REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Miloco Group Limited |
|
Unaudited Financial Statements for the Year Ended 31 December 2021 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Miloco Group Limited |
|
Unaudited Financial Statements for the Year Ended 31 December 2021 |
|
|
|
|
|
Miloco Group Limited (Registered number: 10775520) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Miloco Group Limited |
|
Company Information |
for the Year Ended 31 December 2021 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Atlantic House |
8 Bell Lane |
Bellbrook Industrial Estate |
Uckfield |
East Sussex |
TN22 1QL |
Miloco Group Limited (Registered number: 10775520) |
|
Balance Sheet |
31 December 2021 |
|
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Cash in hand |
|
|
|
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR |
6 |
|
|
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR |
7 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 8 |
|
|
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 Group Limited (Registered number: 10775520) |
|
Balance Sheet - continued |
31 December 2021 |
|
|
|
|
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
|
|
|
|
|
|
|
|
Miloco Group Limited (Registered number: 10775520) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
|
1. | STATUTORY INFORMATION |
|
Miloco Group Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Preparation of consolidated financial statements |
The financial statements contain information about Miloco Group 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. |
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
|
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
|
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. |
|
Miloco Group Limited (Registered number: 10775520) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
2. | ACCOUNTING POLICIES - continued |
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. |
|
Going concern |
The director has 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. This assessment has been required in light of the significant uncertainty around the short to medium term impact of the spread of the Covid-19 virus. |
|
At the time of approving the financial statements the director believes 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 as the subsidiary companies have indicated that they will continue to support the company for at least this period. The director has thus concluded that the going concern basis remains appropriate. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
|
At 31 December 2021 |
|
NET BOOK VALUE |
At 31 December 2021 |
|
Miloco Group Limited (Registered number: 10775520) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
|
At 31 December 2021 |
|
NET BOOK VALUE |
At 31 December 2021 |
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Amounts owed to group undertakings |
|
|
Other creditors |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Other creditors |
|
|
|
8. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
|
Ordinary | £1 | 298 | 1 |
|
On 19 November 2021 the company issued 297 shares in a share for share exchange for the share capital of Milo Music Limited. |
|
9. | CONTINGENT LIABILITIES |
|
The company is party to a cross guarantee and debenture dated 25 November 2021 with Milo Music Limited and Miloco Builds Limited to secure all loans and other borrowings from Barclays Bank UK Plc. |
Miloco Group Limited (Registered number: 10775520) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
10. | RELATED PARTY DISCLOSURES |
|
At the balance sheet date the company owed £2,082,700 (2020 - £nil) to a subsidiary company. This balance is interest free, unsecured and repayable on demand. |
|
At the balance sheet date the company owed £1,378,820 (2020 - £nil) to a shareholder. This balance is interest free, unsecured and repayable on demand. |