Registration number:
Milfoam International Ltd
for the Year Ended 30 June 2024
Milfoam International Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Milfoam International Ltd
Company Information
Directors |
Mr S K Mongia Mr V Mongia Mr N E Murthy |
Company secretary |
Mrs A Mongia |
Registered office |
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Accountants |
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Milfoam International Ltd
(Registration number: 04043806)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100,000 |
100,000 |
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Retained earnings |
(331,310) |
(333,184) |
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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:
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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
Milfoam International Ltd
(Registration number: 04043806)
Balance Sheet as at 30 June 2024
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Milfoam International Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in Englan and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Milfoam International Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Amortisation |
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At 1 July 2023 |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
- |
- |
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Stocks |
2024 |
2023 |
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Other inventories |
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Milfoam International Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Milfoam International Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100,000 |
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100,000 |
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Milfoam International Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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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 ) .
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).