Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-314448The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-09-01falseProject management44truetrue 07758195 2022-09-01 2023-08-31 07758195 2021-09-01 2022-08-31 07758195 2023-08-31 07758195 2022-08-31 07758195 c:Director1 2022-09-01 2023-08-31 07758195 d:PlantMachinery 2022-09-01 2023-08-31 07758195 d:PlantMachinery 2023-08-31 07758195 d:PlantMachinery 2022-08-31 07758195 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 07758195 d:MotorVehicles 2022-09-01 2023-08-31 07758195 d:MotorVehicles 2023-08-31 07758195 d:MotorVehicles 2022-08-31 07758195 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 07758195 d:OfficeEquipment 2022-09-01 2023-08-31 07758195 d:OfficeEquipment 2023-08-31 07758195 d:OfficeEquipment 2022-08-31 07758195 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 07758195 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 07758195 d:CurrentFinancialInstruments 2023-08-31 07758195 d:CurrentFinancialInstruments 2022-08-31 07758195 d:Non-currentFinancialInstruments 2023-08-31 07758195 d:Non-currentFinancialInstruments 2022-08-31 07758195 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 07758195 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 07758195 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 07758195 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 07758195 d:ShareCapital 2023-08-31 07758195 d:ShareCapital 2022-08-31 07758195 d:RetainedEarningsAccumulatedLosses 2023-08-31 07758195 d:RetainedEarningsAccumulatedLosses 2022-08-31 07758195 c:FRS102 2022-09-01 2023-08-31 07758195 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 07758195 c:FullAccounts 2022-09-01 2023-08-31 07758195 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 07758195 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-09-01 2023-08-31 07758195 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-08-31 07758195 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-08-31 07758195 2 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 07758195










MIDAS STRUCTURAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
MIDAS STRUCTURAL LIMITED
REGISTERED NUMBER: 07758195

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
12,072
14,911

Current assets
  

Debtors: amounts falling due within one year
 5 
593,690
303,069

Bank & cash balances
  
444,746
631,652

  
1,038,436
934,721

Creditors: amounts falling due within one year
 6 
(505,453)
(501,286)

Net current assets
  
 
 
532,983
 
 
433,435

Total assets less current liabilities
  
545,055
448,346

Creditors: amounts falling due after more than one year
 7 
(18,338)
(28,338)

Provisions for liabilities
  

Deferred tax
  
(3,018)
(3,767)

Net assets
  
523,699
416,241


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
523,599
416,141

  
523,699
416,241


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
Page 1

 
MIDAS STRUCTURAL LIMITED
REGISTERED NUMBER: 07758195
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023


The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 November 2023.




J G Skipper
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
MIDAS STRUCTURAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

The Company is a private company limited by shares. It is incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The company's principal activity is that of project management specialising in the design, manufactureand installation of all types of steel framed structures, metal cladding systems and associated products. The principal place of business is Bungay, Suffolk.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
MIDAS STRUCTURAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
MIDAS STRUCTURAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance

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 profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

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.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
MIDAS STRUCTURAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2022
8,133
17,000
13,298
38,431


Additions
1,208
-
-
1,208



At 31 August 2023

9,341
17,000
13,298
39,639



Depreciation


At 1 September 2022
5,082
9,829
8,609
23,520


Charge for the year on owned assets
1,067
1,793
1,187
4,047



At 31 August 2023

6,149
11,622
9,796
27,567



Net book value



At 31 August 2023
3,192
5,378
3,502
12,072



At 31 August 2022
3,051
7,171
4,689
14,911

Page 6

 
MIDAS STRUCTURAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Debtors

2023
2022
£
£


Trade debtors
418,059
92,745

Other debtors
49,413
162,196

Prepayments and accrued income
126,218
48,128

593,690
303,069



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
416,727
405,764

Other taxation and social security
74,206
80,737

Other creditors
770
1,110

Accruals and deferred income
3,750
3,675

505,453
501,286



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
18,338
28,338

18,338
28,338



8.


Transactions with directors

As at 1 September 2022, the director owed the company £7,942. During the year capital of £4,332 was introduced by the director. Interest was charged at 2.00% and totalled £116 for the year. As at 31 August 2023, the director owed the company £3,726. This loan is repayable on demand and included within Debtors in note 5 to the financial statements.

 
Page 7