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REGISTERED NUMBER: 04442607 (England and Wales)















Midas Display Systems Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2024






Midas Display Systems Ltd (Registered number: 04442607)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Midas Display Systems Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: T P Head
C Weston





SECRETARY: T E Martin





REGISTERED OFFICE: Suite 1, Brecon House
William Brown Close
Llantarnam Industrial Park
Cwmbran
NP44 3AB





REGISTERED NUMBER: 04442607 (England and Wales)





ACCOUNTANTS: Xeinadin South Wales & West Limited
Accountants & Business Advisors
Suite 1
Brecon House
Llantarnam Park
Cwmbran
NP44 3AB

Midas Display Systems Ltd (Registered number: 04442607)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 270,855 250,409

CURRENT ASSETS
Stocks 1,250 9,459
Debtors 5 894 672
Cash at bank and in hand 19,255 2,021
21,399 12,152
CREDITORS
Amounts falling due within one year 6 238,995 209,119
NET CURRENT LIABILITIES (217,596 ) (196,967 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

53,259

53,442

CREDITORS
Amounts falling due after more than one year 7 36,499 50,959
NET ASSETS 16,760 2,483

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 16,560 2,283
16,760 2,483

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2025 and were signed on its behalf by:





T P Head - Director


Midas Display Systems Ltd (Registered number: 04442607)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Midas Display Systems Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 7 ) .

Midas Display Systems Ltd (Registered number: 04442607)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2023 538,369 3,178 112,388 653,935
Additions 48,000 - - 48,000
Disposals (143,764 ) - - (143,764 )
At 31 May 2024 442,605 3,178 112,388 558,171
DEPRECIATION
At 1 June 2023 338,226 2,970 62,330 403,526
Charge for year 20,014 31 7,509 27,554
Eliminated on disposal (143,764 ) - - (143,764 )
At 31 May 2024 214,476 3,001 69,839 287,316
NET BOOK VALUE
At 31 May 2024 228,129 177 42,549 270,855
At 31 May 2023 200,143 208 50,058 250,409

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 222 -
Other debtors 672 672
894 672

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 6,000 6,000
Hire purchase contracts 8,629 7,828
Trade creditors 40,673 29,023
Taxation and social security 45,329 23,438
Other creditors 138,364 142,830
238,995 209,119

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans 29,301 35,132
Hire purchase contracts 7,198 15,827
36,499 50,959

Midas Display Systems Ltd (Registered number: 04442607)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Hire purchase contracts 15,827 23,655

The hire purchase contracts are secured by the assets to which they relate.