Company registration number 03081014 (England and Wales)
MIDDLETON ASSOCIATES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
MIDDLETON ASSOCIATES LIMITED
COMPANY INFORMATION
Directors
S R Ashton
B Ashton
Company number
03081014
Registered office
Jct 21 Business Park
Gorse Street
Chadderton
Oldham
OL9 9RJ
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
Unit 2
Junction 21 Business Park
Gorse Street
Chadderton
Lancashire
OL9 9QH
Bankers
Lloyds TSB Bank plc
10 Booth Street
Manchester
M2 4AW
MIDDLETON ASSOCIATES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
MIDDLETON ASSOCIATES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 1 -

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

Fair review of the business

The company trades as a wholesaler of beers, wines, spirits and other drinks products, supplying to cash and carry businesses, public houses and retail outlets throughout the United Kingdom.

The company has seen reductions in turnover and profit before tax, but despite these decreases, the directors remain positive about the results. There continues to be significant volatility in the economy, arising from both domestic and international factors, such as the ongoing worldwide conflicts, inflationary pressures and cost of living increases. Whilst the directors were very pleased with the trading results in the prior year, they were realistic that it may be difficult to outperform those results in the year to 31 July 202 5.

The company has reported turnover of £2 5.1 m (202 4 - £2 7.3 m) and profit before tax of £545 k (202 4 - £649k).

Following recent years of high turnover and improved profitability, the company has seen a build up of cash. During the year the directors took the decision to use this surplus cash to invest a substantial amount in solar panels, to supply the trading site in a more sustainable manner. Additionally, surplus cash has been used to build a new office and boardroom space.

The company has also been able to continue to invest some of its cash into high interest bearing accounts to take advantage of the current rates of interest.

Post year end the company has continued to trade at similar levels to the current financial year.

Principal risks and uncertainties

The company does not actively use financial instruments as part of its financial risk management. The company is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through standard credit control procedures. The directors undertake yearly credit searches on their customers and are willing to adjust credit terms accordingly. The company has a history of very few bad debts, and is able to typically able to recover its debts in a timely manner.

The company has historically been funded by retained profits, but does still hold loans from connected entities. The company's exposure to price and liquidity risks is however, considered to be minimal.

The company's directors are aware of ongoing issues in respect of the cost of living crisis, affecting households across the UK, which may lead to a reduction in demand for the company's services. To safeguard against these potential risks the company will look to continue to offer its products at competitive prices. In addition, the company has continued to be impacted by general stock price increases across the alcoholic and soft drinks industry.

The directors are aware that the above factors have led to an expected downturn in spending, and that drinking habits are constantly changing and evolving. To safeguard against such issues, the directors are committed to adjusting the company’s strategy accordingly, and making sure they are in front or at least in line with their competitors and the market.

Development and performance

The company has achieved sales of £2 5.1 m (202 4 - £2 7.33 m) and a gross profit margin of 8.3% (202 4 - 8.2%). Gross profit margins are a key performance indicator used by the directors to measure the company’s performance.

The decrease in turnover and profit margin has been reflected in a reduced profitability before taxation of £545k (202 4 - £649k).

MIDDLETON ASSOCIATES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 2 -
Future developments

Following the year end the company will look to continue to strengthen their performance, utilising the small but committed and loyal team, all of whom are significantly experienced in the industry.

The directors are focused on staff retention, which is a vital key performance indicator for the company, as well as customer retention, which they hope to secure by continuing an excellent price offering and overall quality of service. The directors continue to believe that the company is a fine place to work, and this has been reflected in a 100% staff retention rate during the year.

Plans continue to develop for an e-commerce offering of drinks and home bars/events equipment to the public through the company's website, to sell on other e-commerce platforms, and negotiations are on-going for the company to become the UK agent for a variety of brands.

The ability to adapt to the changing requirements is paramount and the company has reacted accordingly.

On behalf of the board

S R Ashton
Director
6 March 2026
MIDDLETON ASSOCIATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 3 -

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

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £180,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S R Ashton
B Ashton
Auditor

The auditor, Pierce C A Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
S R Ashton
Director
6 March 2026
MIDDLETON ASSOCIATES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2025
- 4 -

The directors are responsible for preparing the annual 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 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 these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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.

MIDDLETON ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MIDDLETON ASSOCIATES LIMITED
- 5 -
Opinion

We have audited the financial statements of Middleton Associates Limited (the 'company') for the year ended 31 July 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its profit 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 company's ability to continue as a going concern for a period of at least twelve 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. 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 course of 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 our audit:

- the information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

MIDDLETON ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MIDDLETON ASSOCIATES LIMITED
- 6 -
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 identifie d material misstatements in the directors' r eport. 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 and 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

In identifying and assessing risks of material misstatements in respect of irregularities (including fraud) we considered the following:

- The nature of the industry, the company’s control environment, the significant laws and regulations relevant to the company, and the company’s policies on detection of fraud;

- Results of our enquiries of management and of those charged with governance;

- Our review of disclosures included in the financial statements; and

- Engagement team discussions in respect of any potential indicators of non-compliance or fraud.

We have also performed specific procedures to consider the risk of management override and of fraud arising in significant transactions outside the normal course of business.

We did not identify a material risk of non-compliance with laws and regulations or of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MIDDLETON ASSOCIATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MIDDLETON ASSOCIATES LIMITED
- 7 -

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Jane Smith (Senior Statutory Auditor)
For and on behalf of Pierce C A Limited
6 March 2026
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
MIDDLETON ASSOCIATES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
25,102,648
27,329,792
Cost of sales
(23,027,733)
(25,077,804)
Gross profit
2,074,915
2,251,988
Administrative expenses
(1,545,527)
(1,615,516)
Other operating income
752
1,311
Operating profit
530,140
637,783
Interest receivable and similar income
32,960
17,806
Interest payable and similar expenses
(22,750)
(6,953)
Amounts written off investments
6
4,433
188
Profit before taxation
544,783
648,824
Tax on profit
7
(137,533)
(166,520)
Profit for the financial year
407,250
482,304

The profit and loss account has been prepared on the basis that all operations are continuing operations.

MIDDLETON ASSOCIATES LIMITED
BALANCE SHEET
AS AT
31 JULY 2025
31 July 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
8
437,484
505,158
Investments
9
16,374
11,941
453,858
517,099
Current assets
Stocks
10
2,779,246
2,830,000
Debtors
11
2,700,167
2,393,418
Cash at bank and in hand
1,886,269
2,136,782
7,365,682
7,360,200
Creditors: amounts falling due within one year
12
(5,520,832)
(5,788,228)
Net current assets
1,844,850
1,571,972
Total assets less current liabilities
2,298,708
2,089,071
Provisions for liabilities
13
(86,362)
(103,975)
Net assets
2,212,346
1,985,096
Capital and reserves
Called up share capital
16
70
70
Capital redemption reserve
30
30
Profit and loss reserves
2,212,246
1,984,996
Total equity
2,212,346
1,985,096

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 6 March 2026 and are signed on its behalf by:
S R Ashton
Director
Company registration number 03081014 (England and Wales)
MIDDLETON ASSOCIATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2023
70
30
1,702,692
1,702,792
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
482,304
482,304
Dividends
-
-
(200,000)
(200,000)
Balance at 31 July 2024
70
30
1,984,996
1,985,096
Year ended 31 July 2025:
Profit and total comprehensive income
-
-
407,250
407,250
Dividends
-
-
(180,000)
(180,000)
Balance at 31 July 2025
70
30
2,212,246
2,212,346
MIDDLETON ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 11 -
1
Accounting policies
Company information

Middleton Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn BB1 6AY.

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 FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 'Related Party Disclosures' - Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Middleton Associates Holdings Limited. These consolidated financial statements are available from its registered office: Mentor House, Ainsworth Street, Blackburn, BB1 6AY.

1.2
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. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true

1.3
Turnover

Turnover represents amounts receivable for goods provided net of VAT and trade discounts. Turnover is recognised upon despatch of goods to customers.

MIDDLETON ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Tangible fixed assets

Tangible fixed assets, other than freehold land, are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes all amounts incurred in bringing the asset into use at its present location.

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
Not depreciated
Leasehold improvements
Not depreciated
Plant and machinery
20% straight line
Fixtures, fittings & equipment
15% & 20% straight line
Motor vehicles
20% straight line

Freehold land and leasehold improvements are not depreciated. The directors consider that a depreciation charge on leasehold improvements would be immaterial to the financial statements.
Included within motor vehicles is a vehicle registration plate which has not been depreciated as it is held as a long term investment and the net realisable value is expected to exceed the cost.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowances for slow moving and obsolete items.

Cost represents all expenditure incurred in bringing stock to its present condition and location at the accounting date.

Net realisable value is based on the estimated selling prices less further costs expected to be incurred to completion and disposal.

MIDDLETON ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 13 -
1.7
Financial instruments

The company applies the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

MIDDLETON ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 14 -
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted. The company’s liability for deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

MIDDLETON ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Principal activity
25,102,648
27,329,792
2025
2024
£
£
Other revenue
Interest income
32,960
17,806
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,465
14,660
5
Employees

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

2025
2024
Number
Number
Total
12
15
6
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses)
Gain on financial assets held at fair value through profit or loss
4,433
188
MIDDLETON ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 16 -
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
155,146
111,695
Deferred tax
Origination and reversal of timing differences
(17,613)
54,825
Total tax charge
137,533
166,520

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
544,783
648,824
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
136,196
162,206
Tax effect of expenses that are not deductible in determining taxable profit
1,337
2,387
Permanent capital allowances in excess of depreciation
-
0
1,927
Taxation charge for the year
137,533
166,520
8
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2024
254,818
542,498
797,316
Additions
-
0
9,750
9,750
At 31 July 2025
254,818
552,248
807,066
Depreciation and impairment
At 1 August 2024
-
0
292,158
292,158
Depreciation charged in the year
-
0
77,424
77,424
At 31 July 2025
-
0
369,582
369,582
Carrying amount
At 31 July 2025
254,818
182,666
437,484
At 31 July 2024
254,818
250,340
505,158
MIDDLETON ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 17 -
9
Fixed asset investments
2025
2024
£
£
Other investments other than loans
16,374
11,941
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 August 2024
11,941
Valuation changes
4,433
At 31 July 2025
16,374
Carrying amount
At 31 July 2025
16,374
At 31 July 2024
11,941
10
Stocks
2025
2024
£
£
Stocks
2,779,246
2,830,000
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,772,611
1,991,707
Other debtors
927,556
401,711
2,700,167
2,393,418

Also included in Other debtors is the balance on a loan account with one of the directors. At the balance sheet date, the company was owed £531,700 (20 2 4 - £316,539) by the director. The loan is unsecured and interest has been charged at 2.25%

MIDDLETON ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 18 -
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,282,605
1,803,262
Amounts owed to group undertakings
3,493,908
3,213,908
Taxation and social security
350,412
398,477
Other creditors
393,907
372,581
5,520,832
5,788,228

The amounts due to group undertakings are secured by a debenture over the assets of the company.

Other creditors includes amounts owed to connected parties of £325,000 (20 2 4: £325,000).

Other creditors also includes amounts owed in respect of finance leases of £NIL (202 4: £20,000). Amounts owed under finance leases are secured over the assets to which they relate. During the year the company has repaid its finance leases in full.

13
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
14
86,362
103,975
MIDDLETON ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 19 -
14
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
86,362
103,975
2025
Movements in the year:
£
Liability at 1 August 2024
103,975
Credit to profit or loss
(17,613)
Liability at 31 July 2025
86,362
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
171,153
134,408

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

16
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
70
70
70
70
17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Within one year
16,250
65,000
Between two and five years
-
0
16,250
16,250
81,250
MIDDLETON ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 20 -
18
Parent company

The company's parent company is Middleton Associates Holdings Limited, a company incorporated in England and Wales.

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