REGISTERED NUMBER: 01808206 (England and Wales)

Milo Music Limited

Unaudited Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr J B Bronte-Stewart

REGISTERED OFFICE:

36 Leroy Street

London

SE1 4SP

REGISTERED NUMBER:

01808206 (England and Wales)

ACCOUNTANTS:

Swindells LLP

Chartered Accountants

Atlantic House

8 Bell Lane

Bellbrook Industrial Estate

Uckfield

East Sussex

TN22 1QL

FIXED ASSETS

Intangible assets

4

26,199

40,275

Tangible assets

5

325,463

403,661

Investments

6

145

145

351,807

444,081

CURRENT ASSETS

Debtors

7

3,539,074

3,653,047

Cash at bank and in hand

1,288

3,770

3,540,362

3,656,817

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

8

1,565,152

1,250,537

NET CURRENT ASSETS

1,975,210

2,406,280

TOTAL ASSETS LESS CURRENT LIABILITIES

2,327,017

2,850,361

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

9

(934,439

)

(950,133

)

PROVISIONS FOR LIABILITIES

(79,517

)

(86,711

)

NET ASSETS

1,313,061

1,813,517

CAPITAL AND RESERVES

Called up share capital

11

412

412

Share premium

12

9,980

9,980

Capital redemption reserve

12

98

98

Retained earnings

12

1,302,571

1,803,027

SHAREHOLDERS' FUNDS

1,313,061

1,813,517

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

Mr J B Bronte-Stewart - Director

1.	STATUTORY INFORMATION

Milo Music Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Milo Music Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Website development are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

over the term of the lease

Studio equipment

-

10% on reducing balance

Motor vehicles

-

10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less provision for impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company contributes to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The directors have assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern.

At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next twelve months and thus conclude that the going concern basis remains appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Website

licences

development

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

8,275

70,440

78,715

AMORTISATION

At 1 January 2024

5,796

32,644

38,440

Amortisation for year

828

13,248

14,076

At 31 December 2024

6,624

45,892

52,516

NET BOOK VALUE

At 31 December 2024

1,651

24,548

26,199

At 31 December 2023

2,479

37,796

40,275

5.	TANGIBLE FIXED ASSETS

Long

Studio

Motor

leasehold

equipment

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

25,113

1,677,636

54,890

1,757,639

Additions

-

1,883

-

1,883

Disposals

-

-

(54,890

)

(54,890

)

At 31 December 2024

25,113

1,679,519

-

1,704,632

DEPRECIATION

At 1 January 2024

25,113

1,317,887

10,978

1,353,978

Charge for year

-

36,169

-

36,169

Eliminated on disposal

-

-

(10,978

)

(10,978

)

At 31 December 2024

25,113

1,354,056

-

1,379,169

NET BOOK VALUE

At 31 December 2024

-

325,463

-

325,463

At 31 December 2023

-

359,749

43,912

403,661

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2024

and 31 December 2024

145

NET BOOK VALUE

At 31 December 2024

145

At 31 December 2023

145

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

532,169

292,423

Amounts owed by group undertakings

2,820,426

2,701,634

Other debtors

186,479

658,990

3,539,074

3,653,047

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

58,929

46,865

Trade creditors

508,691

385,511

Amounts owed to group undertakings

659,899

406,397

Taxation and social security

268,119

246,614

Other creditors

69,514

165,150

1,565,152

1,250,537

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

934,439

950,133

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

856,729

884,987

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

949,855

962,890

Bank loans are secured by way of a cross guarantee and debenture over the freehold property of the parent company and a fixed and floating charge over the company's and other group companies' assets.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

412

Ordinary

£1

412

412

12.

RESERVES

Capital

Retained

Share

redemption

earnings

premium

reserve

Totals

£

£

£

£

At 1 January 2024

1,803,027

9,980

98

1,813,105

Profit for the year

26,844

26,844

Dividends

(527,300

)

(527,300

)

At 31 December 2024

1,302,571

9,980

98

1,312,649

13.	CONTINGENT LIABILITIES

The company is party to a cross guarantee and debenture dated 25 November 2021 with Miloco Group Limited and Miloco Builds Limited to secure all loans and other borrowings from Barclays Bank UK Plc.

14.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £375,214 (2023 - £492,484). This all relates to long term rental of property over the next three years.

15.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the company made advances to a director totalling £420,752 (2023 - £243,331) and received repayments totalling £869,666 (2023 - £30,168). At the balance sheet date the company was owed amounts totalling £37,287 (2023 - £477,229). This balance is unsecured and repayable on demand. Interest totalling £8,972 (2023 - £8,815) was charged to the director in the year.

16.	RELATED PARTY DISCLOSURES

The company's parent company is Miloco Group Limited, whose registered office is 36 Leroy Street, London, SE1 4SP.

At the balance sheet date the company owed amounts totalling £659,899 (2023 - £406,397) and was owed amounts totalling £2,820,426 (2023 - £2,701,634) by fellow group companies. These balances are interest free, unsecured and repayable on demand.