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Company No: 08189690 (England and Wales)

MILTON MAGNA LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

MILTON MAGNA LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

MILTON MAGNA LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
MILTON MAGNA LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTOR H Ogston
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
COMPANY NUMBER 08189690 (England and Wales)
MILTON MAGNA LIMITED

BALANCE SHEET

As at 30 June 2024
MILTON MAGNA LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,957 6,189
Investment property 4 2,941,177 3,359,435
Investments 5 79,746,180 71,459,307
82,690,314 74,824,931
Current assets
Debtors 6 580 904,653
Cash at bank and in hand 99,700 5,542,047
100,280 6,446,700
Creditors: amounts falling due within one year 7 ( 82,851,108) ( 83,623,396)
Net current liabilities (82,750,828) (77,176,696)
Total assets less current liabilities (60,514) (2,351,765)
Provision for liabilities 8 ( 1,488,798) ( 1,031,342)
Net liabilities ( 1,549,312) ( 3,383,107)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 1,549,412 ) ( 3,383,207 )
Total shareholders' deficit ( 1,549,312) ( 3,383,107)

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Milton Magna Limited (registered number: 08189690) were approved and authorised for issue by the Director on 14 April 2025. They were signed on its behalf by:

H Ogston
Director
MILTON MAGNA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
MILTON MAGNA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

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

The address of its registered office is:
22 Chancery Lane
London
WC2A 1LS



**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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

**Basis of preparation**

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

The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

**Going concern**

The financial statements have been prepared on a going concern basis. Mr H Ogston, the director of the company, has confirmed that he will continue to support the company for a period of not less than one year from the date of approval of the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Income recognition

The company derives its income from the capital appreciation of investment assets and a number of investment based income streams.

_Income from fixed asset investment_
Income from investments comprises dividend income shown net of any related tax credit. Dividends receivable are brought into account when the Company's right to receive payment is established and there is no reasonable doubt that payment will be received.

_Interest received_
Interest receivable comprises interest earned on bank balances and money market funds and includes income tax withheld at source. Fixed returns on debt and money market funds are recognised so as to reflect the effective interest rate; provided there is no reasonable doubt that payment will be received in due course.

_Realised gains or (losses) on disposal of financial assets_
Sales of investments are recognised in the financial statements at the date of the transaction (trade date) with the difference between the sales value and the carrying value presented as a gain or (loss) on disposal of financial assets.

_Unrealised fair value gains or (losses) on revaluation of financial assets_
Financial assets measured at fair value through profit or loss are remeasured to their fair values at each reporting date with any resulting change in their carrying values presented as a fair value gain or (loss) on revaluation of investments.

_Realised foreign exchange gains or (losses) on derivative contracts_
Gains and losses arising on foreign exchange or derivative contracts are recognised in the Profit and Loss Account in the period in which they arise.

_Unrealised fair value gains or (losses) on derivative contracts_
Derivatives, including foreign currency swaps and forward foreign exchange contracts, are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately.

_Unrealised foreign exchange gains or (losses)_
This relates to foreign exchange movement in cash held within the investment portfolios in currencies other than sterling.

_Unrealised movement in the fair value of significant shareholdings_
This is movement in market value of investments in entities within which the company has more than 20% interest but not a controlling interest.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Plant and machinery etc. 3 years straight line

**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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

_Other financial assets_
Other financial assets, including equity instruments which are not associates, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

_Other financial liabilities_
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are initially measured at fair value and subsequently measured at fair value through the profit or loss.

Derivatives, including foreign currency swaps and forward foreign exchange contracts, are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Investments in associates are accounted for at cost less impairment.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year 2 4

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2023 9,695 9,695
At 30 June 2024 9,695 9,695
Accumulated depreciation
At 01 July 2023 3,506 3,506
Charge for the financial year 3,232 3,232
At 30 June 2024 6,738 6,738
Net book value
At 30 June 2024 2,957 2,957
At 30 June 2023 6,189 6,189

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 3,359,435
Fair value movement (418,258)
As at 30 June 2024 2,941,177

The investment property has been valued at £2,941,177 as at 30 June 2024. The director considers this to be the fair value as at the balance sheet date based on offers received by prospective purchasers.

The historical cost of the property is £3,359,435 (2023 - £3,359,435).

5. Fixed asset investments

2024 2023
£ £
Participating interests 4,398,004 4,847,049
Other investments and loans 75,348,176 66,612,258
79,746,180 71,459,307

Investments in associates Other investments Total
£ £ £
Cost or valuation before impairment
At 01 July 2023 4,847,049 66,612,258 71,459,307
Additions 0 13,472,186 13,472,186
Disposals 0 ( 8,141,306) ( 8,141,306)
Movement in fair value ( 449,045) 3,405,038 2,955,993
At 30 June 2024 4,398,004 75,348,176 79,746,180
Carrying value at 30 June 2024 4,398,004 75,348,176 79,746,180
Carrying value at 30 June 2023 4,847,049 66,612,258 71,459,307

6. Debtors

2024 2023
£ £
Prepayments and accrued income 580 374,448
Derivative financial instruments 0 529,933
Other debtors 0 272
580 904,653

7. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to director (note 11) 82,540,369 83,452,669
Accruals 26,434 89,638
Taxation and social security 214,810 0
Derivative financial instruments 69,495 0
Other creditors 0 81,089
82,851,108 83,623,396

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 1,031,342) ( 1,454,069)
(Charged)/credited to the Profit and Loss Account ( 457,456) 422,727
At the end of financial year ( 1,488,798) ( 1,031,342)

9. Derivative financial instruments

Due within one year Due after one year
2024 2023 2024 2023
£ £ £ £
Financial assets included at fair value (included in debtors)
Forward contracts 0 529,933 0 0
Financial liabilities included at fair value (included in creditors)
Forward contracts 69,495 0 0 0

The change in value charged to the profit and loss account is a gain of £599,428 (2023 - a loss of £160,550).

The derivatives are foreign currency forward contracts not traded in active markets. These have been fair valued using observable forward exchange rates and interest rates corresponding to the maturity of the contract.

The valuation of the derivatives and the forward exchange rates are provided by the investment manager.

10. Financial commitments

Other financial commitments

2024 2023
£ £
Total amount of unfunded commitments 453,085 885,297

The capital commitment are the legally binding obligations to make contributions of capital to a fund. The company made further capital contributions in GBP of £40,545 (2023 - £291,950) in the period. At the balance sheet date, £2,949,996 (2023 - £2,909,452) had been paid. The total amount of unfunded commitments in GBP was £50,004 (2023 - £90,548).

The company also made further commitments in USD of $500,000 (2023 - $300,001). At the balance sheet date $3,490,001 (2023 - $2,990,001) had been paid. The total amount of unfunded commitments in USD was $509,999 (2023 - $1,009,999).

11. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Loans and borrowings due to the director 82,540,369 83,452,669

During the year the company paid amounts to the director totalling £1,125,045 (2023 - £1,823,199). The director paid expenses on behalf of the company amounting to £212,745 (2023 - nil).

These amounts are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Other related party transactions

2024 2023
£ £
Donations 0 35,688,388

In October 2023, the company director resigned from the charity of which he was also a trustee, and to which the company had in 2023 donated £35,688,388. No donations were made in 2024.

At the balance sheet date the amount due to the charity was £nil (2023 - £nil).