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REGISTERED NUMBER: 08439456 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Millstream Estate Services Limited

Millstream Estate Services Limited (Registered number: 08439456)






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


Millstream Estate Services Limited

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTOR: N E Keenan





REGISTERED OFFICE: Unit 1
Old RAF Buildings
Dorcas Lane
Stoke Hammond
Buckinghamshire
MK17 0EA





REGISTERED NUMBER: 08439456 (England and Wales)





ACCOUNTANTS: Connolly Accountants & Business Advisors Ltd
Chartered Certified Accountants
The Stable Yard
Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN

Millstream Estate Services Limited (Registered number: 08439456)

Balance Sheet
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,240 2,232
Tangible assets 5 1,088,311 1,086,242
1,089,551 1,088,474

CURRENT ASSETS
Debtors 6 313,062 124,747
Cash at bank and in hand 296,260 426,418
609,322 551,165
CREDITORS
Amounts falling due within one year 7 398,503 461,034
NET CURRENT ASSETS 210,819 90,131
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,300,370

1,178,605

CREDITORS
Amounts falling due after more than one
year

8

(538,993

)

(595,267

)

PROVISIONS FOR LIABILITIES (30,600 ) (21,044 )
NET ASSETS 730,777 562,294

CAPITAL AND RESERVES
Called up share capital 125 125
Retained earnings 730,652 562,169
SHAREHOLDERS' FUNDS 730,777 562,294

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

Millstream Estate Services Limited (Registered number: 08439456)

Balance Sheet - continued
31 DECEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 July 2022 and were signed by:





N E Keenan - Director


Millstream Estate Services Limited (Registered number: 08439456)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Millstream Estate Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The directors have considered the impact of COVID-19 in relation to their assessment of going concern of the Company. In their opinion, they have taken all reasonable steps to mitigate these factors.

As at the point of authorising the accounts, and for the foreseeable future, the directors have determined that there is no material uncertainty that casts doubt on the entity's ability to continue as a going concern. Therefore, they consider the going concern assumption to still be appropriate.

The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 10% on cost
Plant & machinery - 3 years and 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 3 years and 25% on cost
Computer equipment - 3 years

Government grants
Coronavirus Bounce Back Loan Scheme
In accordance with FRS 102 paragraph 11.13, transactions relating to this loan are valued initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method. Government contributions towards interest have been recognised under other income.

Millstream Estate Services Limited (Registered number: 08439456)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

Basic financial liabilities
Basic financial liabilities, including creditors and loans from related companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Millstream Estate Services Limited (Registered number: 08439456)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2020 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2021
and 31 December 2021 9,920
AMORTISATION
At 1 January 2021 7,688
Charge for year 992
At 31 December 2021 8,680
NET BOOK VALUE
At 31 December 2021 1,240
At 31 December 2020 2,232

Millstream Estate Services Limited (Registered number: 08439456)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2021 980,045 447,146 1,427,191
Additions - 132,466 132,466
At 31 December 2021 980,045 579,612 1,559,657
DEPRECIATION
At 1 January 2021 38,621 302,328 340,949
Charge for year 16,560 113,837 130,397
At 31 December 2021 55,181 416,165 471,346
NET BOOK VALUE
At 31 December 2021 924,864 163,447 1,088,311
At 31 December 2020 941,424 144,818 1,086,242


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 262,441 103,001
Other debtors 50,621 21,746
313,062 124,747

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts (see note 9) 35,942 27,049
Hire purchase contracts (see note 10) 20,331 19,906
Trade creditors 64,735 66,470
Taxation and social security 101,182 124,506
Other creditors 176,313 223,103
398,503 461,034

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans (see note 9) 525,094 561,037
Hire purchase contracts (see note 10) 13,899 34,230
538,993 595,267

Millstream Estate Services Limited (Registered number: 08439456)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2021 2020
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 375,640 404,565

9. LOANS

An analysis of the maturity of loans is given below:

2021 2020
£    £   
Amounts falling due within one year or on demand:
Bank loans 25,942 25,382
BBLS 10,000 1,667
35,942 27,049

Amounts falling due between one and two years:
Bank loans - 1-2 years 26,657 25,942
BBLS - 1-2 years 10,000 10,000
36,657 35,942

Amounts falling due between two and five years:
Bank loans - 2-5 years 84,464 82,197
BBLS 2-5 years 28,333 38,333
112,797 120,530

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 375,640 404,565

The bank loan is a mortgage which is secured by fixed and floating charges over the property or undertaking of the company.

The Bounce Back Loan balance outstanding is unsecured and guaranteed by the UK Government.

Millstream Estate Services Limited (Registered number: 08439456)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2021 2020
£    £   
Gross obligations repayable:
Within one year 20,951 20,951
Between one and five years 14,094 35,045
35,045 55,996

Finance charges repayable:
Within one year 620 1,045
Between one and five years 195 815
815 1,860

Net obligations repayable:
Within one year 20,331 19,906
Between one and five years 13,899 34,230
34,230 54,136

Hire purchase arrangements are secured against the assets to which they relate.

Non-cancellable operating leases
2021 2020
£    £   
Within one year 5,300 5,300
Between one and five years 5,300 -
10,600 5,300

11. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund

Contributions totalling £1,083 (2020: £817) were payable to the fund at the balance sheet date and are included in other creditors.