| Registered number |
| Registered number: | |||||||
| Balance Sheet | |||||||
| as at |
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| Notes | 2023 | 2022 | |||||
| £ | £ | ||||||
| Fixed assets | |||||||
| Investments | 5 | ||||||
| Current assets | |||||||
| Debtors | 6 | ||||||
| Cash at bank and in hand | |||||||
| Creditors: amounts falling due within one year | 7 | ( |
( |
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| Net current liabilities | ( |
( |
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| Net liabilities | ( |
( |
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| Capital and reserves | |||||||
| Called up share capital | |||||||
| Share premium | |||||||
| Profit and loss account | ( |
( |
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| Shareholder's funds | ( |
( |
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| G Agartson | |||||||
| Director | |||||||
| Approved by the board on |
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| Notes to the Accounts | ||||||||
| for the year ended |
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| 1 | Accounting policies | |||||||
| Basis of preparation | ||||||||
| 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 £. |
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| Turnover | ||||||||
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. |
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| Intangible fixed assets and other than goodwill | ||||||||
| Tangible fixed assets | ||||||||
| Plant and machinery | 3 Years straight line | |||||||
| Fixed Asset Investments | ||||||||
| Debtors | ||||||||
| Creditors | ||||||||
| Taxation | ||||||||
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. |
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| Provisions | ||||||||
| Foreign currency translation | ||||||||
| Leased assets | ||||||||
| Pensions | ||||||||
| 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. |
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| 2 | Audit information | |||||||
| Senior statutory auditor: | ||||||||
| Firm: | ||||||||
| Date of audit report: | ||||||||
| 3 | Employees | 2023 | 2022 | |||||
| Number | Number | |||||||
| Average number of persons employed by the company | ||||||||
| 4 | Intangible fixed assets | £ | ||||||
| Development costs | ||||||||
| Cost | ||||||||
| At 1 January 2023 | ||||||||
| At 31 December 2023 | ||||||||
| Amortisation | ||||||||
| At 1 January 2023 | ||||||||
| At 31 December 2023 | ||||||||
| 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 | ||||||||
| At 31 December 2023 | ||||||||
| 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 | ||||||||
| 7 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
| £ | £ | |||||||
| Trade creditors | - | |||||||
| Amounts owed to group undertakings and undertakings in which the company has a participating interest | ||||||||
| Taxation and social security costs | - | |||||||
| Other creditors | ||||||||
| 8 | Other financial commitments | 2023 | 2022 | |||||
| £ | £ | |||||||
| Total future minimum payments under non-cancellable operating leases | - | |||||||
| 9 | Related party transactions | |||||||
| 10 | Controlling party | |||||||
| 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 | ||||||||