Milfoam International Ltd 04043806 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of manufacturing of gun barrel cleaning solutions, including an aerosol foam for commercial use and a range of barrel cleaning systems. The company uses global distribution channels with a focus on Europe. Digita Accounts Production Advanced 6.30.9574.0 true 04043806 2023-07-01 2024-06-30 04043806 2024-06-30 04043806 bus:OrdinaryShareClass1 2024-06-30 04043806 core:CurrentFinancialInstruments 2024-06-30 04043806 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 04043806 core:Non-currentFinancialInstruments 2024-06-30 04043806 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 04043806 core:Goodwill 2024-06-30 04043806 core:FurnitureFittingsToolsEquipment 2024-06-30 04043806 bus:SmallEntities 2023-07-01 2024-06-30 04043806 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 04043806 bus:FilletedAccounts 2023-07-01 2024-06-30 04043806 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 04043806 bus:RegisteredOffice 2023-07-01 2024-06-30 04043806 bus:CompanySecretary1 2023-07-01 2024-06-30 04043806 bus:Director1 2023-07-01 2024-06-30 04043806 bus:Director2 2023-07-01 2024-06-30 04043806 bus:Director4 2023-07-01 2024-06-30 04043806 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 04043806 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04043806 core:FurnitureFittings 2023-07-01 2024-06-30 04043806 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 04043806 core:OfficeEquipment 2023-07-01 2024-06-30 04043806 countries:AllCountries 2023-07-01 2024-06-30 04043806 2023-06-30 04043806 core:Goodwill 2023-06-30 04043806 core:FurnitureFittingsToolsEquipment 2023-06-30 04043806 2022-07-01 2023-06-30 04043806 2023-06-30 04043806 bus:OrdinaryShareClass1 2023-06-30 04043806 core:CurrentFinancialInstruments 2023-06-30 04043806 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 04043806 core:Non-currentFinancialInstruments 2023-06-30 04043806 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 04043806 core:FurnitureFittingsToolsEquipment 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04043806

Milfoam International Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Milfoam International Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Milfoam International Ltd

Company Information

Directors

Mr S K Mongia

Mr V Mongia

Mr N E Murthy

Company secretary

Mrs A Mongia

Registered office

Strongfield House
Unit 2, 89 Manor Farm Road
Wembley
Middx
HA0 1BA

Accountants

Paul & Co
8 Freetrade House
Lowther Road
Stanmore
Middx
HA7 1EP

 

Milfoam International Ltd

(Registration number: 04043806)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

108

127

Current assets

 

Stocks

6

39,118

39,615

Debtors

7

42,025

63,421

Cash at bank and in hand

 

42,177

6,808

 

123,320

109,844

Creditors: Amounts falling due within one year

8

(343,817)

(321,417)

Net current liabilities

 

(220,497)

(211,573)

Total assets less current liabilities

 

(220,389)

(211,446)

Creditors: Amounts falling due after more than one year

8

(10,921)

(21,738)

Net liabilities

 

(231,310)

(233,184)

Capital and reserves

 

Called up share capital

9

100,000

100,000

Retained earnings

(331,310)

(333,184)

Shareholders' deficit

 

(231,310)

(233,184)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

 

Milfoam International Ltd

(Registration number: 04043806)
Balance Sheet as at 30 June 2024

.........................................
Mr V Mongia
Director

.........................................
Mr N E Murthy
Director

 

Milfoam International Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Englan and Wales.

The address of its registered office is:
Strongfield House
Unit 2, 89 Manor Farm Road
Wembley
Middx
HA0 1BA

These financial statements were authorised for issue by the Board on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Non monetary assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.The related exchange gains and losses are taken into account in arriving at the operating result.
 

 

Milfoam International Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15%- Reducing balance basis

Office equipment

33.33%-Straight line basis

Goodwill
Goodwill arising is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. Positive goodwill is capitalised and amortised through the profit and loss account over the directors' estimate of its useful economic life which is 10 years.

At the year end, goodwill was fully amortised.

 

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement,as either financial assets,financial liabilities or equity instruments.An equity instrument is any contract that evidences a residual interest in the assts of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Milfoam International Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

117,863

117,863

At 30 June 2024

117,863

117,863

Amortisation

At 1 July 2023

117,863

117,863

At 30 June 2024

117,863

117,863

Carrying amount

At 30 June 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

3,772

3,772

At 30 June 2024

3,772

3,772

Depreciation

At 1 July 2023

3,645

3,645

Charge for the year

19

19

At 30 June 2024

3,664

3,664

Carrying amount

At 30 June 2024

108

108

At 30 June 2023

127

127

6

Stocks

2024
£

2023
£

Other inventories

39,118

39,615

 

Milfoam International Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

5,060

26,932

Amounts owed by related parties

33,415

32,074

Prepayments

 

1,312

1,418

Other debtors

 

2,238

2,997

   

42,025

63,421

 

Milfoam International Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

160,000

160,000

Trade creditors

 

18,637

10,942

Amounts owed to group undertakings and undertakings in which the company has a participating interest

47,829

42,842

Accruals and deferred income

 

107,351

97,633

Other creditors

 

10,000

10,000

 

343,817

321,417

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

10,921

21,738

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100,000

100,000

100,000

100,000

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,921

21,738

 

Milfoam International Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Other borrowings

150,000

150,000

160,000

160,000

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The company has entered into a cross related guarantee with its parent company, Strongfield Technologies Limited, in respect of a loan of £120,000 (2023: £120,000 ) .
 

12

Related party transactions

During the year, the company paid management fees of £64,000 (2023: £110,000) to Strongfield Technologies Ltd, a parent company. As of 30 June 2024, the balance outstanding to this company was £47,849 (2023: £42,842).



As of 30 June 2024, the amount due to Strongfield Consultants Ltd, an associate company, was £33,415 (2023: £32,740).



As of 30 June 2024, the loan balance owed to a member of a director's family amounted to £150,000 (2023: £150,000), with loan interest of £51,420 (2023: £51,420).