Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity2017truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04044091 2023-01-01 2023-12-31 04044091 2022-01-01 2022-12-31 04044091 2023-12-31 04044091 2022-12-31 04044091 1 2023-01-01 2023-12-31 04044091 d:Director1 2023-01-01 2023-12-31 04044091 c:PlantMachinery 2023-01-01 2023-12-31 04044091 c:PlantMachinery 2023-12-31 04044091 c:PlantMachinery 2022-12-31 04044091 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04044091 c:FurnitureFittings 2023-01-01 2023-12-31 04044091 c:FurnitureFittings 2023-12-31 04044091 c:FurnitureFittings 2022-12-31 04044091 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04044091 c:ComputerEquipment 2023-01-01 2023-12-31 04044091 c:ComputerEquipment 2023-12-31 04044091 c:ComputerEquipment 2022-12-31 04044091 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04044091 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04044091 c:ComputerSoftware 2023-12-31 04044091 c:ComputerSoftware 2022-12-31 04044091 c:CurrentFinancialInstruments 2023-12-31 04044091 c:CurrentFinancialInstruments 2022-12-31 04044091 c:CurrentFinancialInstruments 1 2023-12-31 04044091 c:CurrentFinancialInstruments 1 2022-12-31 04044091 c:Non-currentFinancialInstruments 2023-12-31 04044091 c:Non-currentFinancialInstruments 2022-12-31 04044091 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 04044091 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 04044091 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 04044091 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 04044091 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 04044091 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 04044091 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 04044091 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 04044091 c:ShareCapital 2023-12-31 04044091 c:ShareCapital 2022-12-31 04044091 c:RetainedEarningsAccumulatedLosses 2023-12-31 04044091 c:RetainedEarningsAccumulatedLosses 2022-12-31 04044091 d:FRS102 2023-01-01 2023-12-31 04044091 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04044091 d:FullAccounts 2023-01-01 2023-12-31 04044091 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04044091 2 2023-01-01 2023-12-31 04044091 c:ComputerSoftware c:OwnedIntangibleAssets 2023-01-01 2023-12-31 04044091 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 04044091









MIDAS COMPONENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MIDAS COMPONENTS LIMITED
REGISTERED NUMBER: 04044091

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
5,431
14,741

Tangible assets
 5 
22,139
26,138

  
27,570
40,879

Current assets
  

Stocks
  
522,213
640,332

Debtors: amounts falling due within one year
 6 
693,643
606,431

Cash at bank and in hand
  
107,692
56,430

  
1,323,548
1,303,193

Creditors: amounts falling due within one year
 7 
(937,622)
(907,022)

Net current assets
  
 
 
385,926
 
 
396,171

Total assets less current liabilities
  
413,496
437,050

Creditors: amounts falling due after more than one year
 8 
(73,500)
(122,500)

Provisions for liabilities
  

Deferred tax
  
(6,505)
(9,788)

  
 
 
(6,505)
 
 
(9,788)

Net assets
  
333,491
304,762


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
333,391
304,662

  
333,491
304,762


Page 1

 
MIDAS COMPONENTS LIMITED
REGISTERED NUMBER: 04044091

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 September 2024.




M Halpin
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
MIDAS COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Midas Components Limited is a private company, limited by shares, domiciled in England and Wales registration number 4044091.  The registered office is Sauls Wharf House, Crittens Road, Great Yarmouth, Norfolk, NR31 0AG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
MIDAS COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
MIDAS COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
MIDAS COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line
Fixtures and fittings
-
20%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
MIDAS COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables are initally measured at their transaction price after transaction costs.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers.  Trade payables are classified as current liabilities if the payment is due within one year.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2022 - 17).

Page 7

 
MIDAS COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Computer software

£



Cost


At 1 January 2023
27,930



At 31 December 2023

27,930



Amortisation


At 1 January 2023
13,189


Charge for the year on owned assets
9,310



At 31 December 2023

22,499



Net book value



At 31 December 2023
5,431



At 31 December 2022
14,741



Page 8

 
MIDAS COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
5,117
44,728
27,809
77,654


Additions
-
965
7,322
8,287



At 31 December 2023

5,117
45,693
35,131
85,941



Depreciation


At 1 January 2023
4,881
26,963
19,673
51,517


Charge for the year on owned assets
236
4,274
7,775
12,285



At 31 December 2023

5,117
31,237
27,448
63,802



Net book value



At 31 December 2023
-
14,456
7,683
22,139



At 31 December 2022
236
17,766
8,136
26,138


6.


Debtors

2023
2022
£
£


Trade debtors
517,457
450,213

Other debtors
109,071
102,246

Prepayments and accrued income
67,115
53,972

693,643
606,431


Page 9

 
MIDAS COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
16,815

Bank loans
53,083
49,000

Trade creditors
526,873
391,595

Corporation tax
9,767
6,667

Other taxation and social security
106,271
85,354

Proceeds of factored debts
223,504
326,666

Other creditors
4,136
17,579

Accruals and deferred income
13,988
13,346

937,622
907,022


The proceeds of factored debts from the Company's debt factoring facility are secured on the underlying trade debtors.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
73,500
122,500



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
53,083
49,000

Amounts falling due 1-2 years

Bank loans
49,000
49,000

Amounts falling due 2-5 years

Bank loans
24,500
73,500


126,583
171,500


Page 10

 
MIDAS COMPONENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £42,952 (2022 - £32,563). Contributions totalling £4,137 (2022 - £4,608) were payable to the fund at the balance sheet date and are included in creditors.


11.Director's personal guarantees

Personal guarantees totalling £157,000 have been provided by M Halpin and R Wedon at the balance sheet date.


12.


Post balance sheet events

On 10 June 2024 the Company completed a purchase of 23 of its own shares for consideration of £149,106.


Page 11