Milana Studios Limited 14301009 false 2022-08-17 2023-09-30 2023-09-30 The principal activity of the company is that of online retail stores selling clothing and other related products. Digita Accounts Production Advanced 6.30.9574.0 true 14301009 2022-08-17 2023-09-30 14301009 2023-09-30 14301009 core:RetainedEarningsAccumulatedLosses 2023-09-30 14301009 core:ShareCapital 2023-09-30 14301009 core:CurrentFinancialInstruments 2023-09-30 14301009 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 14301009 core:Goodwill 2023-09-30 14301009 core:BetweenTwoFiveYears 2023-09-30 14301009 core:WithinOneYear 2023-09-30 14301009 core:FurnitureFittings 2023-09-30 14301009 core:OfficeEquipment 2023-09-30 14301009 core:PlantMachinery 2023-09-30 14301009 bus:SmallEntities 2022-08-17 2023-09-30 14301009 bus:AuditExemptWithAccountantsReport 2022-08-17 2023-09-30 14301009 bus:FullAccounts 2022-08-17 2023-09-30 14301009 bus:SmallCompaniesRegimeForAccounts 2022-08-17 2023-09-30 14301009 bus:RegisteredOffice 2022-08-17 2023-09-30 14301009 bus:Director1 2022-08-17 2023-09-30 14301009 bus:Director2 2022-08-17 2023-09-30 14301009 bus:PrivateLimitedCompanyLtd 2022-08-17 2023-09-30 14301009 core:Goodwill 2022-08-17 2023-09-30 14301009 core:FurnitureFittings 2022-08-17 2023-09-30 14301009 core:OfficeEquipment 2022-08-17 2023-09-30 14301009 core:PlantMachinery 2022-08-17 2023-09-30 14301009 countries:EnglandWales 2022-08-17 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 14301009

Milana Studios Limited

trading as Milana Studios

Unaudited Filleted Financial Statements

for the Period from 17 August 2022 to 30 September 2023

 

Milana Studios Limited

trading as Milana Studios

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Milana Studios Limited

trading as Milana Studios

(Registration number: 14301009)
Balance Sheet as at 30 September 2023

Note

2023
£

Fixed assets

 

Intangible assets

4

12,000

Tangible assets

5

16,682

 

28,682

Current assets

 

Stocks

193,652

Debtors

6

16,282

Cash at bank and in hand

 

578,596

 

788,530

Creditors: Amounts falling due within one year

7

(718,301)

Net current assets

 

70,229

Total assets less current liabilities

 

98,911

Provisions for liabilities

(4,171)

Net assets

 

94,740

Capital and reserves

 

Called up share capital

100

Retained earnings

94,640

Shareholders' funds

 

94,740

 

Milana Studios Limited

trading as Milana Studios

(Registration number: 14301009)
Balance Sheet as at 30 September 2023

For the financial period ending 30 September 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 March 2024 and signed on its behalf by:
 

.........................................
Mr Bradley Harry Dawson
Director

.........................................
Mrs Tara Louise Maynard
Director

 

Milana Studios Limited

trading as Milana Studios

Notes to the Unaudited Financial Statements for the Period from 17 August 2022 to 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 46
Parkhouse Industrial Estate West
Brookhouse Road
Newcastle-Under-Lyme
Staffordshire
ST5 7RU
England

These financial statements were authorised for issue by the Board on 27 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention. These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

 

Milana Studios Limited

trading as Milana Studios

Notes to the Unaudited Financial Statements for the Period from 17 August 2022 to 30 September 2023

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods to consumers through an online retail store. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Milana Studios Limited

trading as Milana Studios

Notes to the Unaudited Financial Statements for the Period from 17 August 2022 to 30 September 2023

Tangible assets

tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Fixtures and fittings

15% reducing balance

Plant and machinery

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

50% straight line

Stocks

stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Milana Studios Limited

trading as Milana Studios

Notes to the Unaudited Financial Statements for the Period from 17 August 2022 to 30 September 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 5.

 

Milana Studios Limited

trading as Milana Studios

Notes to the Unaudited Financial Statements for the Period from 17 August 2022 to 30 September 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

24,000

24,000

At 30 September 2023

24,000

24,000

Amortisation

Amortisation charge

12,000

12,000

At 30 September 2023

12,000

12,000

Carrying amount

At 30 September 2023

12,000

12,000

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

Additions

15,042

2,000

3,067

20,109

At 30 September 2023

15,042

2,000

3,067

20,109

Depreciation

Charge for the period

2,259

400

768

3,427

At 30 September 2023

2,259

400

768

3,427

Carrying amount

At 30 September 2023

12,783

1,600

2,299

16,682

6

Debtors

Current

2023
£

Other debtors

16,282

 

Milana Studios Limited

trading as Milana Studios

Notes to the Unaudited Financial Statements for the Period from 17 August 2022 to 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

606,795

Taxation and social security

61,439

Other creditors

50,067

718,301

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

Not later than one year

25,350

Later than one year and not later than five years

76,050

101,400

The amount of non-cancellable operating lease payments recognised as an expense during the period was £25,350 .