Debtors

| 2025 £ | 2024 £
Trade debtors | - | 3,010
Other debtors | 2,186 | 3,228
Accrued income | 2,792 | -
Corporation tax | 4,062 | 4,062
| 9,040 | 10,300

Midway Electronics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

8 | Creditors

Due within one year | Note | 2025 £ | 2024 £
Trade creditors |  | - | 2,279
Amounts due to related parties | 9 | 2,639 | 2,496
Social security and other taxes |  | 2,718 | 6,458
Accruals |  | 4,035 | 3,804
|  | 9,392 | 15,037

9 | Related party transactions

Loans from related parties

2025 | Key management £ | Total £
At start of period | 2,496 | 2,496
Advanced | 624 | 624
Repaid | (481) | (481)
At end of period | 2,639 | 2,639

2024 | Key management £ | Total £
At start of period | 1,872 | 1,872
Advanced | 624 | 624
At end of period | 2,496 | 2,496

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.