REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2024 |
for |
Milexa Group Limited |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2024 |
for |
Milexa Group Limited |
Milexa Group Limited (Registered number: 07473316) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Milexa Group Limited |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
3rd Floor |
44 Peter Street |
Manchester |
M2 5GP |
Milexa Group Limited (Registered number: 07473316) |
Statement of Financial Position |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Milexa Group Limited (Registered number: 07473316) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Milexa Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The preparation of the financial statements requires the director to make an assessment of the entity's ability to continue as a going concern. The director has reviewed this and considers it appropriate to prepare the financial statements on a going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned members of the group. |
Revenue |
Revenue is split between sales and royalties received. The sale of goods, excluding value added tax is recognised on the date of despatch. Royalties represent the sale of services under transfer pricing arrangement, excluding value added tax. The sale of services are recognised on the date when it can be reliably measured after costs have been recognised. |
Goodwill |
Goodwill has been amortised over its estimated useful life of four 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. |
Computer software is being amortised evenly over its estimated useful life of three to five years. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Milexa Group Limited (Registered number: 07473316) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Milexa Group Limited (Registered number: 07473316) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2024 |
AMORTISATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
Milexa Group Limited (Registered number: 07473316) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Corporation tax |
Social security and other taxes |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to related parties |
Corporation tax |
Social security and other taxes |
Other creditors |
Director's current account |
Accruals and deferred income |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
Milexa Group Limited (Registered number: 07473316) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
10. | RELATED PARTY DISCLOSURES |
On 25 June 2024 Yak Holdings Limited (formerly Milexa Holdings Limited) sold its shares in Milexa Group |
Limited to Gimmersta Wallpaper AB. |
During the year under review the company paid dividends of £399,000 (2023: £5,283,383) to Yak Holdings |
Limited and paid rent to Yak Holdings Limited of £147,500 (2023: 80,507). |
During the year the company received a £150,000 loan from Gimmersta Wallpaper AB. Interest is being charged on the loan in line with the agreement and is repayable on demand. |
At the balance sheet date, the amounts outstanding were as follows: |
2024 | 2023 |
Due from | Due to | Due from | Due to |
£ | £ | £ | £ |
Yak Holdings Limited | - | 36,000 | - | 55,254 |
Gimmersta Wallpaper AB | 194,939 | - | - | - |
194,939 | 36,000 | - | 55,254 |
The accounts of Milexa Group Limited are included in the consolidated financial statements of Gimmersta |
Wallpaper AB whose registered office address is Mariedalsgatan 7, SE-503 38, Borås, Sweden. |
11. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the directors of Gimmersta Wallpaper AB. |