22 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 15,750 15,750 xbrli:pure xbrli:shares iso4217:GBP 06355828 2022-04-01 2023-03-31 06355828 2023-03-31 06355828 2022-03-31 06355828 2021-04-01 2022-03-31 06355828 2022-03-31 06355828 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 06355828 core:FurnitureFittings 2022-04-01 2023-03-31 06355828 core:MotorVehicles 2022-04-01 2023-03-31 06355828 bus:Director1 2022-04-01 2023-03-31 06355828 core:NetGoodwill 2023-03-31 06355828 core:LandBuildings 2022-03-31 06355828 core:FurnitureFittings 2022-03-31 06355828 core:MotorVehicles 2022-03-31 06355828 core:LandBuildings 2023-03-31 06355828 core:FurnitureFittings 2023-03-31 06355828 core:MotorVehicles 2023-03-31 06355828 core:LandBuildings 2022-04-01 2023-03-31 06355828 core:WithinOneYear 2023-03-31 06355828 core:WithinOneYear 2022-03-31 06355828 core:AfterOneYear 2023-03-31 06355828 core:AfterOneYear 2022-03-31 06355828 core:ShareCapital 2023-03-31 06355828 core:ShareCapital 2022-03-31 06355828 core:RetainedEarningsAccumulatedLosses 2023-03-31 06355828 core:RetainedEarningsAccumulatedLosses 2022-03-31 06355828 core:LandBuildings 2022-03-31 06355828 core:FurnitureFittings 2022-03-31 06355828 core:MotorVehicles 2022-03-31 06355828 bus:SmallEntities 2022-04-01 2023-03-31 06355828 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06355828 bus:FullAccounts 2022-04-01 2023-03-31 06355828 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06355828 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06355828 core:NetGoodwill 2022-04-01 2023-03-31 06355828 core:LeaseholdImprovements 2022-03-31 06355828 core:LeaseholdImprovements 2022-04-01 2023-03-31 06355828 core:LeaseholdImprovements 2023-03-31
COMPANY REGISTRATION NUMBER: 06355828
Milligan Hotel & Restaurant Company Limited
Unaudited financial statements
31 March 2023
Milligan Hotel & Restaurant Company Limited
Statement of financial position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
127,661
121,096
Current assets
Stocks
5,500
5,000
Debtors
7
32,843
79,437
Cash at bank and in hand
2,145
-------
-------
40,488
84,437
Creditors: Amounts falling due within one year
8
( 97,921)
( 91,194)
-------
-------
Net current liabilities
( 57,433)
( 6,757)
---------
---------
Total assets less current liabilities
70,228
114,339
Creditors: Amounts falling due after more than one year
9
( 22,500)
( 30,838)
Provisions
Taxation including deferred tax
( 5,137)
( 5,471)
-------
---------
Net assets
42,591
78,030
-------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
42,491
77,930
-------
-------
Shareholders funds
42,591
78,030
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Milligan Hotel & Restaurant Company Limited
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 6 October 2023 , and are signed on behalf of the board by:
P R Milligan
Director
Company registration number: 06355828
Milligan Hotel & Restaurant Company Limited
Notes to the financial statements
Year ended 31 March 2023
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 Mulberry Tree, Station Road, Attleborough, Norfolk, NR17 2AS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
5% reducing balance
Fixtures and Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Improvements to leasehold property
-
7.5% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Defined contribution plans
The company operates a defined benefit contribution pension scheme for employees. The assets of the scheme are held seperately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of employees during the year was 22 (2022: 20 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
15,750
-------
Amortisation
At 1 April 2022 and 31 March 2023
15,750
-------
Carrying amount
At 31 March 2023
-------
At 31 March 2022
-------
6. Tangible assets
Leasehold Property
Fixtures and fittings
Motor vehicles
Improvement to Leasehold Property
Total
£
£
£
£
£
Cost
At 1 April 2022
14,089
38,895
8,000
147,759
208,743
Additions
2,391
15,739
18,130
-------
-------
------
---------
---------
At 31 March 2023
14,089
41,286
8,000
163,498
226,873
-------
-------
------
---------
---------
Depreciation
At 1 April 2022
5,209
18,396
7,088
56,954
87,647
Charge for the year
444
3,356
228
7,537
11,565
-------
-------
------
---------
---------
At 31 March 2023
5,653
21,752
7,316
64,491
99,212
-------
-------
------
---------
---------
Carrying amount
At 31 March 2023
8,436
19,534
684
99,007
127,661
-------
-------
------
---------
---------
At 31 March 2022
8,880
20,499
912
90,805
121,096
-------
-------
------
---------
---------
7. Debtors
2023
2022
£
£
Other debtors
32,843
79,437
-------
-------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
45,704
40,560
Trade creditors
20,377
12,630
Social security and other taxes
25,965
27,387
Other creditors
5,875
10,617
-------
-------
97,921
91,194
-------
-------
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,500
30,838
-------
-------
10. Directors' advances, credits and guarantees
Included in debtors is an amount due to the company from the directors of £21,810 (2022: £75,761). Interest of £627 (2022: £572) was charged at the official rate.