Registered number
02222641
Miller Freeman & Sons (Nottingham) Limited
Filleted Accounts
31 March 2023
Miller Freeman & Sons (Nottingham) Limited
Registered number: 02222641
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 62,212 76,527
Current assets
Stocks 3,000 3,000
Debtors 4 776,284 377,399
Cash at bank and in hand 387,964 216,044
1,167,248 596,443
Creditors: amounts falling due within one year 5 (669,849) (489,381)
Net current assets 497,399 107,062
Total assets less current liabilities 559,611 183,589
Provisions for liabilities (12,163) (14,540)
Net assets 547,448 169,049
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 546,448 168,049
Shareholders' funds 547,448 169,049
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Butler
Director
Approved by the board on 16 October 2023
Miller Freeman & Sons (Nottingham) Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 16 17
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 19,509 174,798 194,307
Additions 115 22,500 22,615
Disposals (1,250) (6,163) (7,413)
At 31 March 2023 18,374 191,135 209,509
Depreciation
At 1 April 2022 12,464 105,316 117,780
Charge for the year 2,091 32,208 34,299
On disposals (156) (4,626) (4,782)
At 31 March 2023 14,399 132,898 147,297
Net book value
At 31 March 2023 3,975 58,237 62,212
At 31 March 2022 7,045 69,482 76,527
4 Debtors 2023 2022
£ £
Trade debtors 629,648 373,758
Amounts owed by group undertakings and undertakings in which the company has a participating interest 101,119 -
Other debtors 45,517 3,641
776,284 377,399
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 421,743 150,895
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 179,858
Taxation and social security costs 246,326 162,577
Other creditors 1,780 (3,949)
669,849 489,381
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr M Butler
Interest free loan, repayable on demand 3,688 - - 3,688
Mr J Shaw
Interest free loan, repayable on demand 3,688 - - 3,688
7,376 - - 7,376
7 Controlling party
The parent company of Miller Freeman & Sons (Nottingham) Limited is Miller Freeman Holdings Limited, a company incorporated in England whose registered office is 4 Parkyn Road, Daybrook, Nottingham, NG5 6BG.
8 Other information
Miller Freeman & Sons (Nottingham) Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Parkyn Road
Daybrook
Nottingham
Nottinghamshire
NG5 6BG
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