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Registration number: 10971051

MILLENNIUM TERM LIMITED

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

MILLENNIUM TERM LIMITED

Contents

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Statement of Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 11

 

MILLENNIUM TERM LIMITED

Company Information

Directors

Mr Francesco Ortenzi

Ms Andreea Marinela Caltan

Registered office

3 The Shrubberies
George Lane
London
E18 1BD

Accountants

ACCOUNTING 2 TREND LTD
3 The Shrubberies
George Lane
London
E18 1BD

 

MILLENNIUM TERM LIMITED

Directors' Report for the Year Ended 30 September 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Francesco Ortenzi

Ms Andreea Marinela Caltan

Principal activity

The principal activity of the company is that of an investment holder.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
Mr Francesco Ortenzi
Director

 

MILLENNIUM TERM LIMITED

Profit and Loss Account for the Year Ended 30 September 2023

Note

2023
£

2022
£

Turnover

 

51,591

-

Gross profit

 

51,591

-

Administrative expenses

 

(36,460)

(1,338)

Operating profit/(loss)

 

15,131

(1,338)

Profit/(loss) before tax

15,131

(1,338)

Tax on profit/(loss)

 

(2,621)

-

Profit/(loss) for the financial year

 

12,510

(1,338)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

MILLENNIUM TERM LIMITED

Statement of Comprehensive Income for the Year Ended 30 September 2023

2023
£

2022
£

Profit/(loss) for the year

12,510

(1,338)

Total comprehensive income for the year

12,510

(1,338)

 

MILLENNIUM TERM LIMITED

(Registration number: 10971051)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

94,947

51,925

Current assets

 

Debtors

5

650

-

Cash at bank and in hand

 

690

509

 

1,340

509

Creditors: Amounts falling due within one year

6

(85,015)

(53,672)

Net current liabilities

 

(83,675)

(53,163)

Net assets/(liabilities)

 

11,272

(1,238)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

11,172

(1,338)

Shareholders' funds/(deficit)

 

11,272

(1,238)

For the financial year ending 30 September 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.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
Mr Francesco Ortenzi
Director

 

MILLENNIUM TERM LIMITED

Statement of Changes in Equity for the Year Ended 30 September 2023

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

100

(1,338)

(1,238)

Profit for the year

-

12,510

12,510

At 30 September 2023

100

11,172

11,272

Share capital
£

Retained earnings
£

Total
£

At 1 October 2021

100

-

100

Loss for the year

-

(1,338)

(1,338)

At 30 September 2022

100

(1,338)

(1,238)

 

MILLENNIUM TERM LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
3 The Shrubberies
George Lane
London
E18 1BD
United Kingdom

These financial statements were authorised for issue by the Board on 5 September 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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.

 

MILLENNIUM TERM LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

MILLENNIUM TERM LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investments

2023
£

2022
£

Investments in subsidiaries

1,076

1,076

Fixed asset group loan

93,871

50,849

94,947

51,925

Subsidiaries

£

Cost or valuation

At 1 October 2022

1,076

Provision

Carrying amount

At 30 September 2023

1,076

At 30 September 2022

1,076

Fixed asset group loan

£

Cost or valuation

At 1 October 2022

50,849

Additions

43,022

At 30 September 2023

93,871

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

MILLENNIUM TERM LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

LATO S.R.L.

Todi (PG)
Via Tiberina Sud 191 Cap 06059
Frazione Pantalla

Italy

Ordinary shares

50%

50%

5

Debtors

Current

2023
£

2022
£

Other debtors

650

-

 

650

-

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

2,621

-

Accruals and deferred income

32,329

1,000

Other creditors

50,065

52,672

85,015

53,672

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Related party transactions

Loans from related parties

 

MILLENNIUM TERM LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

2023

Other related parties
£

Total
£

At start of period

42,672

42,672

Advanced

12,388

12,388

Repaid

(18,895)

(18,895)

At end of period

36,165

36,165

2022

Other related parties
£

Total
£

Advanced

42,672

42,672

At end of period

42,672

42,672

Terms of loans from related parties

Shareholder financing, interest free, no repayment date specified.