Registered number: 07402416
MILKWOOD ADVISORS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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MILKWOOD ADVISORS LIMITED
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COMPANY INFORMATION
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20-22 Great Titchfield Street
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20-22 Great Titchfield Street
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MILKWOOD ADVISORS LIMITED
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CONTENTS
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Notes to the financial statements
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MILKWOOD ADVISORS LIMITED
REGISTERED NUMBER:07402416
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BALANCE SHEET
AS AT 31 OCTOBER 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 April 2024.
The notes on pages 2 to 5 form part of these financial statements.
1
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MILKWOOD ADVISORS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Milkwood Advisors Limited is a private company, limited by shares, registered in England and Wales, registration number 07402416.
The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal place of business is 9 Baynes Mews, London, NW3 5BH.
The principal activity continued to be that of consultancy services.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The company's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
Shareholder funds amounted to a net deficit in the year. The director has considered the implication of the Insolvency Act 1986 and regards the balance sheet position to be temporary only. The director has confirmed that, if required, he will provide financial support to the company to meet its liabilities as and when they fall due. The accounts have therefore been prepared on a going concern basis.
Turnover represents amounts receivable for consultancy services provided.
Interest income is recognised in profit or loss using the effective interest method.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
2
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MILKWOOD ADVISORS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 1 (2022 - 1).
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3
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MILKWOOD ADVISORS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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Charge for the year on owned assets
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4
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MILKWOOD ADVISORS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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Creditors: Amounts falling due within one year
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Allotted, called up and fully paid
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1 (2022 - 1) Ordinary share of £1.00
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Related party transactions
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At the year end a balance of £179,791 (2022 - £194,928) was due to the director.
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5
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