Registered number
05228260
Milton Independent Financial Advisers Ltd
Filleted Accounts
30 September 2023
Milton Independent Financial Advisers Ltd
Registered number: 05228260
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 46,776 10,203
Current assets
Debtors 4 119,992 64,586
Investments held as current assets 5 1,602,463 1,443,461
Cash at bank and in hand 49,384 126,618
1,771,839 1,634,665
Creditors: amounts falling due within one year 6 (6,483) (21,265)
Net current assets 1,765,356 1,613,400
Total assets less current liabilities 1,812,132 1,623,603
Creditors: amounts falling due after more than one year 7 (1,939) (1,939)
Net assets 1,810,193 1,621,664
Capital and reserves
Called up share capital 3 3
Profit and loss account 1,810,190 1,621,661
Shareholders' funds 1,810,193 1,621,664
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Milton
Director
Approved by the board on 6 March 2024
Milton Independent Financial Advisers Ltd
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2022 13,581 26,988 - 40,569
Additions - - 42,680 42,680
At 30 September 2023 13,581 26,988 42,680 83,249
Depreciation
At 1 October 2022 13,581 16,785 - 30,366
Charge for the year - 2,551 3,556 6,107
At 30 September 2023 13,581 19,336 3,556 36,473
Net book value
At 30 September 2023 - 7,652 39,124 46,776
At 30 September 2022 - 10,203 - 10,203
4 Debtors 2023 2022
£ £
Trade debtors 29,208 64,586
Other debtors 90,784 -
119,992 64,586
5 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 1,462,463 1,443,461
Unlisted investments 140,000 -
1,602,463 1,443,461
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 7,389
Taxation and social security costs 1,640 5,966
Other creditors 4,843 7,910
6,483 21,265
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 1,939 1,939
8 Other information
Milton Independent Financial Advisers Ltd is a private company limited by shares and incorporated in England. Its registered office is:
2 Arlington Square
Bracknell
Berkshire
RG12 1WA
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