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 2020

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

15,754

26,889

Tangible assets

5

4,679

10,728

20,433

37,617

CURRENT ASSETS

Debtors

6

67,482

132,622

Cash at bank and in hand

149,517

24,152

216,999

156,774

CREDITORS

Amounts falling due within one year

7

107,981

126,117

NET CURRENT ASSETS

109,018

30,657

TOTAL ASSETS LESS CURRENT LIABILITIES

129,451

68,274

CREDITORS

Amounts falling due after more than one year

8

(51,498

)

(10,906

)

PROVISIONS FOR LIABILITIES

(891

)

(2,038

)

NET ASSETS

77,062

55,330

CAPITAL AND RESERVES

Called up share capital

10

201

201

Retained earnings

76,861

55,129

SHAREHOLDERS' FUNDS

77,062

55,330

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 25 September 2021 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 10 (2019 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

338,719

AMORTISATION

At 1 January 2020

311,830

Charge for year

11,135

At 31 December 2020

322,965

NET BOOK VALUE

At 31 December 2020

15,754

At 31 December 2019

26,889

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

100,866

Additions

1,087

At 31 December 2020

101,953

DEPRECIATION

At 1 January 2020

90,138

Charge for year

7,136

At 31 December 2020

97,274

NET BOOK VALUE

At 31 December 2020

4,679

At 31 December 2019

10,728

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

28,476

52,329

Other debtors

39,006

80,293

67,482

132,622

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

5,559

-

Hire purchase contracts

3,849

3,849

Trade creditors

4,324

8,512

Taxation and social security

89,897

80,310

Other creditors

4,352

33,446

107,981

126,117

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

44,441

-

Hire purchase contracts

7,057

10,906

51,498

10,906

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,376

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Hire purchase contracts

10,906

14,755

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

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

100

Ordinary A

£1

200

100

1

Ordinary B

£1

1

1

100

C Ordinary

£1

-

100

201

201

11.	OFF-BALANCE SHEET ARRANGEMENTS

Lease commitments at the balance sheet date total £25,163 (2019 - £45,551).