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Company No: 03398716 (England and Wales)

MILESTONE SOLUTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

MILESTONE SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

MILESTONE SOLUTIONS LIMITED

BALANCE SHEET

As at 31 August 2024
MILESTONE SOLUTIONS LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 9,184 10,242
9,184 10,242
Current assets
Debtors 4 302,939 197,943
Cash at bank and in hand 2,882,100 2,408,828
3,185,039 2,606,771
Creditors: amounts falling due within one year 5 ( 248,907) ( 186,924)
Net current assets 2,936,132 2,419,847
Total assets less current liabilities 2,945,316 2,430,089
Provision for liabilities ( 2,296) ( 2,561)
Net assets 2,943,020 2,427,528
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 2,942,920 2,427,428
Total shareholders' funds 2,943,020 2,427,528

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Milestone Solutions Limited (registered number: 03398716) were approved and authorised for issue by the Board of Directors on 27 January 2025. They were signed on its behalf by:

J E Munro
Director
MILESTONE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
MILESTONE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Milestone Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Foxholes, Ling Lane, Leeds, LS14 3HY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on either a straight line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 September 2023 14,767 5,838 20,605
Additions 0 1,255 1,255
At 31 August 2024 14,767 7,093 21,860
Accumulated depreciation
At 01 September 2023 5,277 5,086 10,363
Charge for the financial year 1,424 889 2,313
At 31 August 2024 6,701 5,975 12,676
Net book value
At 31 August 2024 8,066 1,118 9,184
At 31 August 2023 9,490 752 10,242

4. Debtors

2024 2023
£ £
Trade debtors 302,939 197,943

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 406
Amounts owed to directors 1,194 1,194
Accruals 1,890 1,880
Corporation tax 194,279 148,904
Other taxation and social security 51,544 34,540
248,907 186,924

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
100 100