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REGISTERED NUMBER: 08819508 (England and Wales)















REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MIDAS LAND LIMITED

MIDAS LAND LIMITED (REGISTERED NUMBER: 08819508)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 December 2023










Page

Company Information 1

Report of the Directors 2

Consolidated Income Statement 3

Consolidated Balance Sheet 4

Company Balance Sheet 6

Notes to the Consolidated Financial Statements 8


MIDAS LAND LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: Y A Bux
P L Waring





REGISTERED OFFICE: Barton Hall
Garstang Road
Broughton
Preston
Lancashire
PR3 5BT





REGISTERED NUMBER: 08819508 (England and Wales)





ACCOUNTANTS: James Todd & Co
Greenbank House
141 Adelphi Street
Preston
Lancashire
PR1 7BH

MIDAS LAND LIMITED (REGISTERED NUMBER: 08819508)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a property holding company.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Y A Bux
P L Waring

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Y A Bux - Director


17 April 2024

MIDAS LAND LIMITED (REGISTERED NUMBER: 08819508)

CONSOLIDATED
INCOME STATEMENT
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 4,094,854 4,021,959

Cost of sales 4,003,029 2,941,810
GROSS PROFIT 91,825 1,080,149

Administrative expenses 50,556 203,583
41,269 876,566

Other operating income 55,685 35,259
OPERATING PROFIT 4 96,954 911,825


Interest payable and similar expenses 1,100 1,250
PROFIT BEFORE TAXATION 95,854 910,575

Tax on profit 21,248 172,262
PROFIT FOR THE FINANCIAL YEAR 74,606 738,313

Profit attributable to:
Owners of the parent 74,606 738,313

MIDAS LAND LIMITED (REGISTERED NUMBER: 08819508)

CONSOLIDATED BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 5,325 6,375
Investments 7 - -
Investment property 8 - 1,000,000
5,325 1,006,375

CURRENT ASSETS
Stocks 2,918,777 4,835,210
Debtors 9 1,289,392 981,351
Cash at bank and in hand 223,813 73,999
4,431,982 5,890,560
CREDITORS
Amounts falling due within one year 10 2,310,656 4,803,603
NET CURRENT ASSETS 2,121,326 1,086,957
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,126,651

2,093,332

CREDITORS
Amounts falling due after more than one
year

11

(31,642

)

(37,484

)

PROVISIONS FOR LIABILITIES (1,012 ) (1,211 )
NET ASSETS 2,093,997 2,054,637

MIDAS LAND LIMITED (REGISTERED NUMBER: 08819508)

CONSOLIDATED BALANCE SHEET - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 12 - 35,246
Retained earnings 2,093,995 2,019,389
SHAREHOLDERS' FUNDS 2,093,997 2,054,637

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

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

The directors acknowledge their responsibilities for:
(a) ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group.

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

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:





Y A Bux - Director


MIDAS LAND LIMITED (REGISTERED NUMBER: 08819508)

COMPANY BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 5,325 6,375
Investments 7 4 5
Investment property 8 - -
5,329 6,380

CURRENT ASSETS
Debtors 9 4,348,992 5,018,279
Cash at bank and in hand 23,231 11,289
4,372,223 5,029,568
CREDITORS
Amounts falling due within one year 10 1,945,627 3,720,563
NET CURRENT ASSETS 2,426,596 1,309,005
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,431,925

1,315,385

CREDITORS
Amounts falling due after more than one
year

11

(31,642

)

(37,484

)

PROVISIONS FOR LIABILITIES (1,012 ) (1,211 )
NET ASSETS 2,399,271 1,276,690

MIDAS LAND LIMITED (REGISTERED NUMBER: 08819508)

COMPANY BALANCE SHEET - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 2,399,269 1,276,688
SHAREHOLDERS' FUNDS 2,399,271 1,276,690

Company's profit for the financial year 1,122,581 825,045

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:





Y A Bux - Director


MIDAS LAND LIMITED (REGISTERED NUMBER: 08819508)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Midas Land Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

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 20% on cost

Investment property
The property held by the group is classed as an investment property. No depreciation has been charged and freehold property is stated at open market value at the balance sheet date. Gains or losses arising from the changes in the fair value of the investment property are included in the Income Statement for the period in which they arise.

Stocks and work-in-progress
Stocks are valued at the lower of cost and net realiseable value, after making due allowance for obsolete and slow moving items. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and applicable variable selling expenses. Work-in-progress in relation to a construction project, is valued at costs incurred to date plus recognised profits less recognised losses.


MIDAS LAND LIMITED (REGISTERED NUMBER: 08819508)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include investments, stock and work in progress, debtors, and bank balances, are initially measured at transaction price, and are subsequently carried at cost. Basic financial liabilities, which include creditors, loans and borrowings, are initially recognised at transaction price and are subsequently carried at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 1,050 2,185

5. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


MIDAS LAND LIMITED (REGISTERED NUMBER: 08819508)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


6. TANGIBLE FIXED ASSETS

Group
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 57,860
DEPRECIATION
At 1 January 2023 51,485
Charge for year 1,050
At 31 December 2023 52,535
NET BOOK VALUE
At 31 December 2023 5,325
At 31 December 2022 6,375

Company
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 26,850
DEPRECIATION
At 1 January 2023 20,475
Charge for year 1,050
At 31 December 2023 21,525
NET BOOK VALUE
At 31 December 2023 5,325
At 31 December 2022 6,375

MIDAS LAND LIMITED (REGISTERED NUMBER: 08819508)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


7. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 January 2023 5
Disposals (1 )
At 31 December 2023 4
NET BOOK VALUE
At 31 December 2023 4
At 31 December 2022 5

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

ML Retail Development Limited
Registered office: Barton Hall, Garstang Road, Broughton, Preston, PR3 5BT.
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves (285,656 ) (285,653 )
Loss for the year (3 ) (113,296 )

Aurum Homes Limited
Registered office: Barton Hall, Garstang Road, Broughton, Preston, PR3 5BT.
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 56,388 1,158,416
Profit for the year 20,472 1,109,304

MIDAS LAND LIMITED (REGISTERED NUMBER: 08819508)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


7. FIXED ASSET INVESTMENTS - continued

The Hub (NW) Limited
Registered office: Barton Hall, Garstang Road, Broughton, Preston, PR3 5BT.
Nature of business: property development
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves (114,795 ) (131,100 )
Profit/(loss) for the year 16,305 (120,424 )

The Barton Hall Estate Limited
Registered office: Barton Hall, Garstang Road, Broughton, Preston, PR3 5BT.
Nature of business: property development
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves - 35,247

Stoneygate Living Limited
Registered office: Barton Hall, Garstang Road, Broughton, Preston. PR3 5BT
Nature of business: property development
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 33,454 1,041
Profit for the year 32,413 14,183


Investments in subsidiary undertakings are recognised at cost.

MIDAS LAND LIMITED (REGISTERED NUMBER: 08819508)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


8. INVESTMENT PROPERTY

Group
Total
£   
COST
At 1 January 2023 1,000,000
Disposals (1,000,000 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 1,000,000

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade debtors - 326,687 - -
Amounts owed by group undertakings - - 3,463,100 4,425,654
Other debtors 1,289,392 654,664 885,892 592,625
1,289,392 981,351 4,348,992 5,018,279

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans and overdrafts 5,842 5,842 5,842 5,842
Trade creditors 461,824 881,205 12,167 722
Amounts owed to group undertakings - - 420,400 -
Taxation and social security 285,991 202,555 219 -
Other creditors 1,556,999 3,714,001 1,506,999 3,713,999
2,310,656 4,803,603 1,945,627 3,720,563

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans 31,642 37,484 31,642 37,484

MIDAS LAND LIMITED (REGISTERED NUMBER: 08819508)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

Amounts falling due in more than five years:

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Repayable by instalments
Bank loans more 5 yr by instal 8,275 14,117 8,275 14,117

12. RESERVES

Group
Revaluation
reserve
£   
At 1 January 2023 35,246
Write off (35,246 )

At 31 December 2023 -


13. RELATED PARTY DISCLOSURES

At the year end Midas Land Limited owed £1,857,000 (2021: £1,981,500) to Bux & Co Limited, a company controlled by one of its directors, Mr Y A Bux and his wife.

At the year end Midas Land Limited owed £1,857,000 (2021: £1,981,500) to Waring & Co Limited, a company controlled by one of its directors, Mr P L Waring and his sons.

During the year The Hub (NW) Limited made sales of £45,431 (2021: £nil) to another company, with Mr Y A Bux being a director of both companies.






14. ULTIMATE CONTROLLING PARTY

The directors consider that there is no ultimate controlling party, as the company is owned equally between companies owned by each of the directors.