Company registration number 03619504 (England and Wales)
Midas Travel Management Limited
Financial statements
For the year ended 31 March 2024
Pages for filing with registrar
MIDAS TRAVEL MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MIDAS TRAVEL MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,486
16,342
Current assets
Debtors
4
1,661,760
1,267,666
Cash at bank and in hand
1,336,359
1,437,182
2,998,119
2,704,848
Creditors: amounts falling due within one year
5
(1,397,076)
(1,280,632)
Net current assets
1,601,043
1,424,216
Total assets less current liabilities
1,614,529
1,440,558
Creditors: amounts falling due after more than one year
6
(440,000)
(680,000)
Net assets
1,174,529
760,558
Capital and reserves
Called up share capital
8
100,000
100,000
Profit and loss reserves
1,074,529
660,558
Total equity
1,174,529
760,558
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
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 and are signed on its behalf by:
D Sullivan
Director
Company Registration No. 03619504
MIDAS TRAVEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
1.1
Accounting convention
These financial statements 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
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised on booking date.
1.3
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:
Plant and machinery
25% straight line
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 credited or charged to profit or loss.
1.4
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.
1.5
Equity instruments
Equity instruments issued by the company 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 company.
1.6
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
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.
MIDAS TRAVEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
13
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
41,795
Additions
4,583
At 31 March 2024
46,378
Depreciation and impairment
At 1 April 2023
25,453
Depreciation charged in the year
7,439
At 31 March 2024
32,892
Carrying amount
At 31 March 2024
13,486
At 31 March 2023
16,342
MIDAS TRAVEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
275,475
242,155
Amounts owed by group undertakings
910,453
910,453
Other debtors
475,832
115,058
1,661,760
1,267,666
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
240,000
240,000
Trade creditors
749,186
701,981
Corporation tax
290,048
205,477
Other taxation and social security
21,328
22,811
Other creditors
96,514
110,363
1,397,076
1,280,632
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
440,000
680,000
7
Loans and overdrafts
2024
2023
£
£
Bank loans
680,000
920,000
Payable within one year
240,000
240,000
Payable in one to five years
440,000
680,000
The bank loan is secured by a fixed charge and a government guarantee.
MIDAS TRAVEL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100,000 Ordinary shares of £1 each
100,000
100,000
9
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.
Senior Statutory Auditor:
Nigel Walfisz FCA
Statutory Auditor:
MGR Weston Kay LLP
Date of audit report:
25 September 2024
10
Directors' transactions
At the balance sheet date, the director owed the company £460,454 (2023: £101,497).
11
Parent company
Midas Travel Management Holding Limited is the parent company, whose registered office is 55 Loudoun Road, St John’s Wood, London, NW8 0DL.
12
Company Information
Midas Travel Management Limited is a private company limited by shares incorporated in England and Wales. The registered office and trading address is 55 Loudoun Road, St John’s Wood, London, NW8 0DL.
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 £.