Company Registration No. NI622517 (Northern Ireland)
Midas Properties (Ireland) Limited
Unaudited accounts
for the year ended 31 March 2023
Midas Properties (Ireland) Limited
Unaudited accounts
Contents
Midas Properties (Ireland) Limited
Company Information
for the year ended 31 March 2023
Company Number
NI622517 (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 Properties (Ireland) Limited
Statement of financial position
as at 31 March 2023
Tangible assets
5,543
8,210
Investment property
185,894
185,894
Cash at bank and in hand
1,357
5,766
Creditors: amounts falling due within one year
(3,914)
(13,519)
Net current assets
9,958
2,212
Total assets less current liabilities
201,395
196,316
Creditors: amounts falling due after more than one year
(27,127)
(25,768)
Net assets
174,268
170,548
Called up share capital
1
1
Revaluation reserve
115,000
115,000
Profit and loss account
59,267
55,547
Shareholders' funds
174,268
170,548
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. NI622517
Midas Properties (Ireland) Limited
Notes to the Accounts
for the year ended 31 March 2023
Midas Properties (Ireland) Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI622517. 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.
The accounts are presented in £ sterling.
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 rent received is recognised on an accruals basis. Provisions for rents not collectable are included in the financial statements when the director assesses that the likelihood of payment by tenants is remote. There is no turnover from the sale of goods or the rendering of services.
All turnover from property rental is included within Sales in the financial statements.
Investment property is included at market fair value. Gains are recognised in the statement of other comprehensive income. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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:
Motor vehicles
20% reducing balance
Fixtures & fittings
20% straight line
During the year the company carried out works at its investment property location involving groundworks to repair an area at the side and front of the property due to dilapidation.
These costs were exceptional by their nature and amount. The costs are included within "repairs and maintenance" in the Income Statement for the year.
Midas Properties (Ireland) Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 April 2022
17,549
10,890
28,439
At 31 March 2023
17,549
10,890
28,439
At 1 April 2022
14,330
5,899
20,229
Charge for the year
1,340
1,327
2,667
At 31 March 2023
15,670
7,226
22,896
At 31 March 2023
1,879
3,664
5,543
At 31 March 2022
3,219
4,991
8,210
Fair value at 1 April 2022
185,894
The property valuation was provided by the director based on best estimate of current market valuation.
Amounts falling due within one year
Accrued income and prepayments
-
1,267
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
18
10
Loans from directors
-
581
Deferred income
2,170
10,134
Midas Properties (Ireland) Limited
Notes to the Accounts
for the year ended 31 March 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
14,782
6,370
Bank Of Ireland holds first legal charge over the company's investment property as security against the company's borrowings.
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
10
Average number of employees
During the year the average number of employees was 1 (2022: 1).