Midas Golf Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04364257 (England and Wales)

MIDAS GOLF LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S B Womersley

Mrs J Womersley

REGISTERED OFFICE:

23 Shuttle Eye Way

Grange Moor

Wakefield

WF4 4UN

REGISTERED NUMBER:

04364257 (England and Wales)

ACCOUNTANTS:

Harrison & Co

Chartered Accountants

531 Denby Dale Road West

Calder Grove

Wakefield

West Yorkshire

WF4 3ND

BANKERS:

The Royal Bank of Scotland plc

35-37 Northgate

Wakefield

WF1 3XA

FIXED ASSETS

Tangible assets

4

10,539

13,946

CURRENT ASSETS

Stocks

750

750

Debtors

80,000

80,000

Cash at bank and in hand

101,945

158,401

182,695

239,151

CREDITORS

Amounts falling due within one year

2,252

5,750

NET CURRENT ASSETS

180,443

233,401

TOTAL ASSETS LESS CURRENT LIABILITIES

190,982

247,347

PROVISIONS FOR LIABILITIES

2,002

2,650

NET ASSETS

188,980

244,697

CAPITAL AND RESERVES

Called up share capital

27,074

10,074

Share premium

263

263

Retained earnings

161,643

234,360

SHAREHOLDERS' FUNDS

188,980

244,697

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2020 and were signed on its behalf by:

Mr S B Womersley - Director

1.	STATUTORY INFORMATION

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

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is ascertained by the user of the first-in first-out method of cost calculation. Net realisable value is based on an estimated selling price, less further costs to be incurred to completion and disposal. Provision is also made for obsolete, slow-moving and defective items, where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2019

and 31 May 2020

2,000

31,175

5,500

38,675

DEPRECIATION

At 1 June 2019

1,205

18,024

5,500

24,729

Charge for year

119

3,288

-

3,407

At 31 May 2020

1,324

21,312

5,500

28,136

NET BOOK VALUE

At 31 May 2020

676

9,863

-

10,539

At 31 May 2019

795

13,151

-

13,946