| REGISTERED NUMBER: |
| Miloco Builds Limited |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| REGISTERED NUMBER: |
| Miloco Builds Limited |
| Unaudited Financial Statements for the Year Ended 31 December 2024 |
| Miloco Builds Limited (Registered number: 09484661) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Miloco Builds Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Atlantic House |
| 8 Bell Lane |
| Bellbrook Industrial Estate |
| Uckfield |
| East Sussex |
| TN22 1QL |
| Miloco Builds Limited (Registered number: 09484661) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks |
| Debtors | 4 |
| Cash at bank |
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
6 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Miloco Builds Limited (Registered number: 09484661) |
| Balance Sheet - continued |
| 31 December 2024 |
| The financial statements were approved by the director and authorised for issue on |
| Miloco Builds Limited (Registered number: 09484661) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Miloco Builds Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
| Sale of goods |
| Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
| 1) the company has transferred the significant risks and rewards of ownership to the buyer; |
| 2) the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
| 3) the amount of revenue can be measured reliably; |
| 4) it is probable that the company will receive the consideration due under the transaction; and |
| 5) the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Rendering of services |
| Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
| 1) the amount of revenue can be measured reliably; |
| 2) it is probable that the company will receive the consideration due under the contract; |
| 3) the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
| 4) the costs incurred and the costs to complete the contract can be measured reliably. |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Miloco Builds Limited (Registered number: 09484661) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Miloco Builds Limited (Registered number: 09484661) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 8. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
| The company is party to a cross guarantee and debenture dated 25 November 2021 with Miloco Group Limited and Milo Music Limited to secure all loans and other borrowings from Barclays Bank UK Plc. |
| 9. | RELATED PARTY DISCLOSURES |
| At the balance sheet date £584,179 (2023 - £365,933) was due from the parent company. This loan is unsecured, interest free and repayable on demand. |
| At the balance sheet date the company was also owed £14,650 (2023 - £16,643) by fellow group companies and owed £22,962 (2023 - £nil) to a fellow group company. These loans are unsecured, interest free and repayable on demand. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The parent company is Milo Music Limited. Its registered office address is 36 Leroy Street, London, SE1 4SP. |
| The ultimate parent company is Miloco Group Limited. |
| The controlling party is James Bronte-Stewart by virtue of his shareholding in Miloco Group Limited. |