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REGISTERED NUMBER: 10560855 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

MILTON-BEVINGTONS LTD

MILTON-BEVINGTONS LTD (REGISTERED NUMBER: 10560855)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 28 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MILTON-BEVINGTONS LTD

COMPANY INFORMATION
for the year ended 28 February 2023







DIRECTORS: Mr M Smith
Mrs D J Smith





REGISTERED OFFICE: Unit 2 Charnwood Edge Business Park
Syston Road
Cossington
Leicester
Leicestershire
LE7 4UZ





REGISTERED NUMBER: 10560855 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ

MILTON-BEVINGTONS LTD (REGISTERED NUMBER: 10560855)

BALANCE SHEET
28 February 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 40,000 50,000
Tangible assets 5 1,213 1,283
41,213 51,283

CURRENT ASSETS
Stocks 68,572 60,435
Debtors 6 32,569 85,555
Cash at bank and in hand 69,897 133,477
171,038 279,467
CREDITORS
Amounts falling due within one year 7 (72,384 ) (144,110 )
NET CURRENT ASSETS 98,654 135,357
TOTAL ASSETS LESS CURRENT
LIABILITIES

139,867

186,640

CREDITORS
Amounts falling due after more than one
year

8

(145,820

)

(176,921

)

PROVISIONS FOR LIABILITIES (230 ) (321 )
NET (LIABILITIES)/ASSETS (6,183 ) 9,398

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (6,283 ) 9,298
SHAREHOLDERS' FUNDS (6,183 ) 9,398

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

MILTON-BEVINGTONS LTD (REGISTERED NUMBER: 10560855)

BALANCE SHEET - continued
28 February 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 8 November 2023 and were signed on its behalf by:





Mr M Smith - Director


MILTON-BEVINGTONS LTD (REGISTERED NUMBER: 10560855)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 28 February 2023


1. STATUTORY INFORMATION

Milton-Bevingtons Ltd is a limited company, registered in England and Wales. Its registered office address is Unit 2 Charnwood Edge Business Park, Syston Road, Cossington, Leicester, LE7 4UZ and the registered number is 10560855.

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.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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

Rendering of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten 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
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment25% straight line

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 and loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

MILTON-BEVINGTONS LTD (REGISTERED NUMBER: 10560855)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments 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.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

MILTON-BEVINGTONS LTD (REGISTERED NUMBER: 10560855)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 100,000
AMORTISATION
At 1 March 2022 50,000
Charge for year 10,000
At 28 February 2023 60,000
NET BOOK VALUE
At 28 February 2023 40,000
At 28 February 2022 50,000

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 March 2022 5,869
Additions 435
At 28 February 2023 6,304
DEPRECIATION
At 1 March 2022 4,586
Charge for year 505
At 28 February 2023 5,091
NET BOOK VALUE
At 28 February 2023 1,213
At 28 February 2022 1,283

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 31,334 82,750
Directors' current accounts 400 1,987
Prepayments 835 818
32,569 85,555

MILTON-BEVINGTONS LTD (REGISTERED NUMBER: 10560855)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 28 February 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,586 5,934
Other loans 25,000 25,000
Trade creditors 35,887 94,282
Tax 1,080 7,560
Social security and other taxes 2,617 9,008
Accruals and deferred income 2,214 2,326
72,384 144,110

Other loans are secured by a fixed and floating charge over the property of the company.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 38,260 43,361
Other loans 107,560 133,560
145,820 176,921

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary A 1 50 50
50 Ordinary B 1 50 50
100 100

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
Mr M Smith and Mrs D J Smith
Balance outstanding at start of year 1,987 10,187
Amounts advanced 1,308 7,254
Amounts repaid (2,895 ) (15,454 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 400 1,987