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COMPANY REGISTRATION NUMBER: 05654818
Millennium Decorators Limited
Filleted Unaudited Financial Statements
5 April 2023
Millennium Decorators Limited
Financial Statements
Year ended 5 April 2023
Contents
Page
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Millennium Decorators Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Millennium Decorators Limited
Year ended 5 April 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 5 April 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
ASPIRE ACCOUNTING AND TAX Chartered Certified Accountants
27B Harmire Enterprise Park Barnard Castle County Durham DL12 8BN
Millennium Decorators Limited
Statement of Financial Position
5 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
259,752
184,779
Current assets
Stocks
69,968
114,783
Debtors
6
579,297
389,134
Cash at bank and in hand
324,224
429,740
---------
---------
973,489
933,657
Creditors: amounts falling due within one year
7
121,498
111,000
---------
---------
Net current assets
851,991
822,657
------------
------------
Total assets less current liabilities
1,111,743
1,007,436
Creditors: amounts falling due after more than one year
8
36,883
54,700
Provisions
37,121
9,683
------------
------------
Net assets
1,037,739
943,053
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
1,036,739
942,053
------------
---------
Shareholders funds
1,037,739
943,053
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Millennium Decorators Limited
Statement of Financial Position (continued)
5 April 2023
These financial statements were approved by the board of directors and authorised for issue on 16 November 2023 , and are signed on behalf of the board by:
Mr D King
Director
Company registration number: 05654818
Millennium Decorators Limited
Notes to the Financial Statements
Year ended 5 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2a Henson Close, South Church Enterprise Park, Bishop Auckland, County Durham, DL14 6WA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2022: 24 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 6 April 2022
8,539
76,869
194,358
5,162
284,928
Additions
2,761
148,484
1,250
152,495
Disposals
( 63,229)
( 1,300)
( 64,529)
-------
--------
---------
-------
---------
At 5 April 2023
8,539
79,630
279,613
5,112
372,894
-------
--------
---------
-------
---------
Depreciation
At 6 April 2022
7,784
14,605
74,864
2,896
100,149
Charge for the year
189
6,272
41,448
679
48,588
Disposals
( 34,468)
( 1,127)
( 35,595)
-------
--------
---------
-------
---------
At 5 April 2023
7,973
20,877
81,844
2,448
113,142
-------
--------
---------
-------
---------
Carrying amount
At 5 April 2023
566
58,753
197,769
2,664
259,752
-------
--------
---------
-------
---------
At 5 April 2022
755
62,264
119,494
2,266
184,779
-------
--------
---------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
283,445
68,909
Other debtors
295,852
320,225
---------
---------
579,297
389,134
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
16,394
21,969
Corporation tax
32,075
34,071
Social security and other taxes
57,560
35,184
Other creditors
15,469
19,776
---------
---------
121,498
111,000
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
33,187
42,876
Other creditors
3,696
11,824
--------
--------
36,883
54,700
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D King
204,708
100,650
( 94,488)
210,870
Mr P King
( 8,568)
45,383
( 40,000)
( 3,185)
---------
---------
---------
---------
196,140
146,033
( 134,488)
207,685
---------
---------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D King
207,718
54,215
( 57,225)
204,708
Mr P King
( 14)
20,946
( 29,500)
( 8,568)
---------
--------
--------
---------
207,704
75,161
( 86,725)
196,140
---------
--------
--------
---------
10. Related party transactions
The company was under the control of Mr D King throughout the current and previous year. Mr King is the managing director and a 50% shareholder. During the year the company made loans to Mr D King , the total outstanding is £196,139.