Company Registration No. NI604521 (Northern Ireland)
Midas Letting Agents Limited
Unaudited accounts
for the year ended 31 March 2023
Midas Letting Agents Limited
Unaudited accounts
Contents
Midas Letting Agents Limited
Company Information
for the year ended 31 March 2023
Company Number
NI604521 (Northern Ireland)
Registered Office
38 Foyle Street
Derry
BT48 6AP
Northern Ireland
Accountants
Satori Accounting
11 Orchard Business Park
Pennyburn Industrial Estate
Derry
Northern Ireland
BT48 0LU
Midas Letting Agents Limited
Statement of financial position
as at 31 March 2023
Tangible assets
142,015
174,274
Cash at bank and in hand
66,119
66,324
Creditors: amounts falling due within one year
(96,773)
(102,832)
Net current assets
3,313
7,289
Total assets less current liabilities
145,328
181,563
Creditors: amounts falling due after more than one year
(122,924)
(143,899)
Called up share capital
1
1
Profit and loss account
22,403
37,663
Shareholders' funds
22,404
37,664
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 21 December 2023 and were signed on its behalf by
Nuala Campbell
Director
Company Registration No. NI604521
Midas Letting Agents Limited
Notes to the Accounts
for the year ended 31 March 2023
Midas Letting Agents Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI604521. The registered office is 38 Foyle Street, Derry, BT48 6AP, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the amounts invoiced during the period which is based on the value of services rendered by the company to its customers and clients.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
20% Straight Line
Motor vehicles
20% Reducing Balance
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.
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.
Midas Letting Agents Limited
Notes to the Accounts
for the year ended 31 March 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Goodwill
Other
Total
At 1 April 2022
13,600
8,170
21,770
At 31 March 2023
13,600
8,170
21,770
At 1 April 2022
13,600
8,170
21,770
At 31 March 2023
13,600
8,170
21,770
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 April 2022
159,958
5,998
31,846
19,092
1,075
217,969
Disposals
-
-
(27,496)
-
-
(27,496)
At 31 March 2023
159,958
5,998
4,350
19,092
1,075
190,473
At 1 April 2022
13,531
5,153
6,131
18,036
844
43,695
Charge for the year
6,397
324
2,380
399
75
9,575
On disposals
-
-
(4,812)
-
-
(4,812)
At 31 March 2023
19,928
5,477
3,699
18,435
919
48,458
At 31 March 2023
140,030
521
651
657
156
142,015
At 31 March 2022
146,427
845
25,715
1,056
231
174,274
Midas Letting Agents Limited
Notes to the Accounts
for the year ended 31 March 2023
Amounts falling due within one year
Other debtors
31,649
40,555
7
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
5,567
Trade creditors
56,326
45,478
Taxes and social security
8,676
19,118
Other creditors
1,855
1,450
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
122,924
127,373
Obligations under finance leases and hire purchase contracts
-
16,526
The company's bankers hold a first legal charge over the company's property asset as security against the company's borrowings.
9
Average number of employees
During the year the average number of employees was 4 (2022: 4).