| Midas Technical Solutions Limited |
| Registered number: |
03686861 |
| Balance Sheet |
| as at 31 May 2025 |
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
2,213 |
|
|
1,098,333 |
|
| Current assets |
| Debtors |
4 |
|
78,291 |
|
|
5,247 |
| Cash at bank and in hand |
|
|
830,679 |
|
|
819 |
|
|
|
908,970 |
|
|
6,066 |
|
| Creditors: amounts falling due within one year |
5 |
|
(292,273) |
|
|
(319,413) |
|
| Net current assets/(liabilities) |
|
|
|
616,697 |
|
|
(313,347) |
|
| Total assets less current liabilities |
|
|
|
618,910 |
|
|
784,986 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(745,629) |
|
|
(814,524) |
|
|
|
| Net liabilities |
|
|
|
(126,719) |
|
|
(29,538) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2 |
|
|
2 |
| Revaluation reserve |
7 |
|
|
- |
|
|
331,386 |
| Transfer to profit and loss on disposal of revalued property |
|
|
|
331,386 |
|
|
- |
| Profit and loss account |
|
|
|
(458,107) |
|
|
(360,926) |
|
| Shareholder's funds |
|
|
|
(126,719) |
|
|
(29,538) |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Ms M Sagoo |
| Director |
| Approved by the board on 12 November 2025 |
|
| Midas Technical Solutions Limited |
| Notes to the Accounts |
| for the year ended 31 May 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and related services and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Membership income is recognised by reference to the period in which it relates. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
20% reducing balance |
|
Office equipment |
33% reducing balance |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 June 2024 |
1,070,000 |
|
278,610 |
|
1,348,610 |
|
Disposals |
(1,070,000) |
|
- |
|
(1,070,000) |
|
At 31 May 2025 |
- |
|
278,610 |
|
278,610 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2024 |
- |
|
250,277 |
|
250,277 |
|
Charge for the year |
- |
|
26,120 |
|
26,120 |
|
At 31 May 2025 |
- |
|
276,397 |
|
276,397 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2025 |
- |
|
2,213 |
|
2,213 |
|
At 31 May 2024 |
1,070,000 |
|
28,333 |
|
1,098,333 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2025 |
|
2024 |
| £ |
£ |
|
Historical cost |
- |
|
760,071 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
Historical cost |
- |
|
760,071 |
|
|
| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Other debtors |
78,291 |
|
5,247 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans and overdrafts |
31,068 |
|
37,081 |
|
Trade creditors |
2,954 |
|
45,695 |
|
Other creditors |
258,251 |
|
236,637 |
|
|
|
|
|
|
292,273 |
|
319,413 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Other creditors |
745,629 |
|
814,524 |
|
|
|
|
|
|
|
|
|
|
Included in creditors is £390,701 (2024: £378,527) owing to the director, of which £175,000 (2024: £175,000) is a long-term loan from the director. The loans are interest-free and there is no fixed date of repayment. The director has confirmed that the loans will only be repaid as and when cash flow permits. |
|
| 7 |
Revaluation reserve |
2025 |
|
2024 |
| £ |
£ |
|
|
At 1 June 2024 |
331,386 |
|
- |
|
Gain on revaluation of land and buildings |
- |
|
331,386 |
|
Transfer to profit and loss on disposal of revalued property |
(331,386) |
|
- |
|
|
At 31 May 2025 |
- |
|
331,386 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
Included in long term creditors are loans from close family members (siblings and nephew) of the director of the company. The outstanding balances at the year-end are £531,129 (2024: £639,524). Although the loans are repayable on demand, the company has received assurances that the loans will only be repaid as and when cash flow permits. |
|
|
| 9 |
Controlling party |
|
|
The company is controlled by the director who owns the entire share capital of the company. |
|
|
| 10 |
Other information |
|
|
Midas Technical Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Devonshire House |
|
582 Honeypot Lane |
|
Stanmore |
|
Middlesex |
|
HA7 1JS |