Registration number:
Mil-Tek (UK) Limited
for the Year Ended 31 December 2024
Mil-Tek (UK) Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Mil-Tek (UK) Limited
Company Information
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Director |
Mr K Skannerup |
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Registered office |
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Accountants |
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Mil-Tek (UK) Limited
(Registration number: 03731707)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Other financial assets |
2,000 |
2,000 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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.
Director's responsibilities:
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The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been 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
Mil-Tek (UK) Limited
(Registration number: 03731707)
Balance Sheet as at 31 December 2024
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Mil-Tek (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
Going concern
The financial statements have been prepared on a going concern basis.
Tax
The tax expense for the period comprises current 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.
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.
Mil-Tek (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
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.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Mil-Tek (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Other financial assets (current and non-current) |
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Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2024 |
2,000 |
2,000 |
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At 31 December 2024 |
2,000 |
2,000 |
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Impairment |
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Carrying amount |
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At 31 December 2024 |
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2,000 |
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Debtors |
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Current |
Note |
2024 |
2023 |
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Amounts owed by related parties |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
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2024 |
2023 |
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Due after one year |
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Other non-current financial liabilities |
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Mil-Tek (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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17,000 |
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17,000 |
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Loans and borrowings |
Current loans and borrowings
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2024 |
2023 |
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Bank overdrafts |
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Financial commitments, guarantees and contingencies |
Amounts disclosed in the balance sheet
Included in the balance sheet are financial commitments of £298,600 (2023 - £327,091). The bank overdraft is secured by a third party fixed and floating charge and a mortgage debenture over the assets of the company in favour of Ringkjobing Landobank.
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Related party transactions |
Summary of transactions with associates
Debtor balances include loans to Miltek Scotland Ltd £800 (2023: £800), Miltek Express Ltd £800 (2023: £800) and Miltek Denmark A/S £331,196 (2023: £331,196) - no interest has been charged.
Debtor balances include a loan to Miltek Recycling & Waste Ltd £611,381 (2023: £615,642) - interest has been charged at market rates.
Creditor balances include a loan from Miltek Denmark A/S £336,163 (2023: £336,163) - no interest has been charged.
Mil-Tek (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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PARENT COMPANY |
The ultimate controlling party is Kriskan Holding ApS.
Mil-tek (UK) Ltd is a wholly owned subsidiary of -
Mil-tek International ApS
Torstedvej 6-8
6990 Ulfborg
Denmark
Mil-tek International ApS is a wholly owned subsidiary of -
Kriskan Holding ApS
Torstedvej 6
6990 Ulfborg
Denmark
Both Mil-tek International ApS and Kriskan Holding ApS are incorporated in Denmark.