Company No:
Contents
| DIRECTOR | I N Hiskins |
| SECRETARY | T D Hiskins |
| REGISTERED OFFICE | The Drey Chapel Lane |
| Whittington | |
| Lichfield | |
| WS14 9JT | |
| United Kingdom |
| COMPANY NUMBER | 00508801 (England and Wales) |
| ACCOUNTANT | S&W Partners LLP |
| Stonecross | |
| Trumpington High Street | |
| Cambridge | |
| CB2 9SU |
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Tangible assets | 4 |
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| Investment property | 5 |
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| 281,745 | 443,714 | |||
| Current assets | ||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| 17,769 | 18,244 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 5,746 | 13,216 | ||
| Total assets less current liabilities | 287,491 | 456,930 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Revaluation reserve |
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| Capital redemption reserve |
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| Profit and loss account |
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| Total shareholders' funds |
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Director's responsibilities:
The financial statements of Midland Auto-Electrical Company (Lichfield) Limited(The) (registered number:
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I N Hiskins
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Midland Auto-Electrical Company (Lichfield) Limited(The) (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Drey Chapel Lane, Whittington, Lichfield, WS14 9JT, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Midland Auto-Electrical Company (Lichfield) Limited(The) is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.
The financial statements have been prepared on a going concern basis.
The director has made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
| Assets under construction | not depreciated |
| Fixtures and fittings |
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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.
The fair value is determined annually by the director, on an open market value for existing use basis.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
During the year, the Company reassessed the classification of certain property assets in accordance with FRS 102. As a result, land and buildings previously included within tangible fixed assets with a historical cost of £442,783 were reclassified to investment property at a carrying value of £376,736.
This reclassification required the removal of previously recognised depreciation associated with these assets. The cumulative depreciation of £166,617 was therefore eliminated, resulting in an adjustment to opening retained earnings. Consequently, retained earnings increased from £30,157 to £196,774.
In addition, the prior year profit or loss has been restated to reflect the reversal of depreciation charges relating to these assets. For the year ended 31 August 2024, the previously reported loss of £3,787 has been restated to a profit of £416, following the reversal of depreciation expense of £4,203.
The revised retained earning opening balance, as at 1 September 2024, totalled £197,190, previously £26,370.
The comparative figures for the year ended 31 August 2025 have been restated accordingly.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Assets under construc- tion |
Fixtures and fittings | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 September 2024 |
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| At 31 August 2025 |
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| Accumulated depreciation | |||||
| At 01 September 2024 |
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| Charge for the financial year |
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| At 31 August 2025 |
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| Net book value | |||||
| At 31 August 2025 | 66,047 | 698 | 66,745 | ||
| At 31 August 2024 | 66,047 | 931 | 66,978 |
| Investment property | |
| £ | |
| Valuation | |
| As at 01 September 2024 |
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| Fair value movement | (161,736) |
| As at 31 August 2025 |
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| 2025 | 2024 | ||
| £ | £ | ||
| S455 |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Taxation and social security |
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| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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