Company Registration No. 12089548 (England and Wales)
Midas Travel Management Holdings Limited
Annual report and financial statements
For the year ended 31 March 2024
Pages for filing with registrar
55 L
oudoun Road
St J
ohn's Wood
Lon
don NW8 0DL
MIDAS TRAVEL MANAGEMENT HOLDINGS LIMITED
Midas Travel Management Holdings Limited
CONTENTS
Page
Group balance sheet
1
Company balance sheet
2
Group statement of changes in equity
3
Notes to the financial statements
4 - 10
MIDAS TRAVEL MANAGEMENT HOLDINGS LIMITED
Midas Travel Management Holdings Limited
GROUP BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,698,459
1,588,151
Tangible assets
4
13,487
16,344
1,711,946
1,604,495
Current assets
Debtors
7
818,745
357,215
Cash at bank and in hand
1,336,374
1,437,197
2,155,119
1,794,412
Creditors: amounts falling due within one year
8
(1,559,479)
(1,254,448)
Net current assets
595,640
539,964
Total assets less current liabilities
2,307,586
2,144,459
Creditors: amounts falling due after more than one year
9
(440,000)
(680,000)
Net assets
1,867,586
1,464,459
Capital and reserves
Called up share capital
100,000
100,000
Share premium account
2,000,000
2,000,000
Profit and loss reserves
(232,414)
(635,541)
Total equity
1,867,586
1,464,459

The director of the group have elected not to include a copy of the profit and loss account within the financial statements.

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

The financial statements were approved and signed by the director and authorised for issue on 25 September 2024
25 September 2024
D Sullivan
Director
Company registration number 12089548 (England and Wales)
MIDAS TRAVEL MANAGEMENT HOLDINGS LIMITED
Midas Travel Management Holdings Limited
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
3,870,000
3,420,000
Current assets
Debtors
7
67,438
67,438
Cash at bank and in hand
15
15
67,453
67,453
Creditors: amounts falling due within one year
8
(917,453)
(917,453)
Net current liabilities
(850,000)
(850,000)
Net assets
3,020,000
2,570,000
Capital and reserves
Called up share capital
100,000
100,000
Share premium account
2,000,000
2,000,000
Profit and loss reserves
920,000
470,000
Total equity
3,020,000
2,570,000

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £450,000 (2023: £690,000).

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

The financial statements were approved and signed by the director and authorised for issue on 25 September 2024
25 September 2024
D Sullivan
Director
Company registration number 12089548 (England and Wales)
MIDAS TRAVEL MANAGEMENT HOLDINGS LIMITED
Midas Travel Management Holdings Limited
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
100,000
2,000,000
(1,003,296)
1,096,704
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
587,755
587,755
Dividends
-
-
(220,000)
(220,000)
Balance at 31 March 2023
100,000
2,000,000
(635,541)
1,464,459
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
403,127
403,127
Balance at 31 March 2024
100,000
2,000,000
(232,414)
1,867,586
MIDAS TRAVEL MANAGEMENT HOLDINGS LIMITED
Midas Travel Management Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
1.1
Accounting convention
These accounts  have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Midas Travel Management Holdings Ltd together with all entities controlled by the parent company (its subsidiary).

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of the subsidiary to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The subsidiary is consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised on booking date.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

MIDAS TRAVEL MANAGEMENT HOLDINGS LIMITED
Midas Travel Management Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.11
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

MIDAS TRAVEL MANAGEMENT HOLDINGS LIMITED
Midas Travel Management Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
14
13
1
1
3
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023
2,596,778
Additions
450,000
At 31 March 2024
3,046,778
Amortisation and impairment
At 1 April 2023
1,008,627
Amortisation charged for the year
339,692
At 31 March 2024
1,348,319
Carrying amount
At 31 March 2024
1,698,459
At 31 March 2023
1,588,151
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
MIDAS TRAVEL MANAGEMENT HOLDINGS LIMITED
Midas Travel Management Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Group
Plant and machinery etc
£
Cost
At 1 April 2023
41,796
Additions
4,581
At 31 March 2024
46,377
Depreciation and impairment
At 1 April 2023
25,452
Depreciation charged in the year
7,439
At 31 March 2024
32,891
Carrying amount
At 31 March 2024
13,487
At 31 March 2023
16,344
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
5
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Shares in group undertakings and participating interests
-
-
3,870,000
3,420,000
-
-
0
3,870,000
3,420,000
MIDAS TRAVEL MANAGEMENT HOLDINGS LIMITED
Midas Travel Management Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
3,420,000
Additions
450,000
At 31 March 2024
3,870,000
Carrying amount
At 31 March 2024
3,870,000
At 31 March 2023
3,420,000
6
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Midas Travel Management Limited
England and Wales
Provision of travel management services
Ordinary
100
All subsidiary undertakings are included in the consolidated accounts.
7
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
275,475
242,157
-
0
-
0
Other debtors
543,270
115,058
67,438
67,438
818,745
357,215
67,438
67,438
MIDAS TRAVEL MANAGEMENT HOLDINGS LIMITED
Midas Travel Management Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
8
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
240,000
240,000
-
0
-
0
Trade creditors
749,186
701,981
-
0
-
0
Corporation tax payable
445,451
239,730
-
0
-
0
Other taxation and social security
21,328
22,811
-
0
-
0
Other creditors
103,514
49,926
917,453
917,453
1,559,479
1,254,448
917,453
917,453
9
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
440,000
680,000
-
0
-
0
10
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
680,000
920,000
-
0
-
0
Loans from group undertakings and related parties
-
0
-
0
910,453
910,453
680,000
920,000
910,453
910,453
Payable within one year
240,000
242,293
910,453
910,453
Payable after one year
440,000
680,000
-
0
-
0

The bank loans are secured over a fixed charge and partially covered by a government guarantee.

11
Financial commitments, guarantees and contingent liabilities

The subsidiary company had a cross guarantee in place to secure the bank finance of its holding company, Midas Travel Management Holdings Limited.

 

During the year, the company entered into a deed of variation to the original purchase agreement for Midas Travel Management Limited. The agreement expires on 30 June 2025.

 

At the year end, there is a contingent liability of up to £280,000 over the next two years. No provision has been made in these financial statements.

MIDAS TRAVEL MANAGEMENT HOLDINGS LIMITED
Midas Travel Management Holdings Limited
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The auditor was MGR Weston Kay LLP.
13
Directors' transactions

At the balance sheet date, the director owed the group £460,454 (2023: £101,491).

14
Company information

Midas Travel Management Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Midas Travel Management Holdings Ltd and Midas Travel Management Limited.

 

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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