Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-31072861932021-12-31falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-01-01false11 07286193 2021-01-01 2021-12-31 07286193 2020-01-01 2020-12-31 07286193 2021-12-31 07286193 2020-12-31 07286193 1 2021-01-01 2021-12-31 07286193 d:Director1 2021-01-01 2021-12-31 07286193 c:CurrentFinancialInstruments 2021-12-31 07286193 c:CurrentFinancialInstruments 2020-12-31 07286193 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 07286193 c:CurrentFinancialInstruments c:WithinOneYear 2020-12-31 07286193 c:ShareCapital 2021-12-31 07286193 c:ShareCapital 2020-12-31 07286193 c:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 07286193 c:RetainedEarningsAccumulatedLosses 2021-12-31 07286193 c:RetainedEarningsAccumulatedLosses 2020-12-31 07286193 d:OrdinaryShareClass1 2021-01-01 2021-12-31 07286193 d:OrdinaryShareClass1 2021-12-31 07286193 d:OrdinaryShareClass1 2020-12-31 07286193 d:FRS102 2021-01-01 2021-12-31 07286193 d:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 07286193 d:FullAccounts 2021-01-01 2021-12-31 07286193 d:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure



















Millglobe Ventures Limited

Registered number: 07286193
Information for filing with the Registrar
For the year ended 31 December 2021

 
 07286193
31 December 2021
MILLGLOBE VENTURES LIMITED
REGISTERED NUMBER: 07286193

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
37,297
36,408

Cash at bank and in hand
  
34,988
33,126

  
72,285
69,534

Creditors: amounts falling due within one year
 6 
(13,174)
(10,848)

Net current assets
  
 
 
59,111
 
 
58,686

Total assets less current liabilities
  
59,111
58,686

  

Net assets
  
59,111
58,686


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
 8 
59,110
58,685

  
59,111
58,686


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 August 2022.


D S Shonn
Director

The notes on pages 2 to 5 form part of these financial statements.

- 1 -

 
 07286193
31 December 2021
MILLGLOBE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old School House, 39 Bengal Street, Manchester, M4 6AF.
The principal activity is that of consultancy.
These financial statements have been presented in pound sterling which is the functional currency of the company, and rounded to the nearest £. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

These financial statements have been prepared on a going concern basis. The director, having considered the financial position of the company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the company to continue as a going concern.
Accordingly the director has a reasonable expectation that the company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements. The going concern will not be affected by the COVID-19 situation as confirmed by the director.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

- 2 -

 
 07286193
31 December 2021
MILLGLOBE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Critical judgements in applying the company's accounting policies
The critical judgements that the director has made in the process of applying the company's accounting policies that have the most significant effect on the statutory financial statements are discussed below.
Key sources of estimation uncertainty
Recoverability of debtors
The company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the director has considered factors such as the aging of the debtors, past experience of recoverability, and the credit profile of individual or groups of customers.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

- 3 -

 
 07286193
31 December 2021
MILLGLOBE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Debtors

2021
2020
£
£


Other debtors
37,297
36,408



6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Corporation tax
8,779
7,598

Other taxation and social security
815
408

Other creditors
-
1,082

Accruals and deferred income
3,580
1,760

13,174
10,848



7.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



1 (2020 - 1) ordinary share of £1.00
1
1



8.


Reserves

Profit and loss account

The Profit and Loss account reserve represents cumulative profits and losses made by the Company to date less dividends distribution to shareholders.


9.


Related party transactions

The company was under the control of Mr M Shonn throughout the year. During the year the company made sales of £56,263 (2020: £50,000) to Red Bolt Construction Limited, a company which the director is also a director of and is a shareholder in. At the balance sheet date the Company is owed £2,000 from Red Bolt Construction Limited (2020: £1,082 was due to).   

- 4 -

 
 07286193
31 December 2021
MILLGLOBE VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

10.


Post balance sheet events

On 24 February 2022 Russian Forces entered Ukraine, resulting in Western Nation reactions including announcements of sanctions against Russia and Russian interests worldwide and an economic ripple effect on the global economy. The Directors have carried out an assessment of the potential impact of Russian Forces entering Ukraine on the business, including the impact of mitigation measures and uncertainties, and have concluded that this is a non-adjusting post balance sheet event with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.


11.


Controlling party

The company was under the control of Mr M Shonn throughout the current year. Mr M Shonn is the only shareholder.

- 5 -