Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-02falseNo description of principal activity4152falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10785194 2023-04-02 2024-09-30 10785194 2022-04-03 2023-04-01 10785194 2024-09-30 10785194 2023-04-01 10785194 c:Director1 2023-04-02 2024-09-30 10785194 d:CurrentFinancialInstruments 2024-09-30 10785194 d:CurrentFinancialInstruments 2023-04-01 10785194 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 10785194 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-01 10785194 d:ShareCapital 2024-09-30 10785194 d:ShareCapital 2023-04-01 10785194 d:RetainedEarningsAccumulatedLosses 2024-09-30 10785194 d:RetainedEarningsAccumulatedLosses 2023-04-01 10785194 c:FRS102 2023-04-02 2024-09-30 10785194 c:AuditExempt-NoAccountantsReport 2023-04-02 2024-09-30 10785194 c:FullAccounts 2023-04-02 2024-09-30 10785194 c:PrivateLimitedCompanyLtd 2023-04-02 2024-09-30 10785194 d:WithinOneYear 2024-09-30 10785194 d:WithinOneYear 2023-04-01 10785194 d:BetweenOneFiveYears 2024-09-30 10785194 d:BetweenOneFiveYears 2023-04-01 10785194 d:MoreThanFiveYears 2024-09-30 10785194 d:MoreThanFiveYears 2023-04-01 10785194 e:PoundSterling 2023-04-02 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 10785194









MILTON PORTFOLIO OP CO 2 LIMITED







Unaudited

Financial Statements

Information for filing with the registrar

For the Period Ended 30 September 2024



 
MILTON PORTFOLIO OP CO 2 LIMITED
Registered number: 10785194

Statement of Financial Position
As at 30 September 2024

30 September
1 April
2024
2023
Note
£
£

  

Current assets
  

Stocks
  
-
37,507

Debtors: amounts falling due within one year
 4 
85,972
1,753,056

Cash at bank and in hand
  
123,770
53,810

  
209,742
1,844,373

Creditors: amounts falling due within one year
 5 
(10,292,667)
(10,323,416)

Net current liabilities
  
(10,082,925)
(8,479,043)

Total assets less current liabilities
  
(10,082,925)
(8,479,043)

  

Net liabilities
  
(10,082,925)
(8,479,043)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(10,082,926)
(8,479,044)

Shareholders deficit
  
(10,082,925)
(8,479,043)


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 period 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 comprehensive income 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 on 3 December 2024.


Manish Gudka
Director

The notes on pages 2 to 5 form part of these financial statements.
Page 1

 
MILTON PORTFOLIO OP CO 2 LIMITED
 
 
 
Notes to the Financial Statements
For the Period Ended 30 September 2024

1.


General information

Milton Portfolio Op Co 2 Limited (the 'company') was incorporated on 23 May 2017 and is included in the Register of Companies for England and Wales. 
The comparative figures are for the period from 2 April 2022 to 1 April 2023 and are therefore not directly comparable. The prior year financial statements were audited. This financial period the company was eligible to prepare unaudited financial statements.
The address of the registered office is 1st Floor, 88 Baker Street, London, England, W1U 6TQ.

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 financial statements have been prepared on a basis other than of going concern.
These financial statements are presented in Sterling (£), which is the functional currency of the entity. All amounts are rounded to the nearest Pound (£), except when otherwise indicated.

The following principal accounting policies have been applied:

 
2.2

Going concern

On 7 October 2024, the group sold its assets and therefore the company ceased their operations.
Considering the facts and circumstances above, the directors have concluded that adopting the going concern basis of accounting in preparing these company financial statements is no longer appropriate.
Accordingly, these company financial statements have been prepared on a basis other than of going concern. There have been no material adjustments arising from this change in accounting basis.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable and is recognised net of discounts and Value Added Tax. Turnover from the sale of food and beverages is recognised at the point of sale and turnover from the letting of rooms is recognised on the date of stay.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 2

 
MILTON PORTFOLIO OP CO 2 LIMITED
 
 
 
Notes to the Financial Statements
For the Period Ended 30 September 2024

2.Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

 
2.8

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.

 
2.9

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of Interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.


3.


Employees

The average monthly number of employees, including directors, during the period was 41 (2023: 52).

Page 3

 
MILTON PORTFOLIO OP CO 2 LIMITED
 
 
 
Notes to the Financial Statements
For the Period Ended 30 September 2024

4.


Debtors: amounts falling due within one year

30 September
1 April
2024
2023
£
£


Trade debtors
54,008
10,136

Other debtors
10,401
1,663,148

Prepayments and accrued income
21,563
79,772

85,972
1,753,056


5.


Creditors: amounts falling due within one year

30 September
1 April
2024
2023
£
£

Trade creditors
47,818
195,838

Amounts owed to group undertakings
10,159,515
9,911,366

Other taxation and social security
24,292
31,680

Other creditors
20,262
11,967

Accruals and deferred income
40,780
172,565

10,292,667
10,323,416


Amounts due to group undertakings are unsecured, interest free and repayable on demand.


6.


Commitments under operating leases

At 30 September 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 September
1 April
2024
2023
£
£


Not later than 1 year
-
234,799

Later than 1 year and not later than 5 years
-
939,195

Later than 5 years
-
3,824,703

-
4,998,697

On 7 October 2024, the group sold its assets and therefore the company ceased their operations. No future minimum lease payments are expected at period end. 

Page 4

 
MILTON PORTFOLIO OP CO 2 LIMITED
 
 
 
Notes to the Financial Statements
For the Period Ended 30 September 2024

7.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
At period end a balance of £Nil (2023: £1,635,761) included in other debtors was owed from companies under common control due to mutual Directors and Management.
At period end a balance of £Nil (2023: £6,641) included in trade debtors was owed from companies under common control due to mutual Directors and Management.


8.


Ultimate parent undertaking and controlling party

The ultimate controlling party is Milton Portfolio Group Holdings Limited, a company registered at First Names House, Victoria Road, Douglas, Isle of Man, IM2 4DF.
The immediate parent is Milton Portfolio Holdings Limited, a company registered at First Names House, Victoria Road, Douglas, Isle of Man, IM2 4DF.
Page 5