Company No: 04134140 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	36,116		0
Tangible assets	4	620,082		660,573
		656,198		660,573
Current assets
Stocks		758,807		918,364
Debtors	5	975,610		273,275
Cash at bank and in hand		1,894,897		2,162,378
		3,629,314		3,354,017
Creditors: amounts falling due within one year	6	( 1,390,319)		( 1,301,611)
Net current assets		2,238,995		2,052,406
Total assets less current liabilities		2,895,193		2,712,979
Creditors: amounts falling due after more than one year	7	( 27,778)		( 100,000)
Provision for liabilities		( 118,740)		( 132,605)
Net assets		2,748,675		2,480,374
Capital and reserves
Called-up share capital	8	102		102
Capital redemption reserve		2		2
Profit and loss account		2,748,571		2,480,270
Total shareholder's funds		2,748,675		2,480,374

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Milkwood Publishing Limited (registered number: 04134140) were approved and authorised for issue by the Director on 22 December 2025. They were signed on its behalf by:

L Thompson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Milkwood Publishing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Milkwood House Jon Davey Drive, Treleigh Industrial Estate, Redruth, TR16 4AX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	20 years straight line
Computer software	3 years straight line
Trademarks, patents and licences	not amortised
Website costs	10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	0 - 50 years straight line
Vehicles	10 - 33 % reducing balance
Fixtures and fittings	3 - 10 years straight line
Other property, plant and equipment	not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. Included within Land and Buildings is leasehold which is depreciated over the length of the lease.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	103		100

3. Intangible assets

	Goodwill		Computer software		Trademarks, patents and licences		Website costs		Total
	£		£		£		£		£
Cost
At 01 April 2024	8,500		75,103		225		6,683		90,511
Additions	0		0		0		36,264		36,264
Disposals	0		( 1,980)		0		0		( 1,980)
At 31 March 2025	8,500		73,123		225		42,947		124,795
Accumulated amortisation
At 01 April 2024	8,500		75,103		225		6,683		90,511
Charge for the financial year	0		0		0		148		148
Disposals	0		( 1,980)		0		0		( 1,980)
At 31 March 2025	8,500		73,123		225		6,831		88,679
Net book value
At 31 March 2025	0		0		0		36,116		36,116
At 31 March 2024	0		0		0		0		0

4. Tangible assets

	Land and buildings		Vehicles		Fixtures and fittings		Other property, plant and equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	569,614		668,246		1,103,190		0		2,341,050
Additions	4,908		2,346		33,097		35,000		75,351
Disposals	( 67,690)		0		( 551,089)		0		( 618,779)
At 31 March 2025	506,832		670,592		585,198		35,000		1,797,622
Accumulated depreciation
At 01 April 2024	469,047		149,272		1,062,158		0		1,680,477
Charge for the financial year	25,439		58,782		28,377		0		112,598
Disposals	( 67,541)		0		( 547,994)		0		( 615,535)
At 31 March 2025	426,945		208,054		542,541		0		1,177,540
Net book value
At 31 March 2025	79,887		462,538		42,657		35,000		620,082
At 31 March 2024	100,567		518,974		41,032		0		660,573

5. Debtors

	2025		2024
	£		£
Trade debtors	84,802		64,809
Amounts owed by Group undertakings	672,886		0
Other debtors	217,922		208,466
	975,610		273,275

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	869,736		705,814
Amounts owed to Group undertakings	0		97,900
Taxation and social security	331,728		395,854
Obligations under finance leases and hire purchase contracts	66,667		66,667
Other creditors	122,188		35,376
	1,390,319		1,301,611

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Obligations under finance leases and hire purchase contracts	27,778		100,000

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100
2 Ordinary D shares of £ 1.00 each	2		2
	102		102

9. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	1,277,783		1,615,063

10. Related party transactions

Transactions with the entity's director

	2025		2024
	£		£
Balance B/Fwd	95,222		95,222
Repayments	(95,222)		0
Balance C/fwd	0		95,222

11. Ultimate controlling party

Parent Company:

Bleuhills Holdings Limited

Milkwood House Jon Davey Drive Treleigh Industrial Estate Redruth Cornwall TR16 4AX