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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
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Midas Properties (Ireland) Limited Company Information for the year ended 31 March 2023
Director
Nuala Campbell
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
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Midas Properties (Ireland) Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
5,543 
8,210 
Investment property
185,894 
185,894 
191,437 
194,104 
Current assets
Debtors
12,515 
9,965 
Cash at bank and in hand
1,357 
5,766 
13,872 
15,731 
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 
Capital and reserves
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
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Midas Properties (Ireland) Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
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.
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.
Presentation currency
The accounts are presented in £ sterling.
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 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
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
Exceptional item
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.
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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 
Depreciation
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 
Net book value
At 31 March 2023
1,879 
3,664 
5,543 
At 31 March 2022
3,219 
4,991 
8,210 
5
Investment property
2023 
£ 
Fair value at 1 April 2022
185,894 
At 31 March 2023
185,894 
The property valuation was provided by the director based on best estimate of current market valuation.
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
510 
8,698 
Accrued income and prepayments
- 
1,267 
Other debtors
12,005 
- 
12,515 
9,965 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
1,126 
1,709 
Trade creditors
600 
1,085 
Taxes and social security
18 
10 
Loans from directors
- 
581 
Deferred income
2,170 
10,134 
3,914 
13,519 
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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 
£ 
£ 
Bank loans
12,345 
19,398 
Other creditors
14,782 
6,370 
27,127 
25,768 
Bank Of Ireland holds first legal charge over the company's investment property as security against the company's borrowings.
9
Share capital
2023 
2022 
£ 
£ 
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).
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