Company registration number 03956170 (England and Wales)
MILNSHAW LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
MILNSHAW LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MILNSHAW LIMITED
BALANCE SHEET
AS AT
28 OCTOBER 2022
28 October 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
928,959
1,000,547
Investments
4
1
1
928,960
1,000,548
Current assets
Debtors
6
40,993
30,933
Cash at bank and in hand
32,094
1,103
73,087
32,036
Creditors: amounts falling due within one year
7
(171,946)
(229,942)
Net current liabilities
(98,859)
(197,906)
Total assets less current liabilities
830,101
802,642
Creditors: amounts falling due after more than one year
8
(101,353)
(108,956)
Provisions for liabilities
(3,982)
-
0
Net assets
724,766
693,686
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
724,666
693,586
Total equity
724,766
693,686

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MILNSHAW LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 OCTOBER 2022
28 October 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 October 2023 and are signed on its behalf by:
C Hambling
Director
Company registration number 03956170 (England and Wales)
MILNSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 OCTOBER 2022
- 3 -
1
Accounting policies
Company information

Milnshaw Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hindle Street, Accrington, Lancashire, BB5 1QT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company finances its operation by means of a bank trueloan facility. The directors are not aware of any reason why the bank loan facility will not be maintained at its current level. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
2% straight line
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

MILNSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions 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 cost 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 any 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MILNSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2022
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 31 October 2021
1,385,303
82,508
3,150
32,775
1,503,736
Additions
36,116
-
0
-
0
-
0
36,116
Disposals
(105,588)
-
0
-
0
-
0
(105,588)
At 28 October 2022
1,315,831
82,508
3,150
32,775
1,434,264
Depreciation and impairment
As restated at 31 October 2021
422,476
54,756
3,150
22,807
503,189
Depreciation charged in the year
27,548
4,163
-
0
2,200
33,911
Eliminated in respect of disposals
(31,795)
-
0
-
0
-
0
(31,795)
At 28 October 2022
418,229
58,919
3,150
25,007
505,305
Carrying amount
At 28 October 2022
897,602
23,589
-
0
7,768
928,959
At 30 October 2021
962,827
27,752
-
0
9,968
1,000,547
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1
1
MILNSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2022
- 6 -
5
Subsidiaries

Details of the company's subsidiaries at 28 October 2022 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
R Pilling & Son Limited
Hindle Street, Accrington, Lancashire, BB5 1QT
Manufacturing, joinery, building contractors, supply and fitting blinds
Ordinary
100
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
322
322
Other debtors
39,161
28,818
Prepayments and accrued income
1,510
1,793
40,993
30,933

Included within other debtors are amounts owed by a connected company of £37,611 (2021 - £27,711).

7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
7,714
7,714
Trade creditors
2,113
3,239
Other creditors
157,368
216,939
Accruals and deferred income
4,751
2,050
171,946
229,942

Included within other creditors are amounts owed to the directors of £157,368 (2021 - £102,939).

8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
101,353
108,956

Bank loans are secured by fixed and floating charges over the assets of the company.

Amounts included above which fall due after five years are as follows:
Payable by instalments
62,776
70,490
MILNSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2022
- 7 -
9
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
MILNSHAW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2022
- 8 -
10
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Oct 2021
£
£
£
Fixed assets
Tangible assets
984,271
16,276
1,000,547
Capital and reserves
Profit and loss reserves
677,310
16,276
693,586
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 October 2021
£
£
£
Administrative expenses
(47,516)
16,276
(31,240)
Loss for the financial period
(20,261)
16,276
(3,985)

The prior period adjustment represents the correction of depreciation incorrectly treated in prior years.

 

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