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REGISTERED NUMBER: NI609313 (Northern Ireland)













Milne Funeral Services Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2023






Milne Funeral Services Ltd (Registered number: NI609313)

Contents of the Financial Statements
for the Year Ended 31 May 2023










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 7


Milne Funeral Services Ltd

Company Information
for the Year Ended 31 May 2023







Director: Mr Andrew Milne





Registered office: 59 Seagoe Road
Portadown
Co Armagh
BT63 5HS





Registered number: NI609313 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Milne Funeral Services Ltd (Registered number: NI609313)

Statement of Financial Position
31 May 2023

2023 2022
Notes £ £
Fixed assets
Property, plant and equipment 4 876,385 560,687

Current assets
Inventories 5 20,957 17,504
Receivables 6 91,316 95,803
Cash at bank 7 55,036 196,356
167,309 309,663
Payables
Amounts falling due within one year 8 (174,167 ) (243,922 )
Net current (liabilities)/assets (6,858 ) 65,741
Total assets less current liabilities 869,527 626,428

Payables
Amounts falling due after more than one
year

9

(545,007

)

(287,102

)

Provisions for liabilities 11 (19,736 ) (20,554 )
Net assets 304,784 318,772

Capital and reserves
Called up share capital 12 1 1
Retained earnings 304,783 318,771
Shareholders' funds 304,784 318,772

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 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.

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 3 October 2023 and were signed by:




Mr Andrew Milne - Director


Milne Funeral Services Ltd (Registered number: NI609313)

Notes to the Financial Statements
for the Year Ended 31 May 2023


1. Statutory information

Milne Funeral Services Ltd is a private company, limited by shares , registered in Northern Ireland. 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.

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

Property, plant and equipment
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
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance

Inventory
Inventories 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Milne Funeral Services Ltd (Registered number: NI609313)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


2. Accounting policies - continued

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These 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, which can involve a high degree of judgement or complexity. 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 year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See Tangible fixed assets note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of assets.

3. Employees and directors

The average number of employees during the year was 9 (2022 - 9 ) .

Milne Funeral Services Ltd (Registered number: NI609313)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


4. Property, plant and equipment
Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
Cost
At 1 June 2022 378,444 43,594 211,976 634,014
Additions 316,496 5,330 54,225 376,051
Disposals - - (26,262 ) (26,262 )
At 31 May 2023 694,940 48,924 239,939 983,803
Depreciation
At 1 June 2022 6,849 24,306 42,172 73,327
Charge for year 6,754 5,396 43,956 56,106
Eliminated on disposal - - (22,015 ) (22,015 )
At 31 May 2023 13,603 29,702 64,113 107,418
Net book value
At 31 May 2023 681,337 19,222 175,826 876,385
At 31 May 2022 371,595 19,288 169,804 560,687

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
Cost
At 1 June 2022 51,325
Additions 54,225
Reclassification/transfer 117,390
At 31 May 2023 222,940
Depreciation
At 1 June 2022 11,863
Charge for year 42,215
At 31 May 2023 54,078
Net book value
At 31 May 2023 168,862
At 31 May 2022 39,462

5. Inventories
2023 2022
£ £
Funeral Supplies 20,957 17,504

6. Receivables less than one year
2023 2022
£ £
Trade receivables 90,619 95,106
Prepayments 697 697
91,316 95,803

Milne Funeral Services Ltd (Registered number: NI609313)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


7. Cash at bank
2023 2022
£ £
Cash at bank and on hand 55,036 196,356

8. Payables less than one year
2023 2022
£ £
Bank and other loans 43,341 24,638
Hire purchase contracts (see note 10) 45,319 12,709
Trade payables 14,841 37,869
Taxation and social security 14,067 11,099
Other payables 56,599 157,607
174,167 243,922

9. Payables more than one year
2023 2022
£ £
Bank loans 426,728 262,219
Hire purchase contracts (see note 10) 118,279 24,883
545,007 287,102

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 299,662 167,739

10. Hire purchase agreements

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£ £
Net obligations repayable:
Within one year 45,319 12,709
Between one and five years 118,279 24,883
163,598 37,592

11. Provisions for liabilities
2023 2022
£ £
Deferred tax
Accelerated capital allowances 19,736 20,554

Deferred tax
£
Balance at 1 June 2022 20,554
Credit to Statement of income and retained earnings during year (818 )
Balance at 31 May 2023 19,736

Milne Funeral Services Ltd (Registered number: NI609313)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1 Ordinary shares 1 1 1

13. Director's advances, credits and guarantees

The following loans to the company from a director subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£ £
Mr Andrew Milne
Balance outstanding at start of year 19,341 25,873
Amounts advanced 28,000 25,000
Amounts repaid (30,296 ) (31,532 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 17,045 19,341