Millennium Falcon Ltd 07772737 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is that of laundry and dry cleaning. Digita Accounts Production Advanced 6.30.9574.0 true 07772737 2022-09-01 2023-08-31 07772737 2023-08-31 07772737 core:RetainedEarningsAccumulatedLosses 2023-08-31 07772737 core:ShareCapital 2023-08-31 07772737 core:CurrentFinancialInstruments 2023-08-31 07772737 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 07772737 core:PlantMachinery 2023-08-31 07772737 core:ParentEntities 2023-08-31 07772737 bus:SmallEntities 2022-09-01 2023-08-31 07772737 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 07772737 bus:FullAccounts 2022-09-01 2023-08-31 07772737 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 07772737 bus:RegisteredOffice 2022-09-01 2023-08-31 07772737 bus:Director3 2022-09-01 2023-08-31 07772737 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 07772737 core:PlantMachinery 2022-09-01 2023-08-31 07772737 core:OtherRelatedParties 2022-09-01 2023-08-31 07772737 core:ParentEntities 2022-09-01 2023-08-31 07772737 countries:EnglandWales 2022-09-01 2023-08-31 07772737 2022-08-31 07772737 core:PlantMachinery 2022-08-31 07772737 core:ParentEntities 2022-08-31 07772737 2021-09-01 2022-08-31 07772737 2022-08-31 07772737 core:RetainedEarningsAccumulatedLosses 2022-08-31 07772737 core:ShareCapital 2022-08-31 07772737 core:CurrentFinancialInstruments 2022-08-31 07772737 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 07772737 core:PlantMachinery 2022-08-31 07772737 core:OtherRelatedParties 2022-08-31 07772737 core:ParentEntities 2022-08-31 07772737 core:OtherRelatedParties 2021-09-01 2022-08-31 07772737 core:ParentEntities 2021-09-01 2022-08-31 07772737 2021-08-31 07772737 core:OtherRelatedParties 2021-08-31 07772737 core:ParentEntities 2021-08-31 iso4217:GBP xbrli:pure

Registration number: 07772737

Millennium Falcon Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Millennium Falcon Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Millennium Falcon Ltd

(Registration number: 07772737)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

171

341

Current assets

 

Debtors

5

278,183

251,147

Cash at bank and in hand

 

49,828

111,629

 

328,011

362,776

Creditors: Amounts falling due within one year

6

(217,971)

(309,858)

Net current assets

 

110,040

52,918

Net assets

 

110,211

53,259

Capital and reserves

 

Called up share capital

2

2

Retained earnings

110,209

53,257

Shareholders' funds

 

110,211

53,259

For the financial year ending 31 August 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 year 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 22 April 2024 and signed on its behalf by:
 

.........................................
Mr A N Patel
Director

 

Millennium Falcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
15-13 Elystan Street
London
SW3 3NU

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover from provision of laundry and dry cleaning services is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

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.

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

Plant and machinery

4 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Millennium Falcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 year, was 3 (2022 - 2).

 

Millennium Falcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2022

3,704

3,704

At 31 August 2023

3,704

3,704

Depreciation

At 1 September 2022

3,363

3,363

Charge for the year

170

170

At 31 August 2023

3,533

3,533

Carrying amount

At 31 August 2023

171

171

At 31 August 2022

341

341

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

47,924

25,391

Amounts owed by related parties

8

230,259

225,756

   

278,183

251,147

 

Millennium Falcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

25,667

34,467

Trade creditors

160,624

149,174

Taxation and social security

22,359

17,135

Other creditors

9,321

109,082

217,971

309,858

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

25,667

34,467

 

Millennium Falcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Related party transactions

Loans to related parties

2023

Parent
£

Total
£

At start of period

225,756

225,756

Advanced

14,503

14,503

Repaid

(10,000)

(10,000)

At end of period

230,259

230,259

2022

Parent
£

Other related parties
£

Total
£

At start of period

31,639

18,000

49,639

Advanced

212,280

-

212,280

Repaid

(18,163)

(18,000)

(36,163)

At end of period

225,756

-

225,756

Terms of loans to related parties

The loan to the parent company is interest free and repayable on demand.
 The loan to other related parties was an interest free loan to Arisia Lounge, a busines in which Mr J A Patel and Mr A N Patel are partners. This was fully paid last year.