Company No:
Contents
DIRECTOR | H Ogston |
REGISTERED OFFICE | 22 Chancery Lane |
London | |
WC2A 1LS | |
United Kingdom |
COMPANY NUMBER | 08189690 (England and Wales) |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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82,690,314 | 74,824,931 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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100,280 | 6,446,700 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (82,750,828) | (77,176,696) | ||
Total assets less current liabilities | (60,514) | (2,351,765) | ||
Provision for liabilities | 8 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' deficit | (
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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:
H Ogston
Director |
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.
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.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.
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.
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.
Plant and machinery etc. |
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Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2023 |
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At 30 June 2024 |
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Accumulated depreciation | |||
At 01 July 2023 |
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Charge for the financial year |
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At 30 June 2024 |
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Net book value | |||
At 30 June 2024 |
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At 30 June 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 July 2023 |
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Fair value movement | (418,258) |
As at 30 June 2024 |
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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).
2024 | 2023 | ||
£ | £ | ||
Participating interests |
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Other investments and loans |
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79,746,180 | 71,459,307 |
Investments in associates | Other investments | Total | |||
£ | £ | £ | |||
Cost or valuation before impairment | |||||
At 01 July 2023 |
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Additions |
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Disposals |
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Movement in fair value | (
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At 30 June 2024 |
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Carrying value at 30 June 2024 |
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Carrying value at 30 June 2023 |
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2024 | 2023 | ||
£ | £ | ||
Prepayments and accrued income |
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Derivative financial instruments |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to director (note 11) |
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Accruals |
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Taxation and social security |
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Derivative financial instruments |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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(Charged)/credited to the Profit and Loss Account | (
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At the end of financial year | (
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Due within one year | Due after one year | ||||||
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2024 | 2023 | 2024 | 2023 | ||||
£ | £ | £ | £ | ||||
Financial assets included at fair value (included in debtors) | |||||||
Forward contracts |
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Financial liabilities included at fair value (included in creditors) | |||||||
Forward contracts |
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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.
Other financial commitments
2024 | 2023 | ||
£ | £ | ||
Total amount of unfunded commitments |
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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).
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).