Millennium Falcon Ltd 07772737 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is that of laundry and dry cleaning. Digita Accounts Production Advanced 6.30.9574.0 true 07772737 2023-09-01 2024-08-31 07772737 2024-08-31 07772737 core:RetainedEarningsAccumulatedLosses 2024-08-31 07772737 core:ShareCapital 2024-08-31 07772737 core:CurrentFinancialInstruments 2024-08-31 07772737 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 07772737 core:PlantMachinery 2024-08-31 07772737 core:ParentEntities 2024-08-31 07772737 bus:SmallEntities 2023-09-01 2024-08-31 07772737 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 07772737 bus:FilletedAccounts 2023-09-01 2024-08-31 07772737 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 07772737 bus:RegisteredOffice 2023-09-01 2024-08-31 07772737 bus:Director3 2023-09-01 2024-08-31 07772737 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 07772737 core:PlantMachinery 2023-09-01 2024-08-31 07772737 core:ParentEntities 2023-09-01 2024-08-31 07772737 countries:EnglandWales 2023-09-01 2024-08-31 07772737 2023-08-31 07772737 core:PlantMachinery 2023-08-31 07772737 core:ParentEntities 2023-08-31 07772737 2022-09-01 2023-08-31 07772737 2023-08-31 07772737 core:RetainedEarningsAccumulatedLosses 2023-08-31 07772737 core:ShareCapital 2023-08-31 07772737 core:CurrentFinancialInstruments 2023-08-31 07772737 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 07772737 core:PlantMachinery 2023-08-31 07772737 core:ParentEntities 2023-08-31 07772737 core:ParentEntities 2022-09-01 2023-08-31 07772737 2022-08-31 07772737 core:ParentEntities 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 07772737

Millennium Falcon Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Millennium Falcon Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Millennium Falcon Ltd

(Registration number: 07772737)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2

171

Current assets

 

Debtors

5

112,844

278,183

Cash at bank and in hand

 

42,170

49,828

 

155,014

328,011

Creditors: Amounts falling due within one year

6

(38,970)

(217,971)

Net current assets

 

116,044

110,040

Net assets

 

116,046

110,211

Capital and reserves

 

Called up share capital

2

2

Retained earnings

116,044

110,209

Shareholders' funds

 

116,046

110,211

For the financial year ending 31 August 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 19 May 2025 and signed on its behalf by:
 

.........................................
Mr A N Patel
Director

 

Millennium Falcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
15-13 Elystan Street
London
SW3 3NU

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).

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 from provision of laundry and dry cleaning services is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

The current income 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Plant and machinery

4 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Millennium Falcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Millennium Falcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2023

3,704

3,704

At 31 August 2024

3,704

3,704

Depreciation

At 1 September 2023

3,533

3,533

Charge for the year

169

169

At 31 August 2024

3,702

3,702

Carrying amount

At 31 August 2024

2

2

At 31 August 2023

171

171

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

46,779

47,924

Amounts owed by related parties

8

66,065

230,259

   

112,844

278,183

 

Millennium Falcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

16,867

25,667

Trade creditors

 

-

160,624

Taxation and social security

 

12,658

22,359

Other creditors

 

9,445

9,321

 

38,970

217,971

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

16,867

25,667

8

Related party transactions

Loans to related parties

2024

Parent
£

Total
£

At start of period

230,259

230,259

Repaid

(164,194)

(164,194)

At end of period

66,065

66,065

2023

Parent
£

Total
£

At start of period

225,756

225,756

Advanced

14,503

14,503

Repaid

(10,000)

(10,000)

At end of period

230,259

230,259

Terms of loans to related parties

The loan to the parent company is interest free and repayable on demand.