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REGISTERED NUMBER: 04351102 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Midas Pet Products Limited

Midas Pet Products Limited (Registered number: 04351102)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Midas Pet Products Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr P Beresford





SECRETARY: Ms D Beresford





REGISTERED OFFICE: 9 Shottery Brook Office Park
Timothys Bridge Road
Stratford Enterprise Park
Stratford-upon-Avon
CV37 9NR





REGISTERED NUMBER: 04351102 (England and Wales)





ACCOUNTANTS: Portfolio Accountants Ltd
9 Shottery Brook Office Park
Timothys Bridge Road
Stratford-Upon-Avon
CV37 9NR

Midas Pet Products Limited (Registered number: 04351102)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 9,995 449
9,995 449

CURRENT ASSETS
Stocks 6 101,826 98,860
Cash at bank and in hand 1,858 860
103,684 99,720
CREDITORS
Amounts falling due within one year 7 176,005 167,127
NET CURRENT LIABILITIES (72,321 ) (67,407 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(62,326

)

(66,958

)

CREDITORS
Amounts falling due after more than one
year

8

(29,526

)

(33,528

)

PROVISIONS FOR LIABILITIES (83 ) (83 )
NET LIABILITIES (91,935 ) (100,569 )

CAPITAL AND RESERVES
Called up share capital 9 3 2
Retained earnings (91,938 ) (100,571 )
SHAREHOLDERS' FUNDS (91,935 ) (100,569 )

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 director acknowledges his 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 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 director and authorised for issue on 26 September 2024 and were signed by:




Mr P Beresford - Director


Midas Pet Products Limited (Registered number: 04351102)

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

1. STATUTORY INFORMATION

Midas Pet Products 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 Company 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.

Going Concern
The financial statements have been prepared on a going concern basis.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 20% on reducing balance

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

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.

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.

Midas Pet Products Limited (Registered number: 04351102)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 7,750
AMORTISATION
At 1 January 2023
and 31 December 2023 7,750
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 17,956
Additions 10,200
At 31 December 2023 28,156
DEPRECIATION
At 1 January 2023 17,507
Charge for year 654
At 31 December 2023 18,161
NET BOOK VALUE
At 31 December 2023 9,995
At 31 December 2022 449

6. STOCKS
2023 2022
£    £   
Stocks 101,826 98,860

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 42,691 31,648
Trade creditors 4,447 9,175
Taxation and social security 4,501 5,898
Other creditors 124,366 120,406
176,005 167,127

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 29,526 33,528

Midas Pet Products Limited (Registered number: 04351102)

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

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
3 ORDINARY 3 3 2

1 ORDINARY share of 3 was allotted and fully paid for cash at par during the year.