Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mrs L Thompson 29/12/2000 26 September 2023 The principal activity of the Company during the financial year was that of art galleries, publishing and picture framing. 04134140 2023-03-31 04134140 bus:Director1 2023-03-31 04134140 2022-03-31 04134140 core:CurrentFinancialInstruments 2023-03-31 04134140 core:CurrentFinancialInstruments 2022-03-31 04134140 core:ShareCapital 2023-03-31 04134140 core:ShareCapital 2022-03-31 04134140 core:CapitalRedemptionReserve 2023-03-31 04134140 core:CapitalRedemptionReserve 2022-03-31 04134140 core:RetainedEarningsAccumulatedLosses 2023-03-31 04134140 core:RetainedEarningsAccumulatedLosses 2022-03-31 04134140 core:Goodwill 2022-03-31 04134140 core:ComputerSoftware 2022-03-31 04134140 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 04134140 core:Goodwill 2023-03-31 04134140 core:ComputerSoftware 2023-03-31 04134140 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 04134140 core:LandBuildings 2022-03-31 04134140 core:Vehicles 2022-03-31 04134140 core:FurnitureFittings 2022-03-31 04134140 core:LandBuildings 2023-03-31 04134140 core:Vehicles 2023-03-31 04134140 core:FurnitureFittings 2023-03-31 04134140 bus:OrdinaryShareClass1 2023-03-31 04134140 bus:OrdinaryShareClass2 2023-03-31 04134140 2022-04-01 2023-03-31 04134140 bus:FullAccounts 2022-04-01 2023-03-31 04134140 bus:SmallEntities 2022-04-01 2023-03-31 04134140 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04134140 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04134140 bus:Director1 2022-04-01 2023-03-31 04134140 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 04134140 core:ComputerSoftware core:TopRangeValue 2022-04-01 2023-03-31 04134140 core:LandBuildings core:BottomRangeValue 2022-04-01 2023-03-31 04134140 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 04134140 core:Vehicles 2022-04-01 2023-03-31 04134140 core:FurnitureFittings core:BottomRangeValue 2022-04-01 2023-03-31 04134140 core:FurnitureFittings core:TopRangeValue 2022-04-01 2023-03-31 04134140 2021-04-01 2022-03-31 04134140 core:LandBuildings 2022-04-01 2023-03-31 04134140 core:FurnitureFittings 2022-04-01 2023-03-31 04134140 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 04134140 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 04134140 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 04134140 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04134140 (England and Wales)

MILKWOOD PUBLISHING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

MILKWOOD PUBLISHING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MILKWOOD PUBLISHING LIMITED

BALANCE SHEET

As at 31 March 2023
MILKWOOD PUBLISHING LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 575,732 842,718
575,732 842,718
Current assets
Stocks 861,803 962,886
Debtors 5 349,574 235,359
Cash at bank and in hand 1,465,412 1,755,325
2,676,789 2,953,570
Creditors: amounts falling due within one year 6 ( 797,700) ( 1,027,841)
Net current assets 1,879,089 1,925,729
Total assets less current liabilities 2,454,821 2,768,447
Provision for liabilities ( 28,260) ( 34,949)
Net assets 2,426,561 2,733,498
Capital and reserves
Called-up share capital 7 102 102
Capital redemption reserve 2 2
Profit and loss account 2,426,457 2,733,394
Total shareholders' funds 2,426,561 2,733,498

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Milkwood Publishing Limited (registered number: 04134140) were approved and authorised for issue by the Director on 26 September 2023. They were signed on its behalf by:

Mrs L Thompson
Director
MILKWOOD PUBLISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MILKWOOD PUBLISHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Milkwood Publishing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Milkwood House Jon Davey Drive, Treleigh Industrial Estate, Redruth, TR16 4AX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Computer software 3 years straight line
Trademarks, patents and licences not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 0 - 50 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 3 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. Included within Land and Buildings is leasehold which is depreciated over the length of the lease.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 110 101

3. Intangible assets

Goodwill Computer software Trademarks, patents
and licences
Total
£ £ £ £
Cost
At 01 April 2022 8,500 75,328 6,683 90,511
At 31 March 2023 8,500 75,328 6,683 90,511
Accumulated amortisation
At 01 April 2022 8,500 75,328 6,683 90,511
At 31 March 2023 8,500 75,328 6,683 90,511
Net book value
At 31 March 2023 0 0 0 0
At 31 March 2022 0 0 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2022 1,188,449 120,316 1,082,206 2,390,971
Additions 38,586 365,666 13,188 417,440
Disposals ( 657,421) 0 0 ( 657,421)
At 31 March 2023 569,614 485,982 1,095,394 2,150,990
Accumulated depreciation
At 01 April 2022 491,589 100,849 955,815 1,548,253
Charge for the financial year 40,405 14,404 60,639 115,448
Disposals ( 88,443) 0 0 ( 88,443)
At 31 March 2023 443,551 115,253 1,016,454 1,575,258
Net book value
At 31 March 2023 126,063 370,729 78,940 575,732
At 31 March 2022 696,860 19,467 126,391 842,718

Included within the net book value of land and buildings above is £nil (2022 - £577,605) in respect of freehold land and buildings and £126,064 (2022 - £119,255) in respect of short leasehold land and buildings.

5. Debtors

2023 2022
£ £
Trade debtors 67,293 48,832
Amounts owed by Group undertakings 30,000 0
Other debtors 252,281 186,527
349,574 235,359

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 1,288
Trade creditors 575,024 425,986
Taxation and social security 207,295 476,987
Other creditors 15,381 123,580
797,700 1,027,841

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
2 Ordinary D shares of £ 1.00 each 2 2
102 102

8. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 1,977,805 1,359,419

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Interest free loan to Mrs L Thompson 95,222 94,122

Advances

Advances were made to Mrs L Thompson for the financial year ended 31 March 2023 for £1,100.

10. Ultimate controlling party

Parent Company:

Bleuhills Holdings Limited
Milkwood House Jon Davey Drive, Treleigh Industrial Estate, Redruth, Cornwall, United Kingdom, TR16 4AX