Midas Accountants - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03072059 (England and Wales)

MIDAS ACCOUNTANTS & BUSINESS CONSULTANTS

LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs A Dwyer FCCA

Mr B D Keates FCCA

SECRETARY:

Mrs J Keates

REGISTERED OFFICE:

183 Walsall Road

Great Wyrley

Walsall

West Midlands

WS6 6NL

REGISTERED NUMBER:

03072059 (England and Wales)

FIXED ASSETS

Intangible assets

4

26,889

36,754

Tangible assets

5

10,728

18,725

37,617

55,479

CURRENT ASSETS

Debtors

6

132,622

130,504

Cash at bank and in hand

24,152

38,769

156,774

169,273

CREDITORS

Amounts falling due within one year

7

126,117

115,648

NET CURRENT ASSETS

30,657

53,625

TOTAL ASSETS LESS CURRENT LIABILITIES

68,274

109,104

CREDITORS

Amounts falling due after more than one year

8

(10,906

)

(14,749

)

PROVISIONS FOR LIABILITIES

(2,038

)

(3,136

)

NET ASSETS

55,330

91,219

CAPITAL AND RESERVES

Called up share capital

10

201

201

Retained earnings

55,129

91,018

SHAREHOLDERS' FUNDS

55,330

91,219

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2020 and were signed on its behalf by:

Mrs A Dwyer FCCA - Director

Mr B D Keates FCCA - Director

1.	STATUTORY INFORMATION

Midas Accountants & Business Consultants Limited 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 (£).

The accounts presented are for the year to 31 December 2019 compared to 18 months to 31 December 2018

therefore the comparatives are not entirely comparable.

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 recognised at the fair value of the consideration received or receivable for services provided in the

normal course of business and is shown net of VAT.

Where revenue exceeds the amount billed it is shown in other debtors.

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 hourly staff rates, as a

proportion of total costs. Where the outcome cannot be measured reliably, revenue is recognised only to the

extent of the expenses recognised that are recoverable.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are included at cost less accumulated depreciation and impairment. Cost includes costs

directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated

residual value, of each asset on a systematic basis over its expected useful lives as follows:

Computer equipment

- 33% on cost

Fixtures and fittings

- 25% reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

Debtors and creditors receivable or payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement

constitutes a finance transaction it is measured at present value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2019

337,449

Additions

1,270

At 31 December 2019

338,719

AMORTISATION

At 1 January 2019

300,695

Charge for year

11,135

At 31 December 2019

311,830

NET BOOK VALUE

At 31 December 2019

26,889

At 31 December 2018

36,754

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

and 31 December 2019

100,866

DEPRECIATION

At 1 January 2019

82,141

Charge for year

7,997

At 31 December 2019

90,138

NET BOOK VALUE

At 31 December 2019

10,728

At 31 December 2018

18,725

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

52,329

44,614

Other debtors

80,293

85,890

132,622

130,504

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts

3,849

3,849

Trade creditors

8,512

4,296

Taxation and social security

80,310

64,364

Other creditors

33,446

43,139

126,117

115,648

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts

10,906

14,749

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Hire purchase contracts

14,755

18,598

Hire Purchase is secured on the asset to which it relates.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

100

Ordinary A

£1

100

100

1

Ordinary B

£1

1

1

100

C Ordinary

£1

100

100

201

201

11.	OFF-BALANCE SHEET ARRANGEMENTS

Lease commitments at the balance sheet date total £45,551 (2018 - £54,000).