Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Alexander James Corbett 28/06/2017 Nicola Francesca Corbett 28/06/2017 24 December 2024 The principal activity of the Company during the financial year was the management and letting of own real estate. 10840245 2024-06-30 10840245 bus:Director1 2024-06-30 10840245 bus:Director2 2024-06-30 10840245 2023-06-30 10840245 core:CurrentFinancialInstruments 2024-06-30 10840245 core:CurrentFinancialInstruments 2023-06-30 10840245 core:ShareCapital 2024-06-30 10840245 core:ShareCapital 2023-06-30 10840245 core:FurtherSpecificReserve1ComponentTotalEquity 2024-06-30 10840245 core:FurtherSpecificReserve1ComponentTotalEquity 2023-06-30 10840245 core:RetainedEarningsAccumulatedLosses 2024-06-30 10840245 core:RetainedEarningsAccumulatedLosses 2023-06-30 10840245 core:CostValuation 2023-06-30 10840245 core:CostValuation 2024-06-30 10840245 2023-07-01 2024-06-30 10840245 bus:FilletedAccounts 2023-07-01 2024-06-30 10840245 bus:SmallEntities 2023-07-01 2024-06-30 10840245 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10840245 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10840245 bus:Director1 2023-07-01 2024-06-30 10840245 bus:Director2 2023-07-01 2024-06-30 10840245 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Company No: 10840245 (England and Wales)

MIDOLU LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

MIDOLU LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

MIDOLU LIMITED

BALANCE SHEET

As at 30 June 2024
MIDOLU LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 289,750 289,750
Investments 4 3 3
289,753 289,753
Current assets
Debtors 5 299,397 299,397
Cash at bank and in hand 149,627 151,637
449,024 451,034
Creditors: amounts falling due within one year 6 ( 642,689) ( 646,559)
Net current liabilities (193,665) (195,525)
Total assets less current liabilities 96,088 94,228
Provision for liabilities 7 ( 21,039) ( 21,039)
Net assets 75,049 73,189
Capital and reserves
Called-up share capital 90 90
Fair value reserve 63,115 63,115
Profit and loss account 11,844 9,984
Total shareholders' funds 75,049 73,189

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Midolu Limited (registered number: 10840245) were approved and authorised for issue by the Board of Directors on 24 December 2024. They were signed on its behalf by:

Alexander James Corbett
Director
MIDOLU LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
MIDOLU LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Midolu Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lower Silton Cottage, Lower Silton, Gillingham, SP8 5AQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company has net (current) liabilities at year end which includes a loan from the directors. The directors will continue to support the company by providing a loan as is required in order to meet the other liabilities of the company as they fall due. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover represents amounts receivable for the rent of its investment property. Income is recognised when there is a right to consideration, and is recorded at the value of the consideration due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Investment property

Investment property are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 July 2023 289,750
As at 30 June 2024 289,750

Valuation

The company’s investment property was revalued on 30 June 2023 by the directors on a current open market basis. The fair value of investment property has not materially changed since 30 June 2023 and therefore no further revaluation is required.

There has been no valuation of investment property by an independent valuer.

The deferred tax attributable to the investment property has been considered and £21,039 (2023 - £21,039) has been provided for in the financial statements.

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 3
At 30 June 2024 3
Carrying value at 30 June 2024 3
Carrying value at 30 June 2023 3

5. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 299,397 299,397

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 2,016
Taxation and social security 436 872
Other creditors 642,253 643,671
642,689 646,559

7. Provision for liabilities

2024 2023
£ £
Deferred tax 21,039 21,039