Midas IT (UK) Limited
Registered number: 08327531
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Current assets
Debtors 3 784,955 299,434
Cash at bank and in hand 290,843 551,920
1,075,798 851,354
Creditors: amounts falling due within one year 4 (212,038) (342,852)
Net current assets 863,760 508,502
Net assets 863,760 508,502
Capital and reserves
Called up share capital 100,001 100,001
Profit and loss account 763,759 408,501
Shareholder's funds 863,760 508,502
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Lee
Director
Approved by the board on 7 September 2022
Midas IT (UK) Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 1 1
3 Debtors 2021 2020
£ £
Trade debtors 538,869 299,069
Other debtors 246,086 365
784,955 299,434
4 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 5,625 205,897
Corporation tax 83,332 42,970
Other creditors 123,081 93,985
212,038 342,852
5 Other information
Midas IT (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite 41, Chessington Business Centre
37 Cox Lane
Chessington
Surrey
KT9 1SD
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