The director presents his annual report and financial statements for the year ended 31 March 2023.
The principal activity of the company continued to be the estate management of the common areas and roadways of the Midas Business Centre, Wantz Road, Dagenham, Essex on behalf of the owners or lessees.
The company is operated on a non profit making basis and any surplus or deficit of contributions over expenditure arising in a financial year will be adjusted against future contributions.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Midas Estate Management Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Charles Works, Unit 8, Sterling Industrial Estate, Rainham Road South, Dagenham, Essex, RM10 8TX.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Income represents amounts receivable for service charges and is shown net of VAT. Service charges are payable at the commencement of the year and where services charges are received in advance the amount is recorded as deferred income and included as part of creditors due within one year.
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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, 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.
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
R I Jeffries has charged the company a secretarial fee of £2,500 (2022 - £2,250) for the year under review.