Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31true2022-05-01falsemanufacture of other food products not elsewhere classified2121falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02716652 2022-05-01 2023-10-31 02716652 2021-05-01 2022-04-30 02716652 2023-10-31 02716652 2022-04-30 02716652 2021-05-01 02716652 c:Director1 2022-05-01 2023-10-31 02716652 d:Buildings d:ShortLeaseholdAssets 2022-05-01 2023-10-31 02716652 d:Buildings d:ShortLeaseholdAssets 2023-10-31 02716652 d:Buildings d:ShortLeaseholdAssets 2022-04-30 02716652 d:PlantMachinery 2022-05-01 2023-10-31 02716652 d:PlantMachinery 2023-10-31 02716652 d:PlantMachinery 2022-04-30 02716652 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-10-31 02716652 d:MotorVehicles 2022-05-01 2023-10-31 02716652 d:MotorVehicles 2023-10-31 02716652 d:MotorVehicles 2022-04-30 02716652 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-05-01 2023-10-31 02716652 d:OfficeEquipment 2022-05-01 2023-10-31 02716652 d:OfficeEquipment 2023-10-31 02716652 d:OfficeEquipment 2022-04-30 02716652 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-10-31 02716652 d:OwnedOrFreeholdAssets 2022-05-01 2023-10-31 02716652 d:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 02716652 d:PatentsTrademarksLicencesConcessionsSimilar 2022-04-30 02716652 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 02716652 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-30 02716652 d:CurrentFinancialInstruments 2023-10-31 02716652 d:CurrentFinancialInstruments 2022-04-30 02716652 d:Non-currentFinancialInstruments 2023-10-31 02716652 d:Non-currentFinancialInstruments 2022-04-30 02716652 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 02716652 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 02716652 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 02716652 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 02716652 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 02716652 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-04-30 02716652 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 02716652 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-04-30 02716652 d:ShareCapital 2023-10-31 02716652 d:ShareCapital 2022-04-30 02716652 d:RetainedEarningsAccumulatedLosses 2023-10-31 02716652 d:RetainedEarningsAccumulatedLosses 2022-04-30 02716652 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 02716652 d:AcceleratedTaxDepreciationDeferredTax 2022-04-30 02716652 c:OrdinaryShareClass1 2022-05-01 2023-10-31 02716652 c:OrdinaryShareClass1 2023-10-31 02716652 c:OrdinaryShareClass1 2022-04-30 02716652 c:FRS102 2022-05-01 2023-10-31 02716652 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-10-31 02716652 c:FullAccounts 2022-05-01 2023-10-31 02716652 c:PrivateLimitedCompanyLtd 2022-05-01 2023-10-31 02716652 d:WithinOneYear 2023-10-31 02716652 d:WithinOneYear 2022-04-30 02716652 d:BetweenOneFiveYears 2023-10-31 02716652 d:BetweenOneFiveYears 2022-04-30 02716652 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2022-05-01 2023-10-31 02716652 d:PatentsTrademarksLicencesConcessionsSimilar d:InternallyGeneratedIntangibleAssets 2022-05-01 2023-10-31 02716652 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-05-01 2023-10-31 02716652 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2022-05-01 2023-10-31 02716652 2 2022-05-01 2023-10-31 02716652 d:ExternallyAcquiredIntangibleAssets 2022-05-01 2023-10-31 02716652 d:InternallyGeneratedIntangibleAssets 2022-05-01 2023-10-31 02716652 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-05-01 2023-10-31 02716652 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-05-01 2023-10-31 02716652 e:PoundSterling 2022-05-01 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02716652









MILLENNIUM DOUGH COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 OCTOBER 2023

 
MILLENNIUM DOUGH COMPANY LIMITED
REGISTERED NUMBER: 02716652

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

31 October
30 April 
2023
2022 (Restated)
Note
£
£

Fixed assets
  

Intangible assets
 4 
150,206
-

Tangible assets
 5 
415,359
464,715

  
565,565
464,715

Current assets
  

Stocks
  
120,403
121,209

Debtors: amounts falling due after more than one year
 6 
1,643,922
-

Debtors: amounts falling due within one year
 6 
342,985
640,513

Cash at bank and in hand
 7 
29,201
1,019,138

  
2,136,511
1,780,860

Creditors: amounts falling due within one year
 8 
(751,052)
(582,460)

Net current assets
  
 
 
1,385,459
 
 
1,198,400

Total assets less current liabilities
  
1,951,024
1,663,115

Creditors: amounts falling due after more than one year
 9 
(263,789)
(56,344)

Provisions for liabilities
  

Deferred tax
 11 
(68,245)
(62,652)

Net assets
  
1,618,990
1,544,119


Capital and reserves
  

Called up share capital 
 12 
1,002
1,002

Profit and loss account
  
1,617,988
1,543,117

  
1,618,990
1,544,119


Page 1

 
MILLENNIUM DOUGH COMPANY LIMITED
REGISTERED NUMBER: 02716652
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 statement of comprehensive income 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 by: 




P P Kitchen
Director

Date: 30 July 2024

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
MILLENNIUM DOUGH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

1.


General information

Millennium Dough Company Limited is a private company, limited by shares and incorporated in England and Wales. The registered office address is Unit 1, Cambridge House Camboro Business Park, Oakington Road, Girton, Cambridge, CB3 0QH. The principal activity of the company during the year under review was that of manufacture of other food products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 3

 
MILLENNIUM DOUGH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

  
2.5

Invoice discounting

The company uses an invoice discounting arrangement, the proceeds received, to the extent that they are non returnable are deducted from the gross amount of the discounted debts. Interest is charged and recognised in the profit and loss account as accrued.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
MILLENNIUM DOUGH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

Tangible fixed assets

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.

Page 5

 
MILLENNIUM DOUGH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:


Short-term leasehold property
-
Over the length of the lease
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance

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.

  
2.14

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
MILLENNIUM DOUGH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

  
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

  
2.19

Financial instruments

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.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 21 (2022 - 21).

Page 7

 
MILLENNIUM DOUGH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

4.


Intangible assets






Intellectual properties
Development expenditure
Total

£
£
£



Cost


Additions
132,992
-
132,992


Additions - internal
-
30,124
30,124



At 31 October 2023

132,992
30,124
163,116



Amortisation


Charge for the period on owned assets
12,910
-
12,910



At 31 October 2023

12,910
-
12,910



Net book value



At 31 October 2023
120,082
30,124
150,206



At 30 April 2022
-
-
-



Page 8

 
MILLENNIUM DOUGH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

5.


Tangible fixed assets







Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2022
200,541
1,578,352
93,132
38,849
1,910,874


Additions
29,707
89,984
545
7,306
127,542


Disposals
-
-
(18,300)
(9,070)
(27,370)



At 31 October 2023

230,248
1,668,336
75,377
37,085
2,011,046



Depreciation


At 1 May 2022
65,054
1,303,458
47,979
29,668
1,446,159


Charge for the period on owned assets
17,461
127,713
17,967
5,876
169,017


Disposals
-
-
(11,215)
(8,274)
(19,489)



At 31 October 2023

82,515
1,431,171
54,731
27,270
1,595,687



Net book value



At 31 October 2023
147,733
237,165
20,646
9,815
415,359



At 30 April 2022
135,487
274,894
45,153
9,181
464,715

Page 9

 
MILLENNIUM DOUGH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

6.


Debtors

31 October
30 April
2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
1,643,922
-

1,643,922
-


31 October
30 April
2023
2022
£
£

Due within one year

Trade debtors
137,364
396,969

Other debtors
164,895
206,696

Prepayments and accrued income
40,726
36,848

342,985
640,513



7.


Cash and cash equivalents

31 October
30 April
2023
2022
£
£

Cash at bank and in hand
29,201
1,019,138

29,201
1,019,138


Page 10

 
MILLENNIUM DOUGH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

8.


Creditors: Amounts falling due within one year

31 October
30 April
2023
2022
£
£

Bank loans
135,934
-

Trade creditors
215,279
203,306

Amounts owed to associated entities
208,815
-

Corporation tax
22,801
45,785

Other taxation and social security
4,185
15,793

Other creditors
40,333
20,917

Accruals and deferred income
123,705
296,659

751,052
582,460



9.


Creditors: Amounts falling due after more than one year

31 October
30 April
2023
2022
£
£

Bank loans
263,789
-

Accruals and deferred income
-
56,344

263,789
56,344


Bank loans amounting to £399,723 (2022: £nil) are secured over the assets of the company including the fixed assets.

Page 11

 
MILLENNIUM DOUGH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


31 October
30 April
2023
2022
£
£

Amounts falling due within one year

Bank loans
135,934
-

Amounts falling due 1-2 years

Bank loans
135,933
-

Amounts falling due 2-5 years

Bank loans
127,856
-


399,723
-



11.


Deferred taxation






2023
2022


£

£






At beginning of year
(62,652)
(72,577)


Charged to profit or loss
(5,593)
9,925



At end of year
(68,245)
(62,652)

The provision for deferred taxation is made up as follows:

31 October
30 April
2023
2022
£
£


Accelerated capital allowances
(68,245)
(62,652)

(68,245)
(62,652)

Page 12

 
MILLENNIUM DOUGH COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

12.


Share capital

31 October
30 April
2023
2022
£
£
Allotted, called up and fully paid



1,002 (2022 - 1,002) Ordinary shares of £1.00 each
1,002
1,002



13.


Prior year adjustment

Over the past few years the accounting policy for depreciation on Leasehold Improvements has incorrectly been applied. As such this is considered as error and not an adjustment to an accounting estimate. The impact of this adjustment is to increase the net book value of the fixed asset specifically Leasehold Improvements and reduce the depreciation charge in the profit and loss by the following amounts at the following year end.
Year to 30 April 2021 -  £57,938
  
Year to 30 April 2022 -  £12,406
  
Total                                    £70,524


14.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.


15.


Commitments under operating leases

At 31 October 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 October
30 April
2023
2022
£
£


Not later than 1 year
291,425
291,425

Later than 1 year and not later than 5 years
145,712
582,850

437,137
874,275

 
Page 13