Midas Investment Developments Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 05432897 (England and Wales)

Midas Investment Developments Limited

Unaudited Financial Statements

for the Year Ended 31 October 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Sterpini

Ms G Y J Owen

SECRETARY:

REGISTERED OFFICE:

313 Holbrook Lane

Holbrooks

Coventry

West Midlands

CV6 4DG

REGISTERED NUMBER:

05432897 (England and Wales)

ACCOUNTANTS:

T Cheung & Co

Chartered Accountants

Unit3a Wing Yip Centre

278 Thimble Mill Lane

Birmingham

B7 5HD

FIXED ASSETS

Intangible assets

3

82,999

82,999

Tangible assets

4

73

91

83,072

83,090

CURRENT ASSETS

Stocks

1,027

1,388

Debtors

5

6,076

5,993

Cash at bank and in hand

1,056

2,004

8,159

9,385

CREDITORS

Amounts falling due within one year

6

93,609

96,567

NET CURRENT LIABILITIES

(85,450

)

(87,182

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,378

)

(4,092

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(2,380

)

(4,094

)

SHAREHOLDERS' FUNDS

(2,378

)

(4,092

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 20 June 2018 and were signed on its behalf by:

Ms G Y J Owen - Director

1.	STATUTORY INFORMATION

Midas Investment Developments 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable,

excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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

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

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.

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2016

and 31 October 2017

82,999

NET BOOK VALUE

At 31 October 2017

82,999

At 31 October 2016

82,999

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 November 2016

and 31 October 2017

1

2,000

2,001

DEPRECIATION

At 1 November 2016

-

1,910

1,910

Charge for year

-

18

18

At 31 October 2017

-

1,928

1,928

NET BOOK VALUE

At 31 October 2017

1

72

73

At 31 October 2016

1

90

91

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

579

496

Other debtors

5,497

5,497

6,076

5,993

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Other creditors

93,609

96,567