Company Registration No. NI055915 (Northern Ireland)
MILLWOOD CONSTRUCTION LTD
Unaudited accounts
for the year ended 31 December 2023
MILLWOOD CONSTRUCTION LTD
Unaudited accounts
Contents
MILLWOOD CONSTRUCTION LTD
Company Information
for the year ended 31 December 2023
Directors
Desmond Johnston
Cherith Johnston
Secretary
Desmond Johnston
Company Number
NI055915 (Northern Ireland)
Registered Office
COOLANE ROAD
MILLWOOD
LISBELLAW
BT94 5HQ
Accountants
W F Lemon & Co Ltd
76 Main Street
Lisnaskea
Co Fermanagh
BT92 0JD
MILLWOOD CONSTRUCTION LTD
Statement of financial position
as at 31 December 2023
Tangible assets
26,424
35,220
Cash at bank and in hand
74,086
129,630
Creditors: amounts falling due within one year
(16,672)
(22,631)
Net current assets
65,828
116,936
Total assets less current liabilities
92,252
152,156
Provisions for liabilities
Deferred tax
(6,363)
(8,508)
Called up share capital
10,000
10,000
Profit and loss account
75,889
133,648
Shareholders' funds
85,889
143,648
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 April 2024 and were signed on its behalf by
Desmond Johnston
Director
Company Registration No. NI055915
MILLWOOD CONSTRUCTION LTD
Notes to the Accounts
for the year ended 31 December 2023
MILLWOOD CONSTRUCTION LTD is a private company, limited by shares, registered in Northern Ireland, registration number NI055915. The registered office is COOLANE ROAD, MILLWOOD, LISBELLAW, BT94 5HQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
25% Reducing Balance
Computer equipment
25% Straight Line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
MILLWOOD CONSTRUCTION LTD
Notes to the Accounts
for the year ended 31 December 2023
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
120,756
27,130
4,739
1,589
154,214
At 31 December 2023
120,756
27,130
4,739
1,589
154,214
At 1 January 2023
106,780
6,782
4,739
693
118,994
Charge for the year
3,485
5,087
-
224
8,796
At 31 December 2023
110,265
11,869
4,739
917
127,790
At 31 December 2023
10,491
15,261
-
672
26,424
At 31 December 2022
13,976
20,348
-
896
35,220
Amounts falling due within one year
Amounts falling due after more than one year
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
412
704
Trade creditors
4,753
1,647
Taxes and social security
8,354
12,408
Loans from directors
-
1,740
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Average number of employees
During the year the average number of employees was 2 (2022: 3).