Milton Capital Plc: Statement of Profit or Loss and Other Comprehensive Income

(*) For the reporting period since 17 September 2021 till 31 January 2023.

Milton Capital Plc: Statement of Financial Position

Milton Capital Plc: Statement of Cash Flows

(*) For the reporting period since 17 September 2021 till 31 January 2023.

NOTES TO THE UNAUDITED INTERIM ACCOUNTS

FOR THE PERIOD ENDED 31 July 2023

1. Basis of preparation

The condensed financial statements included in these interim accounts have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards in conformity with the requirements of the Companies Act 2006 (IFRS).

The condensed consolidated interim financial information has been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting" and presented in GBP.

The company was incorporated on 17 September 2021 and was admitted to Standard List of London Stock Exchange on 4 October 2022. The period under review represents the first interim set of accounts. The interim financial information for the period ending 31 July 2023 has not been audited. The interim financial report has been approved by the Board on 20 October 2023.

No comparative information is presented as this is the first interim reporting period of the Company.

The interim financial information for the six months ended 31 July 2023 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006.

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in this review. The financial position of the Company, its cash flows and liquidity position are described in this business review. As highlighted below, the Company meets its day to day working capital requirements through its on-going cash flows.

The principal accounting policies used in preparing these interim accounts are those expected to be applied in the Company's Financial Statements for the year ending 31 January 2024.

2. Accounting policies

The principal accounting policies adopted in the preparation of these financial results are set out below.

Segment reporting

The Company is currently a cash shell, and the directors believe that there is no benefit to show any segmental reporting until a new strategy is undertaken.

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purpose of the cash flow statement.

Share capital

Ordinary shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effects.

Taxation

Income tax payable is provided on taxable profits using tax rates enacted or substantively enacted at the balance sheet date.

Deferred taxation is provided in full, using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial results. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related balance sheet tax asset is realised or the deferred liability is settled. Deferred income tax assets are recognised to the extent that it is possible that future taxable profit will be available against which temporary differences can be utilised. Income tax is recognised in the consolidated income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

Critical accounting estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below.

Going concern basis of preparation

The Company had approximately £910,589 in cash at the period end. The Directors have prepared the accounts on a going concern basis as they consider that the company has adequate funding.

3. Earnings (Loss) per share

The basic earnings per share is calculated by dividing the (loss)/profit attributable to the ordinary shareholders of the Company by the weighted average number of Ordinary shares in issue during the period, excluding Ordinary shares purchased by the Company and held as treasury shares.

There are no diluted earnings per share as the share warrants and options currently in issue do not have a dilutive effect.

4. Distribution of Interim Report and Registered Office

A copy of the Interim Report will be available shortly on the Company's website, and copies will be available from the Company's registered office, 3^rd Floor, 80 Cheapside, London, EC2A 6E.