Company registration number 08640497 (England and Wales)
MYDAS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
MYDAS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MYDAS LTD
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
401
601
Investment property
5
-
0
8,800,000
Investments
6
64,635
132,834
65,036
8,933,435
Current assets
Debtors
8
28,906
39,571
Cash at bank and in hand
152,030
305,924
180,936
345,495
Creditors: amounts falling due within one year
9
(8,737,565)
(10,230,967)
Net current liabilities
(8,556,629)
(9,885,472)
Total assets less current liabilities
(8,491,593)
(952,037)
Creditors: amounts falling due after more than one year
10
-
(4,000,000)
Net liabilities
(8,491,593)
(4,952,037)
Capital and reserves
Called up share capital
50,003
50,003
Revaluation reserve
-
0
(2,418,880)
Profit and loss reserves
(8,541,596)
(2,583,160)
Total equity
(8,491,593)
(4,952,037)
MYDAS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 17 March 2026 and are signed on its behalf by:
Mr G G Wittenberg
Director
Company registration number 08640497 (England and Wales)
MYDAS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Mydas Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Level 5A, Maple House, 149 Tottenham Court Road, London, W1T 7NF.

1.1
Basis of preparation

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 are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, except Investment properties which have been presented at their fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

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:

Fixtures and fittings
20% Straight line
Computer equipment
20% 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.

MYDAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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 current liabilities.

MYDAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MYDAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
5
5
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024 and 31 March 2025
12,273
Depreciation and impairment
At 1 April 2024
11,672
Depreciation charged in the year
200
At 31 March 2025
11,872
Carrying amount
At 31 March 2025
401
At 31 March 2024
601
5
Investment property
2025
£
Fair value
At 1 April 2024
8,800,000
Disposals
(8,800,000)
At 31 March 2025
-
0

6
Fixed asset investments
2025
2024
£
£
Other investments other than loans
64,635
132,834
MYDAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024
132,834
Valuation changes
(68,199)
At 31 March 2025
64,635
Carrying amount
At 31 March 2025
64,635
At 31 March 2024
132,834
7
Financial instruments
2025
2024
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
64,635
132,834
8
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1
14,401
Other debtors
28,905
25,170
28,906
39,571
9
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
9,561
74,489
Amounts owed to group undertakings and undertakings in which the company has a participating interest
7,588,550
9,922,441
Taxation and social security
1,080,656
3,426
Other creditors
58,798
230,611
8,737,565
10,230,967
10
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
4,000,000
MYDAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

At the year end the company owed £7,588,550 (2024 - £9,922,411 ) to the shareholder.

At the year end the company owed £51,421 (2024 - £40,628) to Foxlake Advisors Limited, a related party

company.

At the year end the company was owed £4,670 (2024 - £6,870) by Astral Projections Film Co Ltd, a related party company.

2025-03-31 2024-04-01 false false false CCH Software CCH Accounts Production 2025.200 No description of principal activity Mr P A Matthews Mr G G Wittenberg Mr N R Kelsey H W Weisberg Mr J J Schonfield 08640497 2024-04-01 2025-03-31 08640497 2025-03-31 08640497 2024-03-31 08640497 core:OtherPropertyPlantEquipment 2025-03-31 08640497 core:OtherPropertyPlantEquipment 2024-03-31 08640497 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 08640497 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08640497 core:ShareCapital 2025-03-31 08640497 core:ShareCapital 2024-03-31 08640497 core:RevaluationReserve 2025-03-31 08640497 core:RevaluationReserve 2024-03-31 08640497 core:RetainedEarningsAccumulatedLosses 2025-03-31 08640497 core:RetainedEarningsAccumulatedLosses 2024-03-31 08640497 bus:Director2 2024-04-01 2025-03-31 08640497 core:FurnitureFittings 2024-04-01 2025-03-31 08640497 core:ComputerEquipment 2024-04-01 2025-03-31 08640497 2023-04-01 2024-03-31 08640497 core:OtherPropertyPlantEquipment 2024-03-31 08640497 core:OtherPropertyPlantEquipment 2024-04-01 2025-03-31 08640497 2024-03-31 08640497 core:CurrentFinancialInstruments 2025-03-31 08640497 core:CurrentFinancialInstruments 2024-03-31 08640497 core:WithinOneYear 2025-03-31 08640497 core:WithinOneYear 2024-03-31 08640497 core:Non-currentFinancialInstruments 2025-03-31 08640497 core:Non-currentFinancialInstruments 2024-03-31 08640497 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 08640497 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 08640497 bus:FRS102 2024-04-01 2025-03-31 08640497 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 08640497 bus:Director1 2024-04-01 2025-03-31 08640497 bus:Director3 2024-04-01 2025-03-31 08640497 bus:Director4 2024-04-01 2025-03-31 08640497 bus:Director5 2024-04-01 2025-03-31 08640497 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP