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REGISTERED NUMBER: 03767320 (England and Wales)
















Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Millennium Structured Networks Ltd

Millennium Structured Networks Ltd (Registered number: 03767320)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Millennium Structured Networks Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTOR: D S Amis





REGISTERED OFFICE: 1 Manor Court
6 Barnes Wallis Road
Segensworth
Fareham
Hampshire
PO15 5TH





REGISTERED NUMBER: 03767320 (England and Wales)





ACCOUNTANTS: Roches Chartered Accountants
1 Manor Court
6 Barnes Wallis Road
Segensworth
Fareham
Hampshire
PO15 5TH

Millennium Structured Networks Ltd (Registered number: 03767320)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 24,119 18,467

CURRENT ASSETS
Stocks 4,000 3,000
Debtors 5 58,411 62,348
Cash at bank 2,483 -
64,894 65,348
CREDITORS
Amounts falling due within one year 6 75,030 67,545
NET CURRENT LIABILITIES (10,136 ) (2,197 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,983

16,270

CREDITORS
Amounts falling due after more than one
year

7

(9,643

)

(13,609

)

PROVISIONS FOR LIABILITIES (3,848 ) (2,612 )
NET ASSETS 492 49

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 488 45
SHAREHOLDERS' FUNDS 492 49

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Millennium Structured Networks Ltd (Registered number: 03767320)

Balance Sheet - continued
31 May 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 director and authorised for issue on 7 February 2024 and were signed by:





D S Amis - Director


Millennium Structured Networks Ltd (Registered number: 03767320)

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

1. STATUTORY INFORMATION

Millennium Structured Networks Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Financial assets & financial liabilities are initially recognised at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. However, if the arrangement constitutes a financing transaction then it is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets & financial liabilities classified as receivable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Millennium Structured Networks Ltd (Registered number: 03767320)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid 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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 78,001
Additions 9,841
At 31 May 2023 87,842
DEPRECIATION
At 1 June 2022 59,534
Charge for year 4,189
At 31 May 2023 63,723
NET BOOK VALUE
At 31 May 2023 24,119
At 31 May 2022 18,467

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 36,604 29,016
Other debtors 21,807 33,332
58,411 62,348

Millennium Structured Networks Ltd (Registered number: 03767320)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 3,964 21,521
Trade creditors 30,720 11,023
Taxation and social security 21,078 21,018
Other creditors 19,268 13,983
75,030 67,545

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans 9,643 13,609

8. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Bank overdraft - 17,654

The amount owed to the bank is secured by a fixed and floating charge over the undertaking and all of it's property and assets.

9. OTHER FINANCIAL COMMITMENTS

As at the year end, the company had obligations totalling £52,500 (2022 : £10,500) under non-cancellable operating leases.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

31.5.23 31.5.22
£    £   
D S Amis
Balance outstanding at start of year 22,105 -
Amounts advanced - 25,189
Amounts repaid (22,105 ) (3,084 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 22,105

Interest at the HMRC official rate has been charged on the above loan, which is repayable on demand.