Midas Accountants - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03072059 (England and Wales)

MIDAS ACCOUNTANTS & BUSINESS CONSULTANTS

LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

L D Tonks ACMA

Mrs A Dwyer FCCA

M Slater FMAAT

REGISTERED OFFICE:

183 Walsall Road

Great Wyrley

Walsall

West Midlands

WS6 6NL

REGISTERED NUMBER:

03072059 (England and Wales)

FIXED ASSETS

Intangible assets

2

216,501

275,738

Tangible assets

3

29,599

38,051

246,100

313,789

CURRENT ASSETS

Stocks

60,831

21,354

Debtors

65,836

96,177

Cash at bank and in hand

34,537

70,833

161,204

188,364

CREDITORS

Amounts falling due within one year

4

192,162

249,580

NET CURRENT LIABILITIES

(30,958

)

(61,216

)

TOTAL ASSETS LESS CURRENT LIABILITIES

215,142

252,573

CREDITORS

Amounts falling due after more than one year

4

(125,623

)

(161,862

)

PROVISIONS FOR LIABILITIES

(5,784

)

(7,444

)

NET ASSETS

83,735

83,267

CAPITAL AND RESERVES

Called up share capital

5

201

101

Profit and loss account

83,534

83,166

SHAREHOLDERS' FUNDS

83,735

83,267

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 March 2015 and were signed on its behalf by:

L D Tonks ACMA - Director

Mrs A Dwyer FCCA - Director

M Slater FMAAT - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill relating to a business acquisition in 2009 is being amortised over its estimated useful life of 4 years. Goodwill

relating to a business acquisition in 2013 is being amortised over its estimated useful life of 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Deferred tax

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2013

and 30 June 2014

331,799

AMORTISATION

At 1 July 2013

56,061

Amortisation for year

59,237

At 30 June 2014

115,298

NET BOOK VALUE

At 30 June 2014

216,501

At 30 June 2013

275,738

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2013

85,848

Additions

6,823

At 30 June 2014

92,671

DEPRECIATION

At 1 July 2013

47,797

Charge for year

15,275

At 30 June 2014

63,072

NET BOOK VALUE

At 30 June 2014

29,599

At 30 June 2013

38,051

4.

CREDITORS

Creditors include an amount of £ 81,270 (30.6.13 - £ 117,565 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.14

30.6.13

value:

£

£

100

Ordinary 'A'

£1

100

100

1

Ordinary 'B'

£1

1

1

100

Ordinary 'C'

£1

100

-

201

101

100 Ordinary 'C' shares of £1 each were allotted and fully paid for cash at par during the year.

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2014 and 30 June 2013:

30.6.14

30.6.13

£

£

L D Tonks ACMA

Balance outstanding at start of year

66

67,445

Amounts advanced

-

1,621

Amounts repaid

(910

)

(69,000

)

Balance outstanding at end of year

(844

)

66

The above loan is provided interest free and is repayable on demand.