Midolu Limited - Period Ending 2019-06-30
Midolu Limited - Period Ending 2019-06-30
Company registration number:
for the Year Ended
Midolu Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Midolu Limited
(Registration number: 10840245)
Balance Sheet as at 30 June 2019
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2019 |
2018 |
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Fixed assets |
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Investment property |
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- |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
- |
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Net current (liabilities)/assets |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss reserve |
( |
- |
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Total equity |
( |
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For the financial year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Midolu Limited
Notes to the Financial Statements
for the Year Ended 30 June 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Going concern
The company has net (current) liabilities at year end which include a loan from the directors. The directors will continue to support the company by providing a loan as is required in order to meet the other liabilities of the company as they fall due. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis.
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for property rental income in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Midolu Limited
Notes to the Financial Statements
for the Year Ended 30 June 2019
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade and other debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade and other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Midolu Limited
Notes to the Financial Statements
for the Year Ended 30 June 2019
Investment properties |
2019 |
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At 1 July 2018 |
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Additions |
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At 30 June 2019 |
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The investment properties were revalued at 30 June 2019 by the directors on investment market value basis. The company's investment properties were acquired during the year and the directors have considered the valuation at the balance sheet date and the conclusion drawn that they remain materially correct.
There has been no valuation of investment property by an independent valuer.
Debtors |
2019 |
2018 |
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Other debtors |
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- |
Total current trade and other debtors |
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- |
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Other creditors |
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- |