Company Registration No. 04889029 (England and Wales)
Midas Property Investments Limited
Unaudited accounts
for the year ended 31 October 2024
Midas Property Investments Limited
Unaudited accounts
Contents
Midas Property Investments Limited
Company Information
for the year ended 31 October 2024
Company Number
04889029 (England and Wales)
Registered Office
101 PARKVIEW COURT
38 FULHAM HIGH STREET
LONDON
SW6 3LJ
UNITED KINGDOM
Accountants
Kingsbrook Accounting and Tax Services Limited
2 Kingsbrook
Corby
Northants
NN189HY
Midas Property Investments Limited
Statement of financial position
as at 31 October 2024
Investment property
2,613,379
2,454,085
Investments
130,414
130,414
Cash at bank and in hand
1,491
2,027
Creditors: amounts falling due within one year
(23,112)
(30,091)
Net current liabilities
(15,866)
(22,309)
Total assets less current liabilities
2,727,927
2,562,917
Creditors: amounts falling due after more than one year
(1,951,817)
(2,055,666)
Net assets
776,110
507,251
Called up share capital
1
1
Revaluation reserve
43,918
43,918
Profit and loss account
732,191
463,332
Shareholders' funds
776,110
507,251
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 7 July 2025 and were signed on its behalf by
Mr S P Berry
Director
Company Registration No. 04889029
Midas Property Investments Limited
Notes to the Accounts
for the year ended 31 October 2024
Midas Property Investments Limited is a private company, limited by shares, registered in England and Wales, registration number 04889029. The registered office is 101 PARKVIEW COURT, 38 FULHAM HIGH STREET, LONDON, SW6 3LJ, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Income is recognised when rents have been received from tenants.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Computer equipment
25% reducing balance
Investment property is included at market fair value. Gains are recognised in the income statement. In line with FRS 102 these gains are held in the profit and loss reserve. The total amount of these gains in the profit and reserve which remain not distributable are £205,858 (2020 £69,208)
The company has a deficit on shareholders' funds and relies upon the support of its shareholders and creditors, which has been confirmed for a period of at least twelve months from the approval of the financial statements. Accordingly the directors have prepared the financial statements on the going concern basis.
Midas Property Investments Limited
Notes to the Accounts
for the year ended 31 October 2024
4
Tangible fixed assets
Land & buildings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 November 2023
73,618
3,328
76,946
At 31 October 2024
73,618
3,328
76,946
At 1 November 2023
73,618
2,601
76,219
Charge for the year
-
727
727
At 31 October 2024
73,618
3,328
76,946
At 31 October 2023
-
727
727
Fair value at 1 November 2023
2,454,085
Net gain from fair value adjustments
159,294
At 31 October 2024
2,613,379
The investment property portfolio consists of properties purchased between 2003 and 2008. The fair value of the properties at the balance sheet date has been arrived at on the basis of a valuation carried out at that date by Mr S P Berry, a director of the company who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in their locations and takes into account the depressed state of the rental market in the area where some of the properties are situated.
6
Investments
Other investments
Valuation at 1 November 2023
130,414
Valuation at 31 October 2024
130,414
The investment relates to monies invested in an investment fund
Amounts falling due within one year
Midas Property Investments Limited
Notes to the Accounts
for the year ended 31 October 2024
8
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
7,515
7,618
Taxes and social security
-
5,265
Other creditors
13,008
14,823
Loans from directors
789
585
Bank loans and overdrafts are secured by personal guarantees of Mr S P Berry, a director.
9
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,951,817
2,055,666
Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.
Other creditors consist of a loan from the director. This loan is unsecured, interest free and repayable after more than five years.
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
11
Transactions with related parties
During the year the company operated a current account with Pineapple Music Limited, a company controlled by Mr S P Berry. The balance on the current account, which is shown under debtors, of £5,755 [2018: £5,755] is unsecured, interest free and repayable on demand.
12
Average number of employees
During the year the average number of employees was 0 (2023: 0).