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REGISTERED NUMBER: 05703992










MILLENNIUM SERVICE STATIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022






MILLENNIUM SERVICE STATIONS LIMITED (REGISTERED NUMBER: 05703992)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 7

MILLENNIUM SERVICE STATIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2022







DIRECTORS: M G Johnson
Mrs S M Bevan
A M Johnson





SECRETARY: M G Johnson





REGISTERED OFFICE: 8 Tarren Terrace
Cwmavon
Port Talbot
South Glamorgan
SA12 9HA





REGISTERED NUMBER: 05703992





ACCOUNTANTS: Bevan Buckland LLP
Ground Floor
Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

MILLENNIUM SERVICE STATIONS LIMITED (REGISTERED NUMBER: 05703992)

BALANCE SHEET
28 FEBRUARY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,071,699 1,083,783

CURRENT ASSETS
Stocks 80,482 144,921
Debtors 5 1,298,846 388,650
Cash at bank and in hand 301,985 425,101
1,681,313 958,672
CREDITORS
Amounts falling due within one year 6 549,618 444,813
NET CURRENT ASSETS 1,131,695 513,859
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,203,394

1,597,642

CREDITORS
Amounts falling due after more than one
year

7

(689,669

)

(162,794

)

PROVISIONS FOR LIABILITIES (9,253 ) (10,219 )
NET ASSETS 1,504,472 1,424,629

CAPITAL AND RESERVES
Called up share capital 2 2
Non-Distributable Reserves 9 886,334 886,334
Retained earnings 618,136 538,293
SHAREHOLDERS' FUNDS 1,504,472 1,424,629

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2022 and were signed on its behalf by:





A M Johnson - Director


MILLENNIUM SERVICE STATIONS LIMITED (REGISTERED NUMBER: 05703992)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

1. STATUTORY INFORMATION

Millennium Service Stations Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

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 - 1% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost and 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

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.

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.

MILLENNIUM SERVICE STATIONS LIMITED (REGISTERED NUMBER: 05703992)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2022

2. ACCOUNTING POLICIES - continued

Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments held within a deposit or similar account.

Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Freehold Property
On transition to FRS 102 freehold property was valued at deemed cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2021 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2021 1,100,000 140,381 57,482
Additions - 1,798 8,120
At 28 February 2022 1,100,000 142,179 65,602
DEPRECIATION
At 1 March 2021 70,000 109,410 46,396
Charge for year 7,000 6,961 2,547
At 28 February 2022 77,000 116,371 48,943
NET BOOK VALUE
At 28 February 2022 1,023,000 25,808 16,659
At 28 February 2021 1,030,000 30,971 11,086

MILLENNIUM SERVICE STATIONS LIMITED (REGISTERED NUMBER: 05703992)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2022

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2021 22,568 21,915 1,342,346
Additions - - 9,918
At 28 February 2022 22,568 21,915 1,352,264
DEPRECIATION
At 1 March 2021 13,784 18,973 258,563
Charge for year 4,392 1,102 22,002
At 28 February 2022 18,176 20,075 280,565
NET BOOK VALUE
At 28 February 2022 4,392 1,840 1,071,699
At 28 February 2021 8,784 2,942 1,083,783

Included in cost of land and buildings is freehold land of £ 400,000 (2021 - £ 400,000 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2021
and 28 February 2022 62,588 22,568 85,156
DEPRECIATION
At 1 March 2021 34,103 13,784 47,887
Charge for year 6,259 4,392 10,651
At 28 February 2022 40,362 18,176 58,538
NET BOOK VALUE
At 28 February 2022 22,226 4,392 26,618
At 28 February 2021 28,485 8,784 37,269

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 117,637 88,532
Other debtors 1,181,209 300,118
1,298,846 388,650

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 35,796 1,621
Hire purchase contracts 9,663 7,866
Trade creditors 423,640 369,882
Taxation and social security 58,255 47,124
Other creditors 22,264 18,320
549,618 444,813

MILLENNIUM SERVICE STATIONS LIMITED (REGISTERED NUMBER: 05703992)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 688,425 97,008
Hire purchase contracts 1,244 10,786
Other creditors - 55,000
689,669 162,794

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years - 34,040

The prior year financial statements include a liability for a property participation fee with the bank. This arrangement is no longer in place as at 28 February 2022.The reversal of this liability has been shown as an exceptional item in the 2022 financial statements.

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 724,221 98,629
Hire purchase contracts 10,907 18,652
735,128 117,281

The hire purchases are secured upon the assets to which they relate.

The loan facility is currently interest only and capital repayments commenced in October 2021 with a 5 profile. The maturity of the loans is based on this repayment profile with a lump sum paid at the end of the 5 years.


For all charges, the amount secured by Barclays Bank Plc, is all the company's liabilities to Bank Barclays Bank Plc of any kind in any currency (whether present or future actual or contingent and whether incurred alone or jointly with another) including banking charges, commission interest costs and expenses.

9. RESERVES
Non-Distributable
Reserves
£   
At 1 March 2021
and 28 February 2022 886,334

The revaluation reserve represents the fair value increases in property when compared to historical cost.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company made total advances of £73,613 (2021 - £62,359 ) to the directors.The maximum amounts outstanding during the year was £71,110 (2021 - £45,743).

11. RELATED PARTY DISCLOSURES

Entities with control, joint control, or significant influence over the company
2022 2021
£ £
Amount due from related parties - Johnsons Retail Limited 1,146,918 265,730
Amount due to related parties 9,384 5,525

The debt due from Johnsons Retail Limited is receivable in more than 12 months.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MILLENNIUM SERVICE STATIONS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Millennium Service Stations Limited for the year ended 28 February 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Millennium Service Stations Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Millennium Service Stations Limited and state those matters that we have agreed to state to the Board of Directors of Millennium Service Stations Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Millennium Service Stations Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Millennium Service Stations Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Millennium Service Stations Limited. You consider that Millennium Service Stations Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Millennium Service Stations Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bevan Buckland LLP
Ground Floor
Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA


Date: .............................................