Midas PR (UK) Limited 31/07/2022 iXBRL

Midas PR (UK) Limited 31/07/2022 iXBRL

MIDAS PR (UK) LIMITED - Company Information

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Company registration number: 11436103
Midas PR (UK) Limited
Unaudited filleted financial statements
31 July 2022
Midas PR (UK) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Midas PR (UK) Limited
Directors and other information
Directors Mr Steven Williams
Mr Anthony Muliken
Mr George Lossius
Mr Jason Bartolomew
Miss Tory Lyne-Pirkis Resigned 30 November 2022
Ms Georgina Claire Moore
Mrs Jessica Maria Killingley
Mr James Alexander Spackman
Company number 11436103
Registered office Pennine Place
2a Charing Cross Road
London
WC2H 0HF
Accountants Hardcastle Blake
2 Liscombe West
Liscombe Park
Soulbury
Leighton Buzzard
LU7 0JL
Midas PR (UK) Limited
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 2022
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 2022 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.
Hardcastle Blake
ICAEW
2 Liscombe West
Liscombe Park
Soulbury
Leighton Buzzard
LU7 0JL
27 April 2023
Midas PR (UK) Limited
Statement of financial position
31 July 2022
2022 2021
Note £ £ £ £
Fixed assets
Investments 5 903,335 903,335
_______ _______
903,335 903,335
Current assets
Debtors 6 35,400 9,300
_______ _______
35,400 9,300
Creditors: amounts falling due
within one year 7 ( 424,887) ( 286,019)
_______ _______
Net current liabilities ( 389,487) ( 276,719)
_______ _______
Total assets less current liabilities 513,848 626,616
Creditors: amounts falling due
after more than one year 8 ( 365,400) ( 480,000)
_______ _______
Net assets 148,448 146,616
_______ _______
Capital and reserves
Called up share capital 9 11 11
Share premium account 144,990 144,990
Profit and loss account 3,447 1,615
_______ _______
Shareholders funds 148,448 146,616
_______ _______
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 27 April 2023 , and are signed on behalf of the board by:
Mr George Lossius
Director
Company registration number: 11436103
Midas PR (UK) Limited
Statement of changes in equity
Year ended 31 July 2022
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 August 2020 9 114,991 2,069 117,069
Profit for the year 229,300 229,300
_______ _______ _______ _______
Total comprehensive income for the year - - 229,300 229,300
Issue of shares 2 29,999 30,001
Dividends paid and payable ( 224,754) ( 224,754)
Redemption of shares - - ( 5,000) ( 5,000)
_______ _______ _______ _______
Total investments by and distributions to owners 2 29,999 ( 229,754) ( 199,753)
_______ _______ _______ _______
At 31 July 2021 and 1 August 2021 11 144,990 1,615 146,616
Profit for the year 239,399 239,399
_______ _______ _______ _______
Total comprehensive income for the year - - 239,399 239,399
Dividends paid and payable ( 237,567) ( 237,567)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 237,567) ( 237,567)
_______ _______ _______ _______
At 31 July 2022 11 144,990 3,447 148,448
_______ _______ _______ _______
Midas PR (UK) Limited
Notes to the financial statements
Year ended 31 July 2022
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
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 (2021: Nil).
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 August 2021 and 31 July 2022 903,335 903,335
_______ _______
Impairment
At 1 August 2021 and 31 July 2022 - -
_______ _______
Carrying amount
At 31 July 2022 903,335 903,335
_______ _______
At 31 July 2021 903,335 903,335
_______ _______
The company owns 100% of the issued share capital of Midas Public Relations Limited and Bartholomew Killingley Spackman Agency Limited, which are both registered in England and Wales. The companies have the same registerd office.
6. Debtors
2022 2021
£ £
Amounts owed by group undertakings 30,000 -
Other debtors 5,400 9,300
_______ _______
35,400 9,300
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Amounts owed to group undertakings 301,956 148,491
Other creditors 122,931 137,528
_______ _______
424,887 286,019
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Other creditors 365,400 480,000
_______ _______
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
9. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares shares of £ 0.01 each 1,000 10 1,000 10
_______ _______ _______ _______
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:
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Ms Georgina Claire Moore 7,300 - ( 3,900) 3,400
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Ms Georgina Claire Moore - 10,000 ( 2,700) 7,300
_______ _______ _______ _______
12. Controlling party
The share capital of the company is structured so that no one individual shareholder has control based on issued share capital or voting rights .