Caseware UK (AP4) 2023.0.135 2023.0.135 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01falseNo description of principal activity22truetruefalse 08885517 2023-04-01 2024-03-31 08885517 2022-04-01 2023-03-31 08885517 2024-03-31 08885517 2023-03-31 08885517 c:Director1 2023-04-01 2024-03-31 08885517 d:PlantMachinery 2023-04-01 2024-03-31 08885517 d:PlantMachinery 2024-03-31 08885517 d:PlantMachinery 2023-03-31 08885517 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08885517 d:MotorVehicles 2023-04-01 2024-03-31 08885517 d:MotorVehicles 2024-03-31 08885517 d:MotorVehicles 2023-03-31 08885517 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08885517 d:OfficeEquipment 2023-04-01 2024-03-31 08885517 d:OfficeEquipment 2024-03-31 08885517 d:OfficeEquipment 2023-03-31 08885517 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08885517 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08885517 d:CurrentFinancialInstruments 2024-03-31 08885517 d:CurrentFinancialInstruments 2023-03-31 08885517 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08885517 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08885517 d:ShareCapital 2024-03-31 08885517 d:ShareCapital 2023-03-31 08885517 d:RetainedEarningsAccumulatedLosses 2024-03-31 08885517 d:RetainedEarningsAccumulatedLosses 2023-03-31 08885517 c:OrdinaryShareClass1 2023-04-01 2024-03-31 08885517 c:OrdinaryShareClass1 2024-03-31 08885517 c:OrdinaryShareClass1 2023-03-31 08885517 c:FRS102 2023-04-01 2024-03-31 08885517 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08885517 c:FullAccounts 2023-04-01 2024-03-31 08885517 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08885517 2 2023-04-01 2024-03-31 08885517 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08885517










Milos Marine Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2024

 
Milos Marine Limited
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Milos Marine Limited for the year ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Milos Marine Limited for the year ended 31 March 2024 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Milos Marine Limited, as a body, in accordance with the terms of our engagement letter dated 14 September 2023Our work has been undertaken solely to prepare for your approval the financial statements of Milos Marine Limited and state those matters that we have agreed to state to the Board of Directors of Milos Marine Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Milos Marine Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Milos Marine Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Milos Marine Limited. You consider that Milos Marine Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Milos Marine Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
20 August 2024
Page 1

 
Milos Marine Limited
Registered number: 08885517

Balance Sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,603
9,368

  
5,603
9,368

Current assets
  

Debtors: amounts falling due within one year
 5 
3,717
2,082

Bank and cash balances
  
54,367
58,795

  
58,084
60,877

Creditors: amounts falling due within one year
 6 
(46,859)
(22,697)

Net current assets
  
 
 
11,225
 
 
38,180

Total assets less current liabilities
  
16,828
47,548

Provisions for liabilities
  

Deferred tax
  
(1,065)
(1,779)

  
 
 
(1,065)
 
 
(1,779)

Net assets
  
15,763
45,769


Capital and reserves
  

Called up share capital 
 7 
20
20

Profit and loss account
  
15,743
45,749

  
15,763
45,769


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 year 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 income and retained earnings 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: 

Mr Stephen Brooman
Director
Date: 20 August 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
Milos Marine Limited
 

 
Notes to the Financial Statements
For the year ended 31 March 2024

1.


General information

Milos Marine Limited is a private company limited by shares which was incorporated in the UK and registered in England and Wales with company number 08885517.
The company's registered office is 37 St Margaret's Street, Canterbury, Kent, CT1 2TU.
The financial statements are presented in Pounds Sterling, and rounded to the nearest pound.

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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 3

 
Milos Marine Limited
 

 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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:

Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Office equipment
-
20% straight line

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.

 
2.4

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.

 
2.5

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.

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.
 
Page 4

 
Milos Marine Limited
 

 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)


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.

 
2.7

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.

 
2.8

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.

Page 5

 
Milos Marine Limited
 

 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.9

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Interest income

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

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Current and deferred taxation

The tax expense for the year 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 balance sheet 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 balance sheet 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 balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
Milos Marine Limited
 

 
Notes to the Financial Statements
For the year ended 31 March 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
2,414
24,444
10,904
37,762


Additions
-
-
2,401
2,401



At 31 March 2024

2,414
24,444
13,305
40,163



Depreciation


At 1 April 2023
1,272
20,326
6,796
28,394


Charge for the year on owned assets
483
4,085
1,598
6,166



At 31 March 2024

1,755
24,411
8,394
34,560



Net book value



At 31 March 2024
659
33
4,911
5,603



At 31 March 2023
1,142
4,118
4,108
9,368

Page 7

 
Milos Marine Limited
 

 
Notes to the Financial Statements
For the year ended 31 March 2024

5.


Debtors

2024
2023
£
£


Trade debtors
1,283
-

Other debtors
747
522

Prepayments and accrued income
1,687
1,560

3,717
2,082



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
715
569

Corporation tax
6,887
13,437

Other creditors
37,227
6,756

Accruals and deferred income
2,030
1,935

46,859
22,697


Page 8

 
Milos Marine Limited
 

 
Notes to the Financial Statements
For the year ended 31 March 2024

7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



20 (2023 - 20) Ordinary shares of £1.00 each
20
20



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £35,600 (2023 - £9,600). Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date


9.


Related party transactions

During the year the company had an interest free loan with Mr S Brooman, director of the company. At the Balance Sheet date Mr Brooman was owed £37,226 from the company (2023: £5,800).


10.


Controlling party

The company is under the control of Mr S Brooman by virtue of his majority shareholding.  


Page 9