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Logo On Report
Registered Number: 04585646
England and Wales

 

 

 

MILLENNIUM GOLD LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
Report to the directors on the preparation of the unaudited statutory accounts of Waters Accountancy Limited for the year ended 30 November 2023


In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Millennium Gold Limited for the year ended 30 November 2023 from the company's accounting records and from information and explanations you have given us.

As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at


http://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html 
This report is made solely to the Board of Directors of Millennium Gold Limited, as a body, in accordance with the terms of our engagement letter dated 9th December 2016. Our work has been undertaken solely to prepare for your approval of the accounts of Millennium Gold Limited and state those matters that we have agreed to state to the Board of Directors of Millennium Gold Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.


To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Millennium Gold Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Millennium Gold Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit/loss of Millennium Gold Limited. You consider that Millennium Gold Limited is exempt from the statutory audit requirements for the year.


SJW Accountants
Casterton Suite, CHBC
Burton in Kendal,
Carnforth
Lancashire
LA6 1NU
14 August 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 (1)   (51)
(1)   (51)
Current assets      
Stocks 48,439    54,939 
Debtors: amounts falling due within one year 16,273    16,243 
Cash at bank and in hand 834    5,777 
65,546    76,959 
Creditors: amount falling due within one year (13,413)   (15,065)
Net current assets 52,133    61,894 
 
Total assets less current liabilities 52,132    61,843 
Creditors: amount falling due after more than one year (70,384)   (76,385)
Provisions for liabilities (170)   (170)
Net assets (18,422)   (14,712)
 

Capital and reserves
     
Called up share capital 4 100    100 
Profit and loss account (18,522)   (14,812)
Shareholders' funds (18,422)   (14,712)
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 14 August 2024 and were signed by:


-------------------------------
Louise Marwood
Director
2
General Information
Millennium Gold Limited is a private company, limited by shares, registered in England and Wales, registration number 04585646, registration address Casterton Suite, CHBC, Burton in Kendal, Carnforth, Lancashire, LA6 1NU. The trading address of the company is 26 Lingarth, Lindale, Grange over Sands, Cumbria, LA11 6LA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Straight Line
Fixtures and Fittings 12.5% Reducing Balance
Inventory
Inventories are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the year was 1 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 December 2022 110    197    1,260    1,567 
Additions      
Disposals      
At 30 November 2023 110    197    1,260    1,567 
Depreciation
At 01 December 2022 110    198    1,260    1,568 
Charge for year      
On disposals      
At 30 November 2023 110    198    1,260    1,568 
Net book values
Closing balance as at 30 November 2023   (1)     (1)
Opening balance as at 01 December 2022 (50)   (1)     (51)


4.

Share Capital

Authorised
100 Class A shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

3