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REGISTERED NUMBER: SC170104















MILLIGAN ELECTRICAL LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023






MILLIGAN ELECTRICAL LIMITED (REGISTERED NUMBER: SC170104)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


MILLIGAN ELECTRICAL LIMITED (REGISTERED NUMBER: SC170104)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,730 8,524

CURRENT ASSETS
Stocks 38,500 40,200
Debtors 5 27,930 18,435
Cash at bank 3,364 12,782
69,794 71,417
CREDITORS
Amounts falling due within one year 6 50,627 55,448
NET CURRENT ASSETS 19,167 15,969
TOTAL ASSETS LESS CURRENT
LIABILITIES

53,897

24,493

CREDITORS
Amounts falling due after more than one year 7 (47,026 ) (22,500 )

PROVISIONS FOR LIABILITIES (6,599 ) (1,620 )
NET ASSETS 272 373

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 122 223
SHAREHOLDERS' FUNDS 272 373

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

MILLIGAN ELECTRICAL LIMITED (REGISTERED NUMBER: SC170104)

BALANCE SHEET - continued
31 JULY 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 April 2024 and were signed by:





Mr C Deas - Director


MILLIGAN ELECTRICAL LIMITED (REGISTERED NUMBER: SC170104)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Milligan Electrical Limited is a private company, limited by shares, registered in Scotland. The company's registered office is Caledonia House, 89 Seaward Street, Glasgow, Scotland, G41 1HJ.

The presentation currency of the financial statements is Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from this standard. The financial statements have been prepared under the historical cost convention.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers there are no such significant judgements.

Turnover
Turnover represents the invoiced value of goods and services excluding Value Added Tax, provided during the year. The company's policy is to recognise a sale when all the risks and rewards in connection with the goods and services have been passed to the purchaser.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks
Stocks are valued at the lower of cost and estimated selling price less cost to sell.

MILLIGAN ELECTRICAL LIMITED (REGISTERED NUMBER: SC170104)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

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, loans from banks and other third parties and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

MILLIGAN ELECTRICAL LIMITED (REGISTERED NUMBER: SC170104)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2022 11,796 6,652 50,564 69,012
Additions - - 38,828 38,828
Disposals - - (21,934 ) (21,934 )
At 31 July 2023 11,796 6,652 67,458 85,906
DEPRECIATION
At 1 August 2022 11,709 6,603 42,176 60,488
Charge for year 22 12 11,543 11,577
Eliminated on disposal - - (20,889 ) (20,889 )
At 31 July 2023 11,731 6,615 32,830 51,176
NET BOOK VALUE
At 31 July 2023 65 37 34,628 34,730
At 31 July 2022 87 49 8,388 8,524

Included within the net book value of tangible fixed assets is £Nil (2022 - £2,939) in respect of assets held as security against hire purchase obligations.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 17,179 7,768
Director's current account 6,356 10,667
Prepayments and accrued income 4,395 -
27,930 18,435

MILLIGAN ELECTRICAL LIMITED (REGISTERED NUMBER: SC170104)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 6,000 6,000
Other loans 5,337 -
Hire purchase contracts - 925
Trade creditors 6,452 14,357
Social security and other taxes 3,070 4,059
VAT 11,509 9,784
Other creditors 16,759 3,733
Director's current account - 15,090
Accruals and deferred income 1,500 1,500
50,627 55,448

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 16,000 22,500
Other loans - 1-2 years 31,026 -
47,026 22,500

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 925

The hire purchase contract is secured over the assets to which it relates.

9. RELATED PARTY DISCLOSURES

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

2023 2022
£    £   
Mr C Deas
Balance outstanding at start of year 10,667 (531 )
Amounts advanced 22,701 15,710
Amounts repaid (27,012 ) (4,512 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,356 10,667

The loan is unsecured with no fixed repayment terms.