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Registered number: 14300283
ML Hospitality Limited
Unaudited Financial Statements
For the Period 1 December 2022 to 30 April 2024
Xeinadin South Wales & West Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14300283
30 April 2024 30 November 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 51,500 -
Tangible Assets 5 96,184 -
147,684 -
CURRENT ASSETS
Stocks 6 4,706 -
Debtors 7 1,859 -
Cash at bank and in hand 4,933 100
11,498 100
Creditors: Amounts Falling Due Within One Year 8 (483,056 ) -
NET CURRENT ASSETS (LIABILITIES) (471,558 ) 100
TOTAL ASSETS LESS CURRENT LIABILITIES (323,874 ) 100
NET (LIABILITIES)/ASSETS (323,874 ) 100
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (323,974 ) -
SHAREHOLDERS' FUNDS (323,874) 100
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For the period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Martin Giles
Director
30/01/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
ML Hospitality Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14300283 . The registered office is Celtic House Caxton Place, Pentwyn, Cardiff, CF23 8HA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 2% Straight Line
Fixtures & Fittings 25% Reducing Balance
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 14 (2022: 2)
14 2
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4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 -
Additions 60,000
As at 30 April 2024 60,000
Amortisation
As at 1 December 2022 -
Provided during the period 8,500
As at 30 April 2024 8,500
Net Book Value
As at 30 April 2024 51,500
As at 1 December 2022 -
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 December 2022 - - -
Additions 36,000 88,094 124,094
As at 30 April 2024 36,000 88,094 124,094
Depreciation
As at 1 December 2022 - - -
Provided during the period 1,020 26,890 27,910
As at 30 April 2024 1,020 26,890 27,910
Net Book Value
As at 30 April 2024 34,980 61,204 96,184
As at 1 December 2022 - - -
6. Stocks
30 April 2024 30 November 2022
£ £
Stock 4,706 -
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7. Debtors
30 April 2024 30 November 2022
£ £
Due within one year
Other debtors 1,859 -
8. Creditors: Amounts Falling Due Within One Year
30 April 2024 30 November 2022
£ £
Other creditors 471,211 -
Taxation and social security 11,845 -
483,056 -
9. Share Capital
30 April 2024 30 November 2022
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
Included in creditors is a balance of £405,761 owed to 3sixfive Pro Limited, of which Martin Giles is a director and shareholder. This loan is repayable on demand.
At the reporting date, the company owed the directors £39,661.
11. Ultimate Controlling Party
The company's ultimate controlling party is Mr M Giles and Mrs L Giles by virtue of their ownership of 100% of the issued share capital in the company.
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