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REGISTERED NUMBER: 06203355 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

MILTONS OF SALCOMBE LTD

MILTONS OF SALCOMBE LTD (REGISTERED NUMBER: 06203355)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MILTONS OF SALCOMBE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mr J P Milton
Mrs C Milton



SECRETARY: Mr J P Milton



REGISTERED OFFICE: Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



REGISTERED NUMBER: 06203355 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: NatWest
48 Courtenay Street
Newton Abbot
Devon
TQ12 2EE

MILTONS OF SALCOMBE LTD (REGISTERED NUMBER: 06203355)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 17,000 21,250
Tangible assets 5 65,618 69,754
Investments 6 100 100
82,718 91,104

CURRENT ASSETS
Stocks 7 74,402 75,760
Debtors 8 20,338 20,732
Cash at bank and in hand 480,989 546,151
575,729 642,643
CREDITORS
Amounts falling due within one year 9 302,019 289,326
NET CURRENT ASSETS 273,710 353,317
TOTAL ASSETS LESS CURRENT LIABILITIES 356,428 444,421

CREDITORS
Amounts falling due after more than one
year

10

(21,448

)

(45,270

)

PROVISIONS FOR LIABILITIES (12,467 ) (14,556 )
NET ASSETS 322,513 384,595

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 322,511 384,593
SHAREHOLDERS' FUNDS 322,513 384,595

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.

MILTONS OF SALCOMBE LTD (REGISTERED NUMBER: 06203355)

BALANCE SHEET - continued
31 MAY 2023


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 Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by:




Mrs C Milton - Director



Mr J P Milton - Director


MILTONS OF SALCOMBE LTD (REGISTERED NUMBER: 06203355)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Miltons Of Salcombe Ltd 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.

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 2007, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% 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 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.

MILTONS OF SALCOMBE LTD (REGISTERED NUMBER: 06203355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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 28 (2022 - 27 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 85,000
AMORTISATION
At 1 June 2022 63,750
Amortisation for year 4,250
At 31 May 2023 68,000
NET BOOK VALUE
At 31 May 2023 17,000
At 31 May 2022 21,250

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 6,000 53,699 74,927 1,656 136,282
Additions - 591 7,496 938 9,025
At 31 May 2023 6,000 54,290 82,423 2,594 145,307
DEPRECIATION
At 1 June 2022 2,400 32,765 30,033 1,330 66,528
Charge for year 600 4,304 7,859 398 13,161
At 31 May 2023 3,000 37,069 37,892 1,728 79,689
NET BOOK VALUE
At 31 May 2023 3,000 17,221 44,531 866 65,618
At 31 May 2022 3,600 20,934 44,894 326 69,754

MILTONS OF SALCOMBE LTD (REGISTERED NUMBER: 06203355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2022
and 31 May 2023 100
NET BOOK VALUE
At 31 May 2023 100
At 31 May 2022 100

7. STOCKS
2023 2022
£    £   
Stocks 74,402 75,760

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 19,375 19,815
Prepayments 963 917
20,338 20,732

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,978 10,000
Other loans 8,926 3,232
Trade creditors 96,218 86,797
Tax 28,763 56,421
Social security and other taxes 7,165 134
VAT 53,969 37,908
Other creditors 36,161 30,202
Pension creditor 1,189 913
Directors' current accounts 54,197 61,362
Accrued expenses 5,453 2,357
302,019 289,326

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 21,448 30,239
Other loans - 1-2 years - 15,031
21,448 45,270

11. OTHER FINANCIAL COMMITMENTS

At 31 May 2023, the company had total commitments under non-cancellable operating leases over the remaining life of the those leases of £560,940 (2022 £542,500).

MILTONS OF SALCOMBE LTD (REGISTERED NUMBER: 06203355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
Mr J P Milton
Balance outstanding at start of year (30,681 ) (30,781 )
Amounts advanced 109,508 50,799
Amounts repaid (105,925 ) (50,699 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (27,098 ) (30,681 )

Mrs C Milton
Balance outstanding at start of year (30,681 ) (30,781 )
Amounts advanced 109,507 50,799
Amounts repaid (105,925 ) (50,699 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (27,099 ) (30,681 )

Loans are unsecured, interest free and repayable on demand.

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £168,000 (2022 - £80,000) were paid to the directors .

The directors, Mr & Mrs J P Milton, have given a personal guarantee in respect of the company's overdraft facility of £30,000.

14. GOVERNMENT GUARANTEED LOAN

The bank loan of £31,426 (2022: £40,239) is a COVID-19 Bounce Back Loan, guaranteed by the government. Term runs to June 2026.