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REGISTERED NUMBER: 03995452 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Midas Productions UK Ltd.

Midas Productions UK Ltd. (Registered number: 03995452)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Midas Productions UK Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A J Dann
D C Noble





REGISTERED OFFICE: Unit 1
Uplandside
Manor Road
Clopton
Suffolk
IP13 6SH





REGISTERED NUMBER: 03995452 (England and Wales)





ACCOUNTANTS: Mead Accounting Limited
Chartered Certified Accountants
The Stables
Summer Road
Walsham Le Willows
Suffolk
IP31 3AJ

Midas Productions UK Ltd. (Registered number: 03995452)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,145,331 866,315

CURRENT ASSETS
Stocks 105,249 75,893
Debtors 6 122,294 95,362
Cash at bank and in hand 8 8
227,551 171,263
CREDITORS
Amounts falling due within one year 7 547,864 421,037
NET CURRENT LIABILITIES (320,313 ) (249,774 )
TOTAL ASSETS LESS CURRENT LIABILITIES 825,018 616,541

CREDITORS
Amounts falling due after more than one year 8 (512,420 ) (312,634 )

PROVISIONS FOR LIABILITIES 11 (164,008 ) (146,463 )
NET ASSETS 148,590 157,444

CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Retained earnings 147,590 156,444
SHAREHOLDERS' FUNDS 148,590 157,444

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.

Midas Productions UK Ltd. (Registered number: 03995452)

Balance Sheet - continued
31 December 2023


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

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 12 September 2024 and were signed on its behalf by:




D C Noble - Director



A J Dann - Director


Midas Productions UK Ltd. (Registered number: 03995452)

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

1. STATUTORY INFORMATION

Midas Productions UK Ltd. 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 Company Information page.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Hire income is recognised over the period of the contract. Product sales are recognised once a binding contract has been established.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 20% on reducing balance and 10% on reducing balance

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments (but excluding investment properties), are assessed to determine whether there is an indication that those assets have suffered an impairment loss. If any indication arises, the recoverable amount is estimated and compared to its carrying amount to determine if an impairment loss has arisen.
If the recoverable amount is lower, the carrying amount of the asset is written down to its recoverable amount and an impairment loss is recognised in profit and loss.
Recoverable amount of the asset is the higher of its value in use and its net realisable value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Midas Productions UK Ltd. (Registered number: 03995452)

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

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from financial institutions or other related parties.

Debts instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, ,are measured initially and subsequently at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between as asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Midas Productions UK Ltd. (Registered number: 03995452)

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

3. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 8 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 1,740,617
Additions 401,597
At 31 December 2023 2,142,214
DEPRECIATION
At 1 January 2023 874,302
Charge for year 122,581
At 31 December 2023 996,883
NET BOOK VALUE
At 31 December 2023 1,145,331
At 31 December 2022 866,315

In the opinion of the directors, at the year end the current market value of the plant & machinery is approximately £250,000 more than the net book value shown in the accounts.

Midas Productions UK Ltd. (Registered number: 03995452)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023 585,966
Additions 396,120
Transfer to ownership (121,232 )
At 31 December 2023 860,854
DEPRECIATION
At 1 January 2023 199,747
Charge for year 66,864
Transfer to ownership (87,123 )
At 31 December 2023 179,488
NET BOOK VALUE
At 31 December 2023 681,366
At 31 December 2022 386,219

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 122,294 95,362

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 37,321 3,535
Hire purchase contracts (see note 9) 195,288 156,562
Trade creditors 94,377 118,760
Taxation and social security 33,323 34,448
Other creditors 187,555 107,732
547,864 421,037

The directors have provided personal guarantees for company borrowings included within creditors. The liability at 31 December 2023 amounted to £38,428 (2022 - £61,290).

Included in creditors are amounts owed to the Directors amounting to £86,726 (2022 - £6,840).

Midas Productions UK Ltd. (Registered number: 03995452)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 9) 407,098 217,682
Other creditors 105,322 94,952
512,420 312,634

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 195,288 156,562
Between one and five years 407,098 217,682
602,386 374,244

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 37,321 3,535
Hire purchase contracts 602,386 374,244
639,707 377,779

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 212,542 158,415
Tax losses carried forward (48,534 ) (11,952 )
164,008 146,463

Deferred
tax
£   
Balance at 1 January 2023 146,463
Charge to Income Statement during year 17,545
Balance at 31 December 2023 164,008

Midas Productions UK Ltd. (Registered number: 03995452)

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

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary £1 1,000 1,000