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Company No: 00603736

Miller Bros. & F. P. Butler Limited

Unaudited Financial Statements

Year Ended

31 March 2023

 

Miller Bros. & F. P. Butler Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Miller Bros. & F. P. Butler Limited

Company Information

Directors

S A Major

H Major

J Lyons

Registered office

Suite 8 Bourne Gate
25 Bourne Valley Road
Poole
Dorset
BH12 1DY

Accountants

Brett Pittwood
Chartered Certified Accountants
Suite 8 Bourne Gate
25 Bourne Valley Road
Poole
Dorset
BH12 1DY

 

Miller Bros. & F. P. Butler Limited

(Registration number: 00603736)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

100,977

86,393

 

100,978

86,394

Current assets

 

Stocks

6

9,825

10,125

Debtors

7

105,652

66,297

Cash at bank and in hand

 

270,984

222,003

 

386,461

298,425

Creditors: Amounts falling due within one year

8

(140,444)

(35,271)

Net current assets

 

246,017

263,154

Total assets less current liabilities

 

346,995

349,548

Provisions for liabilities

(18,952)

(16,130)

Net assets

 

328,043

333,418

Capital and reserves

 

Called up share capital

1,030

1,030

Revaluation reserve

1,940

1,940

Other reserves

970

970

Retained earnings

324,103

329,478

Shareholders' funds

 

328,043

333,418

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 August 2023 and signed on its behalf by:

S A Major
Director

 

Miller Bros. & F. P. Butler Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 8 Bourne Gate
25 Bourne Valley Road
Poole
Dorset
BH12 1DY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company. Monetary amounts are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Miller Bros. & F. P. Butler Limited

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33% straight line basis

Goodwill

Goodwill, being the amount paid in the connection with the acquisition of a business in 1984, has been amortised down to £1.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Miller Bros. & F. P. Butler Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
Financial assets

Basic financial assets
Basic financial assets, which include trade debtors, 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 trade and other 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

 

Miller Bros. & F. P. Butler Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

11,000

11,000

At 31 March 2023

11,000

11,000

Amortisation

At 1 April 2022

10,999

10,999

At 31 March 2023

10,999

10,999

Carrying amount

At 31 March 2023

1

1

At 31 March 2022

1

1

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2022

48,960

311,634

21,873

382,467

Additions

2,599

44,113

702

47,414

At 31 March 2023

51,559

355,747

22,575

429,881

Depreciation

At 1 April 2022

38,509

237,478

20,087

296,074

Charge for the year

1,958

29,567

1,305

32,830

At 31 March 2023

40,467

267,045

21,392

328,904

Carrying amount

At 31 March 2023

11,092

88,702

1,183

100,977

At 31 March 2022

10,451

74,156

1,786

86,393

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

9,825

10,125

 

Miller Bros. & F. P. Butler Limited

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

7

Debtors

2023
£

2022
£

Trade debtors

64,576

35,219

Prepayments

17,076

19,078

Other debtors

24,000

12,000

 

105,652

66,297

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

31,466

-

Accruals and deferred income

6,299

6,149

Other creditors

102,679

29,122

140,444

35,271

 

Miller Bros. & F. P. Butler Limited

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

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £19,500 (2022 - £45,500).