2023-01-012023-12-312023-12-31false05771167MILKY TEA 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MILKY TEA LIMITED

Registered Number
05771167
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

MILKY TEA LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

HOLMES, Jonathan Roy
SCHEMPP, Paul

Registered Address

Studio J Baltic Creative Campus
49 Jamaica Street
Liverpool
L1 0AH

Registered Number

05771167 (England and Wales)
MILKY TEA LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets62,159,9821,595,000
Tangible assets762,02529,567
2,222,0071,624,567
Current assets
Debtors8336,718342,252
Cash at bank and on hand1,228,609590,246
1,565,327932,498
Creditors amounts falling due within one year9(418,394)(377,539)
Net current assets (liabilities)1,146,933554,959
Total assets less current liabilities3,368,9402,179,526
Creditors amounts falling due after one year10(1,439,021)(701,633)
Provisions for liabilities11(14,960)-
Net assets1,914,9591,477,893
Capital and reserves
Called up share capital33
Profit and loss account1,914,9561,477,890
Shareholders' funds1,914,9591,477,893
The financial statements were approved and authorised for issue by the Board of Directors on 1 March 2024, and are signed on its behalf by:
HOLMES, Jonathan Roy
Director
SCHEMPP, Paul
Director

Registered Company No. 05771167
MILKY TEA LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
Video Games Development
4.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Office equipment 20% Straight line

Straight line (years)
Office Equipment5
Intangible assets policy
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 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 Games development costs assessed annually and amortisation charged at a rate equal to the sales income of that year
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development policy
The company operates in the Video Games Industry and is able to take advantage of Video Games Tax Credits (VGTC) and surrender losses for R&D Tax credits.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20232022
Average number of employees during the year2520
6.Intangible assets
Additions include Games development costs capitalised during the year.

Other

Total

££
Cost or valuation
At 01 January 231,595,0001,595,000
Additions1,218,1461,218,146
At 31 December 232,813,1462,813,146
Amortisation and impairment
Charge for year653,164653,164
At 31 December 23653,164653,164
Net book value
At 31 December 232,159,9822,159,982
At 31 December 221,595,0001,595,000
7.Property, plant and equipment

Plant & machinery

Total

££
Cost or valuation
At 01 January 23103,124103,124
Additions51,64851,648
At 31 December 23154,772154,772
Depreciation and impairment
At 01 January 2373,55773,557
Charge for year19,19019,190
At 31 December 2392,74792,747
Net book value
At 31 December 2362,02562,025
At 31 December 2229,56729,567
8.Debtors

2023

2022

££
Trade debtors / trade receivables601264
Other debtors323,198334,514
Prepayments and accrued income12,9197,474
Total336,718342,252
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables9,40815,860
Bank borrowings and overdrafts4,4902,593
Taxation and social security30,53018,235
Other creditors3,794-
Accrued liabilities and deferred income370,172340,851
Total418,394377,539
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts1,439,021701,633
Total1,439,021701,633
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)14,960-
Total14,960-