Registered number
09022636
Shulmanu UK Limited
Filleted Accounts
31 December 2023
Shulmanu UK Limited
Registered number: 09022636
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investments 5 4,601 4,601
Current assets
Debtors 6 44,440 898,462
Cash at bank and in hand 3,236 779,644
47,676 1,678,106
Creditors: amounts falling due within one year 7 (724,248) (2,989,702)
Net current liabilities (676,572) (1,311,596)
Net liabilities (671,971) (1,306,995)
Capital and reserves
Called up share capital 7,651,599 5,226,092
Share premium 33,423,222 33,423,222
Profit and loss account (41,746,792) (39,956,309)
Shareholder's funds (671,971) (1,306,995)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Agartson
Director
Approved by the board on 18 July 2025
Shulmanu UK Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.
Turnover
Revenue is recognised when the services have been performed and rendered.

Revenue is measured based on the consideration to which the Company expects to be entitled in exchange for transferring promised services to a customer, excluding amounts collected on behalf of third parties.

Revenue is recognised when the Company satisfies a performance obligation by transferring a promised service to the customer, which is when the customer obtains control of the service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation.
Intangible fixed assets and other than goodwill
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 3 Years straight line
Fixed Asset Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
Rentals payable under operating leases, including any lease incentives received, are charged to income and expenditure on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
The company has net liabilities of £671,971 at the year end and is reliant on the support of its parent company, Milvik Singapore Pte, Ltd, in the form of inter-group funding, of which £319,404 remains outstanding at the year end. Milvik Singapore Pte Ltd became the new ultimate parent company during 2023 when the group changed ownership with new shareholders investing $2m in 2023 to fund group activities. As part of the investment, the groups' activities were reduced to minimise the losses being incurred. The group received further funding of $1m in 2024. The reduction in losses being incurred and the investments in 2023 and 2024 provide sufficient working capital to allow the group to return to profitability in 2025.

For the foreseeable future, the UK company’s funding requirements are minimal until its support activities for the group are increased again. The group will continue to provide funding for the UK entity and has provided a letter of support to confirm its financial support for a period of at least 12 months from the approval of these financial statements.

Within the context of the above, the director believes that the company will continue to operate into the foreseeable future and that as shareholders and financier of the company, Milvik Singapore Pte. Ltd will be able continue to provide financial support to the company to enable it to operate as a going concern and to meet its obligations. The support includes an agreement not to call in the intercompany payable due to the parent company until the company is in a position to repay the debt. Consequently the financial statements have been prepared on a going concern basis.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Hemal Doshi
Firm: RDH Accountants Ltd
Date of audit report: 18 July 2025
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 29
4 Intangible fixed assets £
Development costs
Cost
At 1 January 2023 2,393,620
At 31 December 2023 2,393,620
Amortisation
At 1 January 2023 2,393,620
At 31 December 2023 2,393,620
Net book value
At 31 December 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Fixed Asset Investments
Other
investments
£
Cost
At 1 January 2023 4,601
At 31 December 2023 4,601
The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
6 Debtors 2023 2022
£ £
Other debtors 44,440 898,462
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 1,223,505
Amounts owed to group undertakings and undertakings in which the company has a participating interest 709,869 1,621,791
Taxation and social security costs - 52,765
Other creditors 14,379 91,641
724,248 2,989,702
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases - 75,348
9 Related party transactions
The company has taken advantage of the exemption available in section 33 of FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
10 Controlling party
The intermediate parent company is Milvik Singapore Pte. Ltd, a company registered in Singapore. Milvik Singapore Pte. Ltd prepares consolidated accounts. Copies can be obtained from 60 Paya Lebar Road, #08-10, Paya Lebar Square, Singapore 409051.
11 Other information
Shulmanu UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
49 Greek Street
London
W1D 4EG
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