Registered number
03686861
Midas Technical Solutions Limited
Filleted Accounts
31 May 2023
Midas Technical Solutions Limited
Registered number: 03686861
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 769,689 765,564
Current assets
Debtors 4 6,863 17,319
Cash at bank and in hand 3,560 1,657
10,423 18,976
Creditors: amounts falling due within one year 5 (219,797) (174,287)
Net current liabilities (209,374) (155,311)
Total assets less current liabilities 560,315 610,253
Creditors: amounts falling due after more than one year 6 (799,254) (790,319)
Net liabilities (238,939) (180,066)
Capital and reserves
Called up share capital 2 2
Profit and loss account (238,941) (180,068)
Shareholder's funds (238,939) (180,066)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms M Sagoo
Director
Approved by the board on 19 February 2024
Midas Technical Solutions Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and related services and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Membership income is recognised by reference to the period in which it relates.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Office equipment 33% 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 7
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2022 732,428 278,610 1,011,038
Additions 15,040 - 15,040
At 31 May 2023 747,468 278,610 1,026,078
Depreciation
At 1 June 2022 21,457 224,017 245,474
Charge for the year - 10,915 10,915
At 31 May 2023 21,457 234,932 256,389
Net book value
At 31 May 2023 726,011 43,678 769,689
At 31 May 2022 710,971 54,593 765,564
4 Debtors 2023 2022
£ £
Other debtors 6,863 17,319
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 43,094 45,370
Trade creditors 4,675 32,135
Taxation and social security costs - 4,475
Other creditors 172,028 92,307
219,797 174,287
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 799,254 790,319
Included in creditors is £336,518 (2022: £255,518) owing to the director, of which £175,000 (2022: £175,000) is a long-term loan from the director. The loans are interest-free and there is no fixed date of repayment. The director has confirmed that the loans will only be repaid as and when cash flow permits.
7 Going concern
The company is dependent on the support of its director and family to continue funding for the foreseeable future.
8 Related party transactions
Included in long term creditors are loans from close family members (siblings and nephew) of the director of the company. The outstanding balances at the year-end are £624,254 (2022: £615,319). Although the loans are repayable on demand, the company has received assurances that the loans will only be repaid as and when cash flow permits.
9 Controlling party
The company is controlled by the director who owns the entire share capital of the company.
10 Other information
Midas Technical Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
Middlesex
HA7 1JS
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