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Registration number: 9014826

Midas Touch Enterprises Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Midas Touch Enterprises Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Midas Touch Enterprises Ltd

Company Information

Directors

Mr Derek Ian Skepper

Mrs Anna Maria Raffale Skepper

Company secretary

Mrs Anna Maria Raffale Skepper

Registered office

Bolney Place
Cowfold Road
Bolney
Haywards Heath
West Sussex
RH17 5QT

Accountants

Blackman Terry Accountants Ltd
Certified Accountants
Bolney Place
Cowfold Road
Bolney
Haywards Heath
West Sussex
RH17 5QT

 

Midas Touch Enterprises Ltd

(Registration number: 9014826)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,277

1,702

Current assets

 

Stocks

5

-

750

Debtors

6

375

483

Cash at bank and in hand

 

27

4,050

 

402

5,283

Creditors: Amounts falling due within one year

7

(82,324)

(84,495)

Net current liabilities

 

(81,922)

(79,212)

Net liabilities

 

(80,645)

(77,510)

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(80,647)

(77,512)

Shareholders' deficit

 

(80,645)

(77,510)

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 October 2023 and signed on its behalf by:
 

.........................................
Mr Derek Ian Skepper
Director

 

Midas Touch Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bolney Place
Cowfold Road
Bolney
Haywards Heath
West Sussex
RH17 5QT

The principal place of business is:
The Oaks
Brighton Road
Shermanbury
West Sussex
RH13 8HD

These financial statements were authorised for issue by the Board on 2 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Reducing Balance

 

Midas Touch Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Fixtures, Fittings and Equipment

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Midas Touch Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 5).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

12,416

12,416

At 30 April 2023

12,416

12,416

Depreciation

At 1 May 2022

10,714

10,714

Charge for the year

425

425

At 30 April 2023

11,139

11,139

Carrying amount

At 30 April 2023

1,277

1,277

At 30 April 2022

1,702

1,702

5

Stocks

2023
£

2022
£

Other inventories

-

750

6

Debtors

Current

2023
£

2022
£

Other debtors

375

483

 

Midas Touch Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

312

-

Taxation and social security

199

923

Accruals and deferred income

2,080

2,080

Other creditors

79,733

81,492

82,324

84,495

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2