1 April 2022 false No description of principal activity Taxfiler 2023.11 NI604521business:PrivateLimitedCompanyLtd2022-04-012023-03-31 NI6045212022-03-31 NI6045212022-04-012023-03-31 NI604521business:AuditExemptWithAccountantsReport2022-04-012023-03-31 NI604521business:FilletedAccounts2022-04-012023-03-31 NI6045212023-03-31 NI604521business:Director12022-04-012023-03-31 NI604521business:RegisteredOffice2022-04-012023-03-31 NI6045212022-03-31 NI604521core:WithinOneYear2023-03-31 NI604521core:WithinOneYear2022-03-31 NI604521core:AfterOneYear2023-03-31 NI604521core:AfterOneYear2022-03-31 NI604521core:ShareCapitalcore:PreviouslyStatedAmount2023-03-31 NI604521core:ShareCapitalcore:PreviouslyStatedAmount2022-03-31 NI604521core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-03-31 NI604521core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-03-31 NI604521core:PreviouslyStatedAmount2023-03-31 NI604521core:PreviouslyStatedAmount2022-03-31 NI604521business:SmallEntities2022-04-012023-03-31 NI604521countries:NorthernIreland2022-04-012023-03-31 NI604521core:LandBuildings2022-04-012023-03-31 NI604521core:MotorVehicles2022-04-012023-03-31 NI604521core:Goodwill2022-03-31 NI604521core:IntangibleAssetsOtherThanGoodwill2022-03-31 NI604521core:Goodwill2023-03-31 NI604521core:IntangibleAssetsOtherThanGoodwill2023-03-31 NI604521core:LandBuildings2022-03-31 NI604521core:PlantMachinery2022-03-31 NI604521core:MotorVehicles2022-03-31 NI604521core:FurnitureFittings2022-03-31 NI604521core:ComputerEquipment2022-03-31 NI604521core:PlantMachinery2022-04-012023-03-31 NI604521core:FurnitureFittings2022-04-012023-03-31 NI604521core:ComputerEquipment2022-04-012023-03-31 NI604521core:LandBuildings2023-03-31 NI604521core:PlantMachinery2023-03-31 NI604521core:MotorVehicles2023-03-31 NI604521core:FurnitureFittings2023-03-31 NI604521core:ComputerEquipment2023-03-31 NI604521core:AfterOneYear2022-04-012023-03-31 NI6045212021-04-012022-03-31 iso4217:GBP xbrli:pure
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
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Midas Letting Agents Limited Company Information for the year ended 31 March 2023
Director
Nuala Campbell
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
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Midas Letting Agents Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
142,015 
174,274 
Current assets
Debtors
33,967 
43,797 
Cash at bank and in hand
66,119 
66,324 
100,086 
110,121 
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)
Net assets
22,404 
37,664 
Capital and reserves
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
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Midas Letting Agents Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
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
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Presentation currency
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
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.
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Midas Letting Agents Limited Notes to the Accounts for the year ended 31 March 2023
Leased assets
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 taxation
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 
£ 
£ 
£ 
Cost
At 1 April 2022
13,600 
8,170 
21,770 
At 31 March 2023
13,600 
8,170 
21,770 
Amortisation
At 1 April 2022
13,600 
8,170 
21,770 
At 31 March 2023
13,600 
8,170 
21,770 
Net book value
At 31 March 2023
- 
- 
- 
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 
Depreciation
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 
Net book value
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 
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Midas Letting Agents Limited Notes to the Accounts for the year ended 31 March 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
2,318 
3,242 
Other debtors
31,649 
40,555 
33,967 
43,797 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
14,516 
12,899 
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 
Accruals
15,400 
18,320 
96,773 
102,832 
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 
122,924 
143,899 
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).
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