Myliko International (Wines) Ltd

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 10

Myliko International (Wines) Ltd

(Registration number: 02645621)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	852,527	845,423
Current assets
Stocks	5	286,212	390,496
Debtors	6	1,226,133	1,069,720
Cash at bank and in hand		1,245,018	1,203,317
		2,757,363	2,663,533
Creditors: Amounts falling due within one year	7	(2,266,667)	(2,048,628)
Net current assets		490,696	614,905
Total assets less current liabilities		1,343,223	1,460,328
Creditors: Amounts falling due after more than one year	7	-	(70,833)
Provisions for liabilities		(36,456)	(38,860)
Net assets		1,306,767	1,350,635
Capital and reserves
Called up share capital	8	10,000	10,000
Revaluation reserve		170,165	170,165
Retained earnings		1,126,602	1,170,470
Shareholders' funds		1,306,767	1,350,635

For the financial year ending 31 December 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 September 2025 and signed on its behalf by:
 

......................................... Mr N D Kotecha Director

Myliko International (Wines) Ltd

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

1	General information

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

The address of its registered office is:
Canal House
100 Lissadel Street
Salford
M6 6BP

These financial statements were authorised for issue by the Board on 12 September 2025.

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.

The financial statements are prepared in Pound Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Myliko International (Wines) Ltd

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

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates, and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.

The directors do not consider there to be any critical accounting judgements that must be applied.

Key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors do not consider there to be any estimates or assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year...

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 is shown net of value added tax and discounts.

The company recognises revenue when when goods have been delivered to customers such that the risk and rewards of ownership have transferred to them.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Myliko International (Wines) Ltd

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

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
Land and buildings	1% Straight line
Fixtures and fittings	25% reducing balance
Computer equipment	25% reducing balance
Motor vehicles	25% reducing balance

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and are recognised at the transaction price. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Myliko International (Wines) Ltd

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

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 12 (2023 - 11).

Myliko International (Wines) Ltd

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

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	989,581	121,750	55,265	1,166,596
Additions	-	-	34,750	34,750
Disposals	-	-	(33,015)	(33,015)
At 31 December 2024	989,581	121,750	57,000	1,168,331
Depreciation
At 1 January 2024	159,582	117,227	44,363	321,172
Charge for the year	9,896	1,131	9,677	20,704
Eliminated on disposal	-	-	(26,072)	(26,072)
At 31 December 2024	169,478	118,358	27,968	315,804
Carrying amount
At 31 December 2024	820,103	3,392	29,032	852,527
At 31 December 2023	829,999	4,522	10,902	845,423

Included within the net book value of land and buildings above is £535,103 (2023 - £541,999) in respect of freehold land and buildings and £285,000 (2023 - £288,000) in respect of long leasehold land and buildings.
 

Revaluation

The fair value of the company's long leasehold land and building was revalued on 31 December 2019. An independent valuer was not involved. The revaluation was carried out by the director based upon the quoted selling prices of identical properties.. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £78,901 (2023 - £78,901).

5

Stocks

	2024 £	2023 £
Finished goods and goods for resale	286,212	390,496

Myliko International (Wines) Ltd

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

6

Debtors

Current	2024 £	2023 £
Trade debtors	1,114,482	945,135
Prepayments	16,418	14,112
Other debtors	95,233	110,473
	1,226,133	1,069,720

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	10	10,834	50,001
Trade creditors		1,589,080	1,378,763
Amounts owed to group undertakings and undertakings in which the company has a participating interest	12	11,137	-
Taxation and social security		20,925	16,035
Accruals and deferred income		307,511	276,355
Other creditors		327,180	327,474
		2,266,667	2,048,628

Creditors due within one year include bank loans which are secured of £10,834 (2023 - £50,001).

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	10	-	70,833

Creditors due after one year include bank loans which are secured of £Nil (2023- £70,833).

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary share of £1 each	10,000	10,000	10,000	10,000

Myliko International (Wines) Ltd

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

9

Reserves

Should the revalued assets be disposed at their revalued amount, there will be a potential Corporation Tax liability of £25,912 (2023 - £25,912) which has been provided for in full by a way of a reduction in the amount of revaluation adjustment and an equivalent increase in the provision for deferred taxation.

10	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	-	70,833

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	10,834	50,001

11

Dividends

		2024		2023
		£		£
Interim dividend of £4.20 (2023 - £5.80) per ordinary share		57,000		58,000

12	Related party transactions

The company had the following transactions with the directors and their related parties during the year:

Myliko International (Wines) Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

	2024 £	2023 £
Remuneration	38,988	38,988
Contributions paid to money purchase schemes	1,335	4,403
	40,323	43,391

Dividends paid to directors

		2024 £		2023 £
Mr H D Kotecha
Interim dividends		31,500		43,500

Summary of transactions with all entities with joint control or significant interest

Included in other creditors are amounts of £323,000 (2023 - £323,000) in respect of a loan from K.L. Import Export Limited and £3,702 (2023 - £Nil) in respect of a loan from SAI Investments Limited.

The loan is interest free and repayable on demand.