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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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. |
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: |
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 |
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 |
Investments | 7 |
Investment property | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
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 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,122,581 | 825,045 |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
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 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Barton Hall, Garstang Road, Broughton, Preston, PR3 5BT. |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
Registered office: Barton Hall, Garstang Road, Broughton, Preston, PR3 5BT. |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
Registered office: Barton Hall, Garstang Road, Broughton, Preston, PR3 5BT. |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit/(loss) for the year | ( |
) |
Registered office: Barton Hall, Garstang Road, Broughton, Preston, PR3 5BT. |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves |
Registered office: Barton Hall, Garstang Road, Broughton, Preston. PR3 5BT |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 | - | - |
Other debtors | 1,289,392 | 654,664 |
1,289,392 | 981,351 |
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 |
Trade creditors | 461,824 | 881,205 |
Amounts owed to group undertakings | - | - |
Taxation and social security | 285,991 | 202,555 |
Other creditors | 1,556,999 | 3,714,001 |
2,310,656 | 4,803,603 |
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 |
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. |