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Registered number:
FOR THE YEAR ENDED 28 FEBRUARY 2025
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MIDLAND MARKETING (UK) LIMITED
COMPANY INFORMATION
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MIDLAND MARKETING (UK) LIMITED
CONTENTS
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MIDLAND MARKETING (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
The directors present their Strategic Report on the Company for the year ended 28 February 2025.
The principal activity of the Company during the year was the wholesale of household goods.
Results and performance The results for the Company, as set out on page 10 show a profit on ordinary activities before tax of £742,220 (2024 - £1,034,555). The shareholder’s funds total £5,735,975 (2024 - £5,836,245). The results for the year ended 28 February 2025, show a continuation of the current business strategy, focussing on higher volume lower margin sales, due to circumstances and market demand. The business continues to actively seek and act upon opportunities as and when they become available. The Company’s success is built upon fostering relationships with like-minded businesses through the provision of quality, consistent and reliable service. We continue to demonstrate our sustained focus on building a robust and stable business environment in an ever competitive world. Business environment The UK discount sector continues to be a highly competitive environment. With retailers seeking to reduce the end price of goods for their customers, Midland Marketing (UK) Limited is an ideal fit for many competitive companies looking to optimise their product offerings with a wholesaler that repeatedly delivers on all levels. We are not complacent and realise that competition is severe and with some fantastic wholesalers in the market place, Midland Marketing (UK) Limited is continually striving to stay ahead and update its skills, that go beyond just the supply of products. Strategy The Company’s success is dependent on the proper selection, pricing and management of the orders it accepts. We believe that it is important to maintain a diversified portfolio of clients, in order to achieve maximum profitability and reduce risk. The Company continues to place a greater emphasis on partnering with like-minded businesses in order to ensure that it continues to offer the highest level of service, and is continually assessing its external suppliers to ensure that they meet the Company’s standards. The Company recognises that it is as good as the people that it employs and is continually looking to ensure that it employs the best people across its business. We continue to report very low staff turnover, with most people having worked with the Company in excess of ten years. This ensures that when you are dealing with a member of our team, you can be confident that they understand our business and have many years of experience in dealing with first rate delivery. In recent years we invested in additional sales representatives to grow the smaller retail side of the business. Post year end, due to transactional strength and good terms with suppliers the Company has transitioned away from the retail side of the business, concentrating on volume sales at lower margins. The customers we deal with have grown with us and we have great business relationships with them.
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MIDLAND MARKETING (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
The management of the business and the execution of the Company's strategy are subject to a number of risks.
Legislative risk The directors remain alert to the impact of legislative changes on the Company's operations. The directors seek relevant expert advice where necessary to mitigate the impact on the business. Other key business risks and uncertainties are identified as being competition from competitors and maintaining the gross margin.
Given the straightforward nature of the business, the Company's directors review the Statement of Comprehensive Income and Balance Sheet on a monthly basis, together with a detailed summary of individual order performance.
These reports enable the directors to fully understand the Company's performance and the position of the business.
This report was approved by the board and signed on its behalf.
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MIDLAND MARKETING (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
The directors present their report and the financial statements for the year ended 28 February 2025.
The profit for the year, after taxation, amounted to £559,730 (2024 - £778,181).
During the year dividends amounting to £660,000 (2024 - £620,000) were recommended by the directors.
The directors who served during the year were:
Going forward the directors are aiming to grow the Company whilst keeping a tight control over the cost base. The directors are diversifying the Company's customers by supplying to a wider range of smaller retailers in order to reduce risk.
Financial risk management objectives and policies
The Company's principal financial instruments comprise of cash, the main purpose of which is to provide finance for its normal trading operations and for future investment. The Company has various other financial instruments such as trade debtors and creditors that arise directly from its trading operations. The main risks arising from the Company's financial instruments are price, liquidity and credit risks. The Company has clear policies for managing each of these risks, as summarised below. Price risk The Company sources its products from a number of suppliers and is exposed to changes in the market prices of its commodities as well as fluctuating exchange rates. To mitigate increases in prices, the Company continues to source its products from a number of different suppliers and periodically reviews its agreements with suppliers to ensure these are on commercially favourable terms. Liquidity risk The Company aims to mitigate liquidity risk by managing cash generation by its operations and applying debtor collection targets. Credit risk The risk of financial loss due to a counterparty’s failure to honour its obligations arises principally in relation to transactions where the Company provides goods or services on deferred credit terms. Company policies are aimed at minimising such losses, and require that deferred terms are granted only to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Individual exposures are monitored with customers subject to credit limits to ensure that the Company's exposure to bad debts is not significant.
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MIDLAND MARKETING (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
There have been no significant events affecting the Company since the year end that affect the financial statements for the year end 28 February 2025.
On 6 April 2025 an interim dividend for of £600,000 was declared for the financial year ending 28 February 2026.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006
This report was approved by the board and signed on its behalf.
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MIDLAND MARKETING (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2025
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
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MIDLAND MARKETING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MIDLAND MARKETING (UK) LIMITED
We have audited the financial statements of Midland Marketing (UK) Limited (the 'Company') for the year ended 28 February 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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MIDLAND MARKETING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MIDLAND MARKETING (UK) LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
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MIDLAND MARKETING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MIDLAND MARKETING (UK) LIMITED (CONTINUED)
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud;
∙performing audit work over the risk of management override, including testing of journals entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud; and
∙reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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MIDLAND MARKETING (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MIDLAND MARKETING (UK) LIMITED (CONTINUED)
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 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.
for and on behalf of MHA, Statutory Auditor
Leicester, United Kingdom
Date:
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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MIDLAND MARKETING (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2025
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MIDLAND MARKETING (UK) LIMITED
REGISTERED NUMBER: 03403572
BALANCE SHEET
AS AT 28 FEBRUARY 2025
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MIDLAND MARKETING (UK) LIMITED
REGISTERED NUMBER: 03403572
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 29 form part of these financial statements.
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MIDLAND MARKETING (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025
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MIDLAND MARKETING (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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MIDLAND MARKETING (UK) LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 28 FEBRUARY 2025
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MIDLAND MARKETING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
The entity is a private company limited by shares, which is incorporated in England and Wales, registration number 03403572. The registered office is Unit 59 The Warren, East Goscote Industrial Estate, East Goscote, Leicester, LE7 3XA.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company holds adequate cash and working capital that will allow the Company to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial information and the directors believe the Company has the ability to continue as a going concern for at least 12 months from the approval of the financial statements.
Functional and presentation currency
Transactions and balances
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MIDLAND MARKETING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
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MIDLAND MARKETING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of Comprehensive Income during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
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MIDLAND MARKETING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction cost, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
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MIDLAND MARKETING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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MIDLAND MARKETING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Stock provision Stock is acquired and held on a speculative basis, based on the expectation of the directors of likely future demand and an assessment of the profitability of each product line. It is an inherent feature of the industry, in which the Company operates, that both the purchase and selling prices of the goods will fluctuate to reflect demand, competitive trends and the seasonality of certain goods. The directors will make a regular assessment of the stock held and its likely selling price. Based on this assessment they will provide against the cost of the stock, to write it down to its net realisable value where this is deemed necessary. (ii) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Analysis of turnover by country of destination:
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MIDLAND MARKETING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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MIDLAND MARKETING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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MIDLAND MARKETING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
There were no factors that may affect furture charges.
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MIDLAND MARKETING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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MIDLAND MARKETING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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MIDLAND MARKETING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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MIDLAND MARKETING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £121,928 (2024 - £121,662). Contributions totalling £Nil (2024 - £Nil) were payable to the fund at the balance sheet date.
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MIDLAND MARKETING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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