Midas PR (UK) Limited 31/07/2021 iXBRL
Midas PR (UK) Limited 31/07/2021 iXBRL
Company registration number:
11436103
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Directors and other information
Directors |
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(Appointed 23 December 2020) | ||
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(Appointed 23 December 2020) | ||
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(Appointed 23 December 2020) | ||
Company number |
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Registered office |
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Accountants |
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2 Liscombe West | |||
Liscombe Park | |||
Soulbury | |||
Leighton Buzzard | |||
LU7 0JL | |||
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Midas PR (UK) Limited
Year ended 31 July 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Midas PR (UK) Limited for the year ended 31 July 2021 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Midas PR (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Midas PR (UK) Limited and state those matters that we have agreed to state to the board of directors of Midas PR (UK) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midas PR (UK) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Midas PR (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Midas PR (UK) Limited. You consider that Midas PR (UK) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Midas PR (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
ICAEW
2 Liscombe West
Liscombe Park
Soulbury
Leighton Buzzard
LU7 0JL
29 April 2022
Statement of financial position
31 July 2021
2021 | 2020 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Investments | 5 |
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Current assets | |||||||||
Debtors | 6 |
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Creditors: amounts falling due | |||||||||
within one year | 7 |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year | 8 |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital | 9 |
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Share premium account |
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Profit and loss account |
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Shareholders funds |
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Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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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 financial statements.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
29 April 2022
, and are signed on behalf of the board by:
Director
Company registration number:
11436103
Statement of changes in equity
Year ended 31 July 2021
Called up share capital | Share premium account | Profit and loss account | Total | |||
£ | £ | £ | £ | |||
At 1 August 2019 |
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Profit for the year |
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Total comprehensive income for the year | - | - |
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Dividends paid and payable |
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Total investments by and distributions to owners | - | - |
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At 31 July 2020 and 1 August 2020 |
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Profit for the year |
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Total comprehensive income for the year | - | - |
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Issue of shares |
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Dividends paid and payable |
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Redemption of shares | - | - |
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Total investments by and distributions to owners |
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At 31 July 2021 |
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Notes to the financial statements
Year ended 31 July 2021
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Pennine Place, 2a Charing Cross Road, London, WC2H 0HF.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Consolidation
Taxation
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2020: Nil).
5.
Investments
Shares in group undertakings and participating interests | Total | ||
£ | £ | ||
Cost | |||
At 1 August 2020 |
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Additions |
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At 31 July 2021 |
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Impairment | |||
At 1 August 2020 and 31 July 2021 | - | - | |
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Carrying amount | |||
At 31 July 2021 |
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At 31 July 2020 |
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The company owns 100% of the issued share capital of Midas Public Relations Limited, which is registered in England and Wales. This company has the same registerd office. During the year the company acquired the entire share of BKS Agency Limited. The consideration was met by the issue of new shares in Midas PR UK Limited to the existing shareholders.
6.
Debtors
2021 | 2020 | |||
£ | £ | |||
Other debtors |
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7.
Creditors: amounts falling due within one year
2021 | 2020 | |||
£ | £ | |||
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Other creditors |
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8.
Creditors: amounts falling due after more than one year
2021 | 2020 | |||
£ | £ | |||
Other creditors |
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Other creditors are unsecured loan notes and are interest free.
Creditors more than one year relate to loan notes issued to the shareholders on acquisition of the subsidiary company Midas Public Relations Limited
Included within creditors: amounts falling due after more than one year is an amount of £ -
(2020 £ 127,500 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9.
Called up share capital
Issued, called up and fully paid
2021 | 2020 | ||||||||
No | £ | No | £ | ||||||
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1,000 | 10 | 850 | 9 | |||||
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10.
Contingent assets and liabilities
As noted at note 5, during the year the company acquired the entire share capital of BKS Agency Limited. The consideration was the issue of new shares in Midas PR UK Limited. There is a deferred element to the consideration which would be met by a further issue of shares, dependent on the future financial performance of the acquired company. It is considered that at the balance sheet date the fair value of the deferred consideration is £nil.
11.
Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company: | |||||
2021 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
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2020 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
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- | - | - | - | |
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12.
Controlling party