Midas PR (UK) Limited 31/07/2023 iXBRL

Midas PR (UK) Limited 31/07/2023 iXBRL

MIDAS PR (UK) LIMITED - Company Information

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0 31/07/2023 2023-07-31 true false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-08-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 11436103 2022-08-01 2023-07-31 11436103 2023-07-31 11436103 2021-08-01 2022-07-31 11436103 2022-07-31 11436103 2021-07-31 11436103 bus:RegisteredOffice 2022-08-01 2023-07-31 11436103 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 11436103 bus:LeadAgentIfApplicable 2022-08-01 2023-07-31 11436103 bus:Director1 2022-08-01 2023-07-31 11436103 bus:Director2 2022-08-01 2023-07-31 11436103 bus:Director3 2022-08-01 2023-07-31 11436103 bus:Director4 2022-08-01 2023-07-31 11436103 bus:Director6 2022-08-01 2023-07-31 11436103 bus:Director7 2022-08-01 2023-07-31 11436103 bus:Director8 2022-08-01 2023-07-31 11436103 bus:Director9 2022-08-01 2023-07-31 11436103 bus:Director10 2022-08-01 2023-07-31 11436103 core:WithinOneYear 2023-07-31 11436103 core:WithinOneYear 2022-07-31 11436103 core:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 11436103 core:SharePremium 2022-08-01 2023-07-31 11436103 core:TreasurySharesOwnSharesReserve 2022-08-01 2023-07-31 11436103 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 11436103 core:AfterOneYear 2023-07-31 11436103 core:AfterOneYear 2022-07-31 11436103 core:ShareCapital 2023-07-31 11436103 core:ShareCapital 2022-07-31 11436103 core:SharePremium 2023-07-31 11436103 core:SharePremium 2022-07-31 11436103 core:TreasurySharesOwnSharesReserve 2022-07-31 11436103 core:RetainedEarningsAccumulatedLosses 2023-07-31 11436103 core:RetainedEarningsAccumulatedLosses 2022-07-31 11436103 core:ShareCapital 2021-07-31 11436103 core:SharePremium 2021-07-31 11436103 core:TreasurySharesOwnSharesReserve 2021-07-31 11436103 core:RetainedEarningsAccumulatedLosses 2021-07-31 11436103 bus:OrdinaryShareClass1 core:ShareCapital 2023-07-31 11436103 bus:OrdinaryShareClass1 core:ShareCapital 2022-07-31 11436103 core:CostValuation core:Non-currentFinancialInstruments 2023-07-31 11436103 core:Non-currentFinancialInstruments 2023-07-31 11436103 core:Non-currentFinancialInstruments 2022-07-31 11436103 bus:Director3 2023-07-31 11436103 bus:Director4 2023-07-31 11436103 bus:Director7 2022-07-31 11436103 bus:Director7 2023-07-31 11436103 bus:Director10 2023-07-31 11436103 bus:Director7 2021-07-31 11436103 bus:Director7 2022-07-31 11436103 bus:Director7 2021-08-01 2022-07-31 11436103 bus:SmallEntities 2022-08-01 2023-07-31 11436103 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 11436103 bus:FullAccounts 2022-08-01 2023-07-31 11436103 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 11436103 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 11436103 1 2022-08-01 2023-07-31
Company registration number: 11436103
Midas PR (UK) Limited
Unaudited filleted financial statements
31 July 2023
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
Ms Amelia Vinetta Leonora Knight (Appointed 1 May 2023)
Company number 11436103
Registered office Pennine Place
2a Charing Cross Road
London
WC2H 0HF
Accountants Hardcastle Blake
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
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 2023
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 2023 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
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
25 April 2024
Midas PR (UK) Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
(as amended)
Fixed assets
Investments 5 903,335 903,335
_______ _______
903,335 903,335
Current assets
Debtors 6 96,567 35,400
_______ _______
96,567 35,400
Creditors: amounts falling due
within one year 7 ( 638,965) ( 424,887)
_______ _______
Net current liabilities ( 542,398) ( 389,487)
_______ _______
Total assets less current liabilities 360,937 513,848
Creditors: amounts falling due
after more than one year 8 ( 198,959) ( 365,400)
_______ _______
Net assets 161,978 148,448
_______ _______
Capital and reserves
Called up share capital 10 10 10
Share premium account 149,891 144,992
Reserve for own shares - ( 1)
Profit and loss account 12,077 3,447
_______ _______
Shareholders funds 161,978 148,448
_______ _______
For the year ending 31 July 2023 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 25 April 2024 , 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 2023
Called up share capital Share premium account Reserve for own shares Profit and loss account Total
£ £ £ £ £
At 1 August 2021 10 144,992 ( 1) 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 and 1 August 2022 10 144,992 ( 1) 3,447 148,448
Profit for the year 190,111 190,111
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 190,111 190,111
Dividends paid and payable ( 181,481) ( 181,481)
Sale of treasury shares 4,999 1 5,000
Transaction costs ( 100) ( 100)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - 4,899 1 ( 181,481) ( 176,581)
_______ _______ _______ _______ _______
At 31 July 2023 10 149,891 - 12,077 161,978
_______ _______ _______ _______ _______
Midas PR (UK) Limited
Notes to the financial statements
Year ended 31 July 2023
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.
Going concern
As referred to in note 11 post balance sheet events, the company shareholders and directors are currently in negotiations with regard to the re-structure of the existing loan notes, shareholder loans and changes to the equity position. This is being undertaken to facilitiate new investment funds to be introduced to the company. The directors' consider this will increase the working capital within the company and group and assist the company in continuing to meet its financial obligations in the period of 12 months from the date of signing these accounts.
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 (2022: Nil).
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 August 2022 and 31 July 2023 903,335 903,335
_______ _______
Impairment
At 1 August 2022 and 31 July 2023 - -
_______ _______
Carrying amount
At 31 July 2023 903,335 903,335
_______ _______
At 31 July 2022 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
2023 2022
£ £
Amounts owed by group undertakings 80,000 30,000
Other debtors 16,567 5,400
_______ _______
96,567 35,400
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Amounts owed to group undertakings 258,249 301,956
Other creditors 380,716 122,931
_______ _______
638,965 424,887
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 198,959 365,400
_______ _______
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. Prior period errors
The 31st July 2022 figures have been amended to correct small rounding errors in relation to the issued share capital, the purchase of shares treated as Treasury shares and to the share premium account.
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 0.01 each 1,000 10 1,000 10
_______ _______ _______ _______
11. Contingent assets and liabilities
The company acquired the entire share capital of BKS Agency Limited in 2021. 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.
12. Events after the end of the reporting period
The company directors are currently in negotiations with its shareholders and loan note holders to re-structure the existing debts within the company, for a new share issue and loans to be introduced. This is to assist with generating additional working capital for the company and its subsidiaries. At the date of signing of the accounts, no formal agreement has been reached between the parties, but it is expected this will be concluded in the next few weeks.
13. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr George Lossius - 10,000 - 10,000
Mr Jason Bartolomew - ( 126,000) - ( 126,000)
Ms Georgina Claire Moore 3,400 - ( 3,000) 400
Ms Amelia Vinetta Leonora Knight - 4,167 - 4,167
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Ms Georgina Claire Moore 7,300 - ( 3,900) 3,400
_______ _______ _______ _______
Mr George Lossius - director also provided a working capital advance to the company of £20,000. As a separate transaction, he acquired the shares of a fellow shareholder for a consideration of £10,000 on the 30th January 2023. The company however provided a loan for this. This loan has now been repaid by Mr George Lossius post the year end.
Mr Jason Bartholomew introduced funds of £126,000 during the year. No interest is payable and there is not set date for repayment.
On 23rd May 2023 Ms Amelia Vinetta Leonora Knight was issued Treasury shares held by Midas PR UK Limited for a consideration of £5,000. A sum of £4,167 is still outstanding in relation to this transaction.
14. 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 .