Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-312022-03-01falseTrading & Investment11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10918307 2022-03-01 2023-03-31 10918307 2020-09-01 2022-02-28 10918307 2023-03-31 10918307 2022-02-28 10918307 c:Director1 2022-03-01 2023-03-31 10918307 d:CurrentFinancialInstruments 2023-03-31 10918307 d:CurrentFinancialInstruments 2022-02-28 10918307 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10918307 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 10918307 d:ShareCapital 2023-03-31 10918307 d:ShareCapital 2022-02-28 10918307 d:RetainedEarningsAccumulatedLosses 2023-03-31 10918307 d:RetainedEarningsAccumulatedLosses 2022-02-28 10918307 c:FRS102 2022-03-01 2023-03-31 10918307 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-03-31 10918307 c:FullAccounts 2022-03-01 2023-03-31 10918307 c:PrivateLimitedCompanyLtd 2022-03-01 2023-03-31 10918307 2 2022-03-01 2023-03-31 10918307 6 2022-03-01 2023-03-31 10918307 e:PoundSterling 2022-03-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 10918307









MILAKATA LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2023

 
MILAKATA LTD
REGISTERED NUMBER: 10918307

BALANCE SHEET
AS AT 31 MARCH 2023

31 March
31 March
28 February
28 February
2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investments
 4 
8,292,771
9,837,120

  
8,292,771
9,837,120

Current assets
  

Debtors: amounts falling due within one year
 5 
16,496,103
16,923,147

Cash at bank and in hand
 6 
8,458,472
3,611,668

  
24,954,575
20,534,815

Creditors: amounts falling due within one year
 7 
(29,144,236)
(25,543,586)

Net current liabilities
  
 
 
(4,189,661)
 
 
(5,008,771)

Total assets less current liabilities
  
4,103,110
4,828,349

  

Net assets
  
4,103,110
4,828,349


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
4,103,010
4,828,249

  
4,103,110
4,828,349


Page 1

 
MILAKATA LTD
REGISTERED NUMBER: 10918307
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

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 period 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 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 on 9 August 2024.




B Patel
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MILAKATA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

Milakata Ltd is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 10918307. The address of the registered office is Ambe House, Commerce Way, Edenbridge, Kent, England, TE8 6ED.

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

Interest income

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

 
2.4

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.

Page 3

 
MILAKATA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as
Page 4

 
MILAKATA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Page 5

 
MILAKATA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.11

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 1 (2022 - 1).


4.


Fixed asset investments








Listed investments
Other fixed asset investments
Trade investments
Total

£
£
£
£



Cost or valuation


At 1 March 2022
9,836,519
-
601
9,837,120


Additions
1,769,763
930,570
-
2,700,333


Disposals
(4,276,186)
-
-
(4,276,186)


Revaluations
31,504
-
-
31,504



At 31 March 2023
7,361,600
930,570
601
8,292,771




Page 6

 
MILAKATA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

5.


Debtors

31 March
28 February
2023
2022
£
£


Trade debtors
175,257
5,950

Amounts owed by group undertakings
3,859,473
3,822,301

Other debtors
12,392,604
13,094,896

Prepayments and accrued income
68,769
-

16,496,103
16,923,147



6.


Cash and cash equivalents

31 March
28 February
2023
2022
£
£

Cash at bank and in hand
8,458,472
3,611,668

8,458,472
3,611,668



7.


Creditors: Amounts falling due within one year

31 March
28 February
2023
2022
£
£

Bank loans
22,924,368
-

Other loans
2,289,284
15,903,423

Trade creditors
54,409
6,312

Amounts owed to group undertakings
-
501

Corporation tax
1,809,418
1,660,482

Other creditors
2,066,757
7,972,268

Accruals and deferred income
-
600

29,144,236
25,543,586


Page 7

 
MILAKATA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

8.


Related party transactions

At the year end the following amounts were due from/(to) the related parties


31 March
28 February
2023
2022
£
£

Key management personnel and close family
1,384,375
7,631,854
Other related parties
7,509,714
(2,408,629)
8,894,089
5,223,225


9.


Controlling party

The ultimate controlling party is B Patel, by virtue of majority shareholding.

 
Page 8