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REGISTERED NUMBER: 09181165 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

MILESTONE WINES LIMITED

MILESTONE WINES LIMITED (REGISTERED NUMBER: 09181165)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MILESTONE WINES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: M A Corish
Mrs E K McRobb
R Bracken





REGISTERED OFFICE: Unit 1 Guest House Farm
Runshaw Lane
Euxton
Chorley
Lancashire
PR7 6HD





REGISTERED NUMBER: 09181165 (England and Wales)





ACCOUNTANTS: RfM Preston Ltd
Chartered Accountants
Unit 1, Guest House Farm
Runshaw Lane
Euxton
Chorley
Lancashire
PR7 6HD

MILESTONE WINES LIMITED (REGISTERED NUMBER: 09181165)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 1,000
Tangible assets 5 18,426 16,937
18,426 17,937

CURRENT ASSETS
Stocks 294,004 288,554
Debtors 6 299,504 265,521
Cash at bank and in hand 99,470 162,060
692,978 716,135
CREDITORS
Amounts falling due within one year 7 448,382 434,647
NET CURRENT ASSETS 244,596 281,488
TOTAL ASSETS LESS CURRENT
LIABILITIES

263,022

299,425

CREDITORS
Amounts falling due after more than one
year

8

14,440

37,917
NET ASSETS 248,582 261,508

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 248,580 261,506
SHAREHOLDERS' FUNDS 248,582 261,508

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MILESTONE WINES LIMITED (REGISTERED NUMBER: 09181165)

BALANCE SHEET - continued
29 FEBRUARY 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2024 and were signed on its behalf by:





M A Corish - Director


MILESTONE WINES LIMITED (REGISTERED NUMBER: 09181165)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Milestone Wines Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover from the sale of goods and services is recognised when significant risks and rewards of ownership of the goods and services have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost and 20% on cost
Motor vehicles - 33% on cost
Computer equipment - 33% on cost

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks and work in progress are stated at the lower of cost and estimated costs to complete and sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Estimated selling price less costs to complete and sell is based on the estimated selling price of the goods less any estimated completion or selling costs likely to be incurred on the sale.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

MILESTONE WINES LIMITED (REGISTERED NUMBER: 09181165)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

DEBTORS AND CREDITORS RECEIVABLE/PAYABLE WITHIN ONE YEAR
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 5,000
AMORTISATION
At 1 March 2023 4,000
Amortisation for year 1,000
At 29 February 2024 5,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 1,000

MILESTONE WINES LIMITED (REGISTERED NUMBER: 09181165)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 3,500 7,024 29,290 19,983 59,797
Additions - 2,594 14,000 5,810 22,404
Disposals - (1,880 ) (10,995 ) (1,345 ) (14,220 )
At 29 February 2024 3,500 7,738 32,295 24,448 67,981
DEPRECIATION
At 1 March 2023 2,333 4,604 23,192 12,731 42,860
Charge for year 1,167 1,367 10,718 7,663 20,915
Eliminated on disposal - (1,880 ) (10,995 ) (1,345 ) (14,220 )
At 29 February 2024 3,500 4,091 22,915 19,049 49,555
NET BOOK VALUE
At 29 February 2024 - 3,647 9,380 5,399 18,426
At 28 February 2023 1,167 2,420 6,098 7,252 16,937

The net book value of assets held under hire purchase agreements is £NIL (2023 £6,098).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 219,726 177,674
Other debtors 72,967 75,158
Prepayments and accrued income 6,811 12,689
299,504 265,521

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 1,735
Other loans 10,560 -
Hire purchase contracts 2,917 5,000
Trade creditors 175,287 139,109
Corporation tax 9,070 50,573
Social security and other taxes 65,249 49,985
Other creditors 111,361 112,896
Directors' current accounts 73,938 75,349
448,382 434,647

MILESTONE WINES LIMITED (REGISTERED NUMBER: 09181165)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans 14,440 35,000
Hire purchase contracts - 2,917
14,440 37,917

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 2,917 7,917
Factoring - 27,332
2,917 35,249

Hire purchase finance is secured upon the assets to which the finance relates.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - INTEREST FREE

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
M A Corish
Balance outstanding at start of year (74,246 ) (53,830 )
Amounts advanced 44,384 44,095
Amounts repaid (40,000 ) (64,511 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (69,862 ) (74,246 )

Mrs E K McRobb
Balance outstanding at start of year (1,103 ) 5,240
Amounts advanced 12,777 31,158
Amounts repaid (15,750 ) (37,501 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (4,076 ) (1,103 )