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COMPANY REGISTRATION NUMBER: 11257152
MILCO LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2023
MILCO LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
4
515,564
515,564
CURRENT ASSETS
Debtors
5
16,667
19,167
Cash at bank and in hand
11,294
20,990
--------
--------
27,961
40,157
CREDITORS: amounts falling due within one year
6
( 402,285)
( 438,187)
---------
---------
NET CURRENT LIABILITIES
( 374,324)
( 398,030)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
141,240
117,534
---------
---------
NET ASSETS
141,240
117,534
---------
---------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
141,239
117,533
---------
---------
SHAREHOLDER FUNDS
141,240
117,534
---------
---------
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.
Director's responsibilities:
- The member has 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 .
MILCO LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
R Anand
Director
Company registration number: 11257152
MILCO 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 10 Little Orchard Brooks Drive, Hale Barns, Altrincham, WA15 8TN, England.
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.
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
REVENUE RECOGNITION
Turnover comprises revenue recognised by the company in respect of rents received, excluding Value Added Tax Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis.
INCOME TAX
Deferred tax is recognised in respect of all timing differences at the reporting date.
TANGIBLE ASSETS
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
INVESTMENT PROPERTY
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
FINANCIAL INSTRUMENTS
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the entity after deducting all of its financial liabilities.
4. TANGIBLE ASSETS
Investment property
£
Cost
At 1 April 2022 and 31 March 2023
515,564
---------
Depreciation
At 1 April 2022 and 31 March 2023
---------
Carrying amount
At 31 March 2023
515,564
---------
At 31 March 2022
515,564
---------
The investment property was valued by the director, on an open market basis, as at 31st March 2023.
5. DEBTORS
2023
2022
£
£
Other debtors
16,667
19,167
--------
--------
6. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
645
940
Corporation tax
8,258
8,038
Social security and other taxes
2,556
2,408
Other creditors
390,826
426,801
---------
---------
402,285
438,187
---------
---------