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Registration number: 13477938

Midas Property Associates Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 June 2024

 

Midas Property Associates Limited

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Unaudited Abridged Financial Statements

3 to 4

 

Midas Property Associates Limited

Company Information

Director

Mr S Loveridge

Registered office

Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

 

Midas Property Associates Limited

(Registration number: 13477938)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

392,936

-

Current assets

 

Cash at bank and in hand

 

11,714

45

Creditors: Amounts falling due within one year

(417,824)

(709)

Net current liabilities

 

(406,110)

(664)

Net liabilities

 

(13,174)

(664)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(13,175)

(665)

Shareholders' deficit

 

(13,174)

(664)

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 28 March 2025
 

.........................................
Mr S Loveridge
Director

   
     
 

Midas Property Associates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

33% Straight Line

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Midas Property Associates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

3

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

Additions

392,669

400

393,069

At 30 June 2024

392,669

400

393,069

Depreciation

Charge for the year

-

133

133

At 30 June 2024

-

133

133

Carrying amount

At 30 June 2024

392,669

267

392,936

Included within the net book value of land and buildings above is £392,669 (2023 - £Nil) in respect of freehold land and buildings.
 

4

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1