Registered number
10292313
Mileone Group Ltd
Filleted Accounts
31 March 2024
Mileone Group Ltd
Registered number: 10292313
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,385 3,180
Investments 4 356,285 57
358,670 3,237
Current assets
Debtors 5 910,138 547,234
Cash at bank and in hand 285,934 107,183
1,196,072 654,417
Creditors: amounts falling due within one year 6 (807,052) (426,537)
Net current assets 389,020 227,880
Total assets less current liabilities 747,690 231,117
Provisions for liabilities (45,768) -
Net assets 701,922 231,117
Capital and reserves
Called up share capital 90 100
Capital redemption reserve 10 -
Profit and loss account 701,822 231,017
Shareholders' funds 701,922 231,117
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E C M Pakenham
Director
Approved by the board on 2 October 2024
Mileone Group Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing value basis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 3,899
At 31 March 2024 3,899
Depreciation
At 1 April 2023 719
Charge for the year 795
At 31 March 2024 1,514
Net book value
At 31 March 2024 2,385
At 31 March 2023 3,180
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 57
Additions 173,154
Revaluation 183,074
At 31 March 2024 356,285
Historical cost
At 1 April 2023 57
At 31 March 2024 173,211
5 Debtors 2024 2023
£ £
Trade debtors 592,993 375,956
Prepayments 115,314 52,265
Director's loan 201,831 119,013
910,138 547,234
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 385,937 207,877
Amounts owed to group undertakings and undertakings in which the company has a participating interest 173,154 -
Taxation and social security costs 209,749 27,678
Accruals 35,645 163,865
Pensions payable 2,567 60
Other creditors - 27,057
807,052 426,537
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
E C M Pakenham
Loan 119,013 82,818 - 201,831
119,013 82,818 - 201,831
Interest is charged at the Official Rate on all outstanding balances. The loan was repaid in full by 4 July 2024.
8 Other information
Mileone Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
111 Charterhouse Street
London
EC1M 6AW
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