Midas Display Systems Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 04442607

MIDAS DISPLAY SYSTEMS LTD

Unaudited Financial Statements

for the Year Ended 31 May 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T P Head

L Hughes

C Weston

SECRETARY:

Mrs T E Martin

REGISTERED OFFICE:

11 New Street

Pontnewydd

Cwmbran

NP44 1EE

REGISTERED NUMBER:

04442607

ACCOUNTANTS:

Griffiths Green Arnold

11 New Street

Pontnewydd

Cwmbran

NP44 1EE

FIXED ASSETS

Tangible assets

4

219,359

CURRENT ASSETS

Stocks

4,491

Debtors

5

99,226

Cash at bank

19,405

123,122

CREDITORS

Amounts falling due within one year

6

(326,690

)

NET CURRENT LIABILITIES

(203,568

)

TOTAL ASSETS LESS CURRENT LIABILITIES

15,791

CAPITAL AND RESERVES

Called up share capital

200

Retained earnings

15,591

15,791

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 May 2018 and were signed on its behalf by:

C Weston - Director

1.	STATUTORY INFORMATION

Midas Display Systems Ltd is a private company, limited by shares , registered in Not specified/Other. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 31 May 2017 are the first financial statements of Midas Display Systems

Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of

Ireland. The date of transition to FRS 102 was 1 June 2015. The reported financial position and financial performance for

the previous period are not affected by the transition to FRS 102.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2016

587,078

Additions

13,667

At 31 May 2017

600,745

DEPRECIATION

At 1 June 2016

326,569

Charge for year

54,817

At 31 May 2017

381,386

NET BOOK VALUE

At 31 May 2017

219,359

At 31 May 2016

260,509

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

98,684

Other debtors

542

99,226

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts

48,571

Hire purchase contracts

577

Trade creditors

103,879

Taxation and social security

53,966

Other creditors

119,697

326,690