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REGISTERED NUMBER: SC484095 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

MIDAS PROPERTIES (SCOTLAND) LIMITED

MIDAS PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC484095)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


MIDAS PROPERTIES (SCOTLAND) LIMITED

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Ms A Hardie
J W Rafferty





REGISTERED OFFICE: 3 Stable Road
Shotts
ML7 5BH





REGISTERED NUMBER: SC484095 (Scotland)





ACCOUNTANTS: Watson & Company
Oakfield House
378 Brandon Street
Motherwell
NORTH LANARKSHIRE
ML1 1XA

MIDAS PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC484095)

Abridged Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 105,155 50,581
Investment property 5 347,585 362,269
452,740 412,850

CURRENT ASSETS
Cash at bank 3,583 115,080

CREDITORS
Amounts falling due within one year 158,972 154,971
NET CURRENT LIABILITIES (155,389 ) (39,891 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

297,351

372,959

PROVISIONS FOR LIABILITIES 13,763 5,043
NET ASSETS 283,588 367,916

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 283,578 367,906
283,588 367,916

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MIDAS PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC484095)

Abridged Balance Sheet - continued
31 March 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 February 2024 and were signed on its behalf by:




Ms A Hardie - Director



J W Rafferty - Director


MIDAS PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC484095)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Midas Properties (Scotland) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 10% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

MIDAS PROPERTIES (SCOTLAND) LIMITED (REGISTERED NUMBER: SC484095)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 133,048
Additions 85,000
At 31 March 2023 218,048
DEPRECIATION
At 1 April 2022 82,467
Charge for year 30,426
At 31 March 2023 112,893
NET BOOK VALUE
At 31 March 2023 105,155
At 31 March 2022 50,581

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 362,269
Additions 70,996
Disposals (85,680 )
At 31 March 2023 347,585
NET BOOK VALUE
At 31 March 2023 347,585
At 31 March 2022 362,269

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2018 119,158
Cost 228,427
347,585

If Quarry Road, Shotts Property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 60,841 60,841

Quarry Road, Shotts Property was valued on market value basis on 31 March 2018 by the directors .

6. RELATED PARTY DISCLOSURES

The company received a loan of £32,000 from Driftland Ltd which is owned by the director A Hardie. No interest is charged on the loan. The loan was repaid by end of January 2024.