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COMPANY REGISTRATION NUMBER: 04792851
Milky's (UK) Limited
Unaudited Financial Statements
31 August 2023
Milky's (UK) Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Officers and professional advisers
1
Director's report
2
Statement of comprehensive income
3
Statement of financial position
4
Statement of changes in equity
6
Notes to the financial statements
7
Milky's (UK) Limited
Officers and Professional Advisers
Director
Mr Nabil Assi
Registered office
Suite 4
34a Waterloo Road
London
NW2 7UH
Bankers
Natwest Bank Plc
Milky's (UK) Limited
Director's Report
Year ended 31 August 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 August 2023 .
Director
The director who served the company during the year was as follows:
Mr Nabil Assi
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 21 November 2023 and signed on behalf of the board by:
Mr Nabil Assi
Director
Registered office:
Suite 4
34a Waterloo Road
London
NW2 7UH
Milky's (UK) Limited
Statement of Comprehensive Income
Year ended 31 August 2023
2023
2022
Note
£
£
Turnover
2,188,752
1,782,884
Cost of sales
( 1,367,155)
( 1,166,053)
------------
------------
Gross profit
821,597
616,831
Administrative expenses
( 687,125)
( 629,315)
---------
---------
Operating profit/(loss)
134,472
( 12,484)
Other interest receivable and similar income
107
( 2,017)
Interest payable and similar expenses
( 117,256)
( 46,773)
---------
---------
Profit/(loss) before taxation
5
17,323
( 61,274)
Tax on profit/(loss)
52,075
--------
--------
Profit/(loss) for the financial year and total comprehensive income
17,323
( 9,199)
--------
--------
All the activities of the company are from continuing operations.
Milky's (UK) Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
2,287,858
2,413,521
Current assets
Stocks
16,750
14,500
Debtors
7
241,449
250,552
Cash at bank and in hand
108,616
57,045
---------
---------
366,815
322,097
Creditors: amounts falling due within one year
8
( 635,447)
( 541,027)
---------
---------
Net current liabilities
( 268,632)
( 218,930)
------------
------------
Total assets less current liabilities
2,019,226
2,194,591
Creditors: amounts falling due after more than one year
Bank loans and overdrafts
( 1,719,565)
( 1,898,253)
Accruals and deferred income
( 1,250)
( 15,250)
------------
------------
Net assets
298,411
281,088
------------
------------
Milky's (UK) Limited
Statement of Financial Position (continued)
31 August 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Share premium account
( 211,000)
( 211,000)
Revaluation reserve
1,012,500
1,012,500
Profit and loss account
( 503,189)
( 520,512)
------------
------------
Shareholders funds
298,411
281,088
------------
------------
These financial statements have been prepared 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'.
For the year ending 31 August 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 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 November 2023 , and are signed on behalf of the board by:
Mr Nabil Assi
Director
Company registration number: 04792851
Milky's (UK) Limited
Statement of Changes in Equity
Year ended 31 August 2023
Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total
£
£
£
£
£
At 1 September 2021
100
( 211,000)
1,012,500
( 511,313)
290,287
Loss for the year
( 9,199)
( 9,199)
----
---------
------------
---------
---------
Total comprehensive income for the year
( 9,199)
( 9,199)
At 31 August 2022
100
( 211,000)
1,012,500
( 520,512)
281,088
Profit for the year
17,323
17,323
----
---------
------------
---------
---------
Total comprehensive income for the year
17,323
17,323
----
---------
------------
---------
---------
At 31 August 2023
100
( 211,000)
1,012,500
( 503,189)
298,411
----
---------
------------
---------
---------
Milky's (UK) Limited
Notes to the Financial Statements
Year ended 31 August 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 Suite 4, 34a Waterloo Road, London, NW2 7UH.
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
(a) 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.
(b) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(c) 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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(d) Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
(e) 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(f) 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:
Freehold building
-
4% reducing balance
Plant and machinery
-
20% reducing balance
Fixture fittings
-
20% reducing balance
Motor vehciles
-
20% reducing balance
(g) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(h) 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.
(i) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2022: 15 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
177,745
192,736
---------
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2022
2,528,133
1,169,186
774,983
21,765
4,494,067
Additions
7,852
44,230
52,082
------------
------------
---------
--------
------------
At 31 August 2023
2,528,133
1,177,038
819,213
21,765
4,546,149
------------
------------
---------
--------
------------
Depreciation
At 1 September 2022
557,038
876,620
629,687
17,201
2,080,546
Charge for the year
78,844
60,084
37,905
912
177,745
------------
------------
---------
--------
------------
At 31 August 2023
635,882
936,704
667,592
18,113
2,258,291
------------
------------
---------
--------
------------
Carrying amount
At 31 August 2023
1,892,251
240,334
151,621
3,652
2,287,858
------------
------------
---------
--------
------------
At 31 August 2022
1,971,095
292,566
145,296
4,564
2,413,521
------------
------------
---------
--------
------------
7. Debtors
2023
2022
£
£
Trade debtors
207,077
223,853
Other debtors
34,372
26,699
---------
---------
241,449
250,552
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
313,761
208,953
Trade creditors
231,107
236,736
Social security and other taxes
4,445
4,106
Other creditors
86,134
91,232
---------
---------
635,447
541,027
---------
---------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr Nabil Assi
( 89,278)
3,384
( 85,894)
--------
-------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr Nabil Assi
( 97,043)
7,765
( 89,278)
--------
-------
--------
10. Related party transactions
The company was under the control of Mr Nabil Assi throughout the current and previous year. Mr Nabil Assi is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.