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MILGI LOUNGE LTD




Company Registration Number:
05570493 (England and Wales)



Abbreviated (Unaudited) Accounts



Period of accounts


Start date: 01st October 2009

End date: 30th September 2010

SUBMITTED

MILGI LOUNGE LTD

Company Information
for the Period Ended
30th September 2010




Director: Gabrielle Kelly
Rebecca Kelly
Company secretary: Mick Kelly
Registered office: 213 City Road
Cardiff
CF24 3JD
Company Registration Number: 05570493 (England and Wales)

MILGI LOUNGE LTD

Abbreviated Balance sheet
As at 30th September 2010

Notes 2010
£
2009
£
Fixed assets
Intangible assets: 4 56,869 56,869
Tangible assets: 5 29,405 34,636
Total fixed assets: 86,274 91,505
Current assets
Stocks: 4,826 1,481
Cash at bank and in hand: 5,894 21,241
Total current assets: 10,720 22,722
Creditors
Creditors: amounts falling due within one year 7 36,579 44,426
Net current assets (liabilities): ( 25,859 ) ( 21,704 )
Total assets less current liabilities: 60,415 69,801
Creditors: amounts falling due after more than one year: 44,265 57,593
Provision for liabilities: 3,558
Total net assets (liabilities): 12,592 12,208

The notes form part of these financial statements

MILGI LOUNGE LTD

Abbreviated Balance sheet
As at 30th September 2010
continued

Notes 2010
£
2009
£
Capital and reserves
Called up share capital: 8 2 2
Profit and Loss account: 12,590 12,206
Total shareholders funds: 12,592 12,208

For the year ending 30 September 2010 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

The financial statements were approved by the Board of Directors on 15 November 2010

SIGNED ON BEHALF OF THE BOARD BY:

Name: Rebecca Kelly
Status: Director

The notes form part of these financial statements

MILGI LOUNGE LTD

Notes to the Abbreviated Accounts
for the Period Ended
30th September 2010

  • 1. Accounting policies

    Basis of measurement and preparation of accounts

    The financial Statements have been prepared under the historical cost convention and in accordance with the financial Reporting standard for smaller entities(Eff April 08)

    Turnover policy

    All turnover is shown excluding vat

    Tangible fixed assets depreciation policy

    Depreciation on initial refurbishment works and furnishings at 20% reducing,all purchases since 20098 accounts are at 20% straight annual rate in order to write off furnishings over their useful life

    Intangible fixed assets amortisation policy

    Leasehold value in terms of purchase of lease and works to the lease are not amortised

  • 4. Intangible assets

    Total
    Cost £
    At 01st October 2009: 56,869
    56,869
    Net book value £
    At 30th September 2010: 56,869
    At 30th September 2009: 56,869

  • 5. Tangible assets

    Total
    Cost £
    At 01st October 2009: 61,533
    Additions: 1,956
    At 30th September 2010: 63,489
    Depreciation
    At 01st October 2009: 26,897
    Charge for year: 7,187
    At 30th September 2010: 34,084
    Net book value
    At 30th September 2010: 29,405
    At 30th September 2009: 34,636

  • 7. Creditors: amounts falling due within one year

    2010
    £
    2009
    £
    Trade creditors: 19,424 22,601
    Taxation and social security: 17,155 21,825
    Total: 36,579 44,426

  • 8. Called up share capital

    Allotted, called up and paid

    Previous period 2009
    Class Number of shares Nominal value per share Total
    Ordinary shares: 2 1 2
    Total share capital: 2
    Current period 2010
    Class Number of shares Nominal value per share Total
    Ordinary shares: 2 1 2
    Total share capital: 2