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Unaudited Financial Statements for the Year Ended 31 March 2022 |
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Midland Industrial Temperature Solutions |
Company Limited |
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Unaudited Financial Statements for the Year Ended 31 March 2022 |
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for |
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Midland Industrial Temperature Solutions |
Company Limited |
Midland Industrial Temperature Solutions |
Company Limited (Registered number: 05089982) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 7 |
Midland Industrial Temperature Solutions |
Company Limited |
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Company Information |
for the Year Ended 31 March 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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1 Aston Court |
Bromsgrove Technology Park |
Bromsgrove |
Worcestershire |
B60 3AL |
Midland Industrial Temperature Solutions |
Company Limited (Registered number: 05089982) |
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Abridged Balance Sheet |
31 March 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 5 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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Midland Industrial Temperature Solutions |
Company Limited (Registered number: 05089982) |
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Abridged Balance Sheet - continued |
31 March 2022 |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Midland Industrial Temperature Solutions |
Company Limited (Registered number: 05089982) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Midland Industrial Temperature Solutions Company Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Midland Industrial Temperature Solutions |
Company Limited (Registered number: 05089982) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Factored debts |
The majority of sales ledger balances are factored and the company retains significant benefits and risks relating to the debts. Trade debtors are shown gross. The amount due to the factoring company is shown in creditors at net values and is detailed in the notes to the accounts. Factoring charges are charged to the profit and loss account over the relevant period. |
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Operating leases |
The relevant annual rentals are charged to the profit and loss account on a straight line basis over the lease term, unless they relate to vacant leasehold properties, in which case provision is made on a discounted basis for the net obligation under the lease. The unwinding of the discount is disclosed within interest payable and similar charges. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Totals |
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COST OR VALUATION |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Cost or valuation at 31 March 2022 is represented by: |
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Totals |
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Valuation in 2008 | 25,000 |
Cost | 92,611 |
117,611 |
Midland Industrial Temperature Solutions |
Company Limited (Registered number: 05089982) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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4. | TANGIBLE FIXED ASSETS - continued |
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If plant and machinery had not been revalued they would have been included at the following historical cost: |
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2022 | 2021 |
£ | £ |
Cost | 16,597 | 16,597 |
Aggregate depreciation | 13,275 | 13,275 |
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Plant and machinery were valued on an open market basis on 31 March 2008 by the directors . |
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5. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
2022 | 2021 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 2,500 |
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6. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2022 | 2021 |
£ | £ |
HSBC Invoice Financing | 39,173 | 38,353 |
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HSBC bank plc hold the following securities:- |
a legal assignment created 22 February 2011 and HSBC Invoice Finance (UK) Limited hold a fixed charge on non-vesting debts and a floating charge. |
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7. | CONTINGENT LIABILITIES |
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There were no known contingent liabilities at the year end. |
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8. | POST BALANCE SHEET EVENTS |
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There were no known material post balance sheet events. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Midland Industrial Temperature Solutions |
Company Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Midland Industrial Temperature Solutions Company Limited for the year ended 31 March 2022 which comprise the Abridged Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Midland Industrial Temperature Solutions Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Midland Industrial Temperature Solutions Company Limited and state those matters that we have agreed to state to the Board of Directors of Midland Industrial Temperature Solutions Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midland Industrial Temperature Solutions Company Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Midland Industrial Temperature Solutions Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Midland Industrial Temperature Solutions Company Limited. You consider that Midland Industrial Temperature Solutions Company Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Midland Industrial Temperature Solutions Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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1 Aston Court |
Bromsgrove Technology Park |
Bromsgrove |
Worcestershire |
B60 3AL |
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