Company registration number 04360849 (England and Wales)
MILLIGAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MILLIGAN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MILLIGAN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,251
5,300
Investments
4
25,750
86,669
28,001
91,969
Current assets
Debtors
5
331,494
412,633
Cash at bank and in hand
248,004
53,467
579,498
466,100
Creditors: amounts falling due within one year
6
(227,197)
(227,031)
Net current assets
352,301
239,069
Net assets
380,302
331,038
Capital and reserves
Called up share capital
700
700
Profit and loss reserves
379,602
330,338
Total equity
380,302
331,038

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 September 2024 and are signed on its behalf by:
Mr M Anderson
Director
Company registration number 04360849 (England and Wales)
MILLIGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Milligan Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Station Road, Beaconsfield, Buckinghamshire, United Kingdom, HP9 1QL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided, net of value added tax and profit share receivable. Revenue from professional fees is recognised on a receivable basis at the time that services are provided. Profit share revenue is recognised when the profit is earned in the underlying investment vehicle and receivable by the company.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
5 years straight line
Computer equipment
4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

MILLIGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MILLIGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
8
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
79,693
Disposals
(50,154)
At 31 December 2023
29,539
Depreciation and impairment
At 1 January 2023
74,393
Depreciation charged in the year
3,049
Eliminated in respect of disposals
(50,154)
At 31 December 2023
27,288
Carrying amount
At 31 December 2023
2,251
At 31 December 2022
5,300
4
Fixed asset investments
2023
2022
£
£
Investments
25,750
86,669
MILLIGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
Shares in other unlisted investments
Total
£
£
£
Cost or valuation
At 1 January 2023 & 31 December 2023
100
86,569
86,669
Impairment
At 1 January 2023
-
-
-
Impairment provisions
-
60,919
60,919
At 31 December 2023
-
60,919
60,919
Carrying amount
At 31 December 2023
100
25,650
25,750
At 31 December 2022
100
86,569
86,669
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
209,920
168,000
Other debtors
21,675
188,909
231,595
356,909
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
99,899
55,724
Total debtors
331,494
412,633
MILLIGAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,885
45,310
Amounts owed to group undertakings
7,528
7,573
Taxation and social security
58,416
56,712
Other creditors
154,368
117,436
227,197
227,031
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
7,268
8,778
2023-12-312023-01-01false23 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr M AndersonMr J A MilliganMr S J Harrisfalsefalse043608492023-01-012023-12-31043608492023-12-31043608492022-12-3104360849core:OtherPropertyPlantEquipment2023-12-3104360849core:OtherPropertyPlantEquipment2022-12-3104360849core:Non-currentFinancialInstruments2022-12-3104360849core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3104360849core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3104360849core:CurrentFinancialInstruments2023-12-3104360849core:CurrentFinancialInstruments2022-12-3104360849core:ShareCapital2023-12-3104360849core:ShareCapital2022-12-3104360849core:RetainedEarningsAccumulatedLosses2023-12-3104360849core:RetainedEarningsAccumulatedLosses2022-12-3104360849bus:Director12023-01-012023-12-3104360849core:FurnitureFittings2023-01-012023-12-3104360849core:ComputerEquipment2023-01-012023-12-31043608492022-01-012022-12-3104360849core:OtherPropertyPlantEquipment2022-12-3104360849core:OtherPropertyPlantEquipment2023-01-012023-12-3104360849core:WithinOneYear2023-12-3104360849core:WithinOneYear2022-12-3104360849core:Non-currentFinancialInstruments2023-12-3104360849bus:PrivateLimitedCompanyLtd2023-01-012023-12-3104360849bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104360849bus:FRS1022023-01-012023-12-3104360849bus:AuditExemptWithAccountantsReport2023-01-012023-12-3104360849bus:Director22023-01-012023-12-3104360849bus:Director32023-01-012023-12-3104360849bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP