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REGISTERED NUMBER: 04830765 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MILBER SALVAGE & SPARES LIMITED

MILBER SALVAGE & SPARES LIMITED (REGISTERED NUMBER: 04830765)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MILBER SALVAGE & SPARES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr A W Hunt
Mr D Hunt
Mr G Hunt
Mrs K Robbins



SECRETARY: Mrs K Robbins



REGISTERED OFFICE: Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



REGISTERED NUMBER: 04830765 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: Royal Bank of Scotland
8 The Stand
Torquay
Devon
TQ1 2DE

MILBER SALVAGE & SPARES LIMITED (REGISTERED NUMBER: 04830765)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,000 6,000
Tangible assets 5 384,647 385,704
Investments 6 5,001 5,001
392,648 396,705

CURRENT ASSETS
Stocks 7 24,750 24,000
Debtors 8 175 4
Cash at bank and in hand 354,146 415,399
379,071 439,403
CREDITORS
Amounts falling due within one year 9 169,599 119,797
NET CURRENT ASSETS 209,472 319,606
TOTAL ASSETS LESS CURRENT LIABILITIES 602,120 716,311

CREDITORS
Amounts falling due after more than one
year

10

(86,450

)

(167,590

)

PROVISIONS FOR LIABILITIES (7,883 ) (7,694 )
NET ASSETS 507,787 541,027

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 506,787 540,027
SHAREHOLDERS' FUNDS 507,787 541,027

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

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

The directors acknowledge their 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.

MILBER SALVAGE & SPARES LIMITED (REGISTERED NUMBER: 04830765)

BALANCE SHEET - continued
31 DECEMBER 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 Board of Directors and authorised for issue on 15 March 2024 and were signed on its behalf by:




Mr D Hunt - Director Mr G Hunt - Director




Mrs K Robbins - Director


MILBER SALVAGE & SPARES LIMITED (REGISTERED NUMBER: 04830765)

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


1. STATUTORY INFORMATION

Milber Salvage & Spares Limited 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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

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.

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.

MILBER SALVAGE & SPARES LIMITED (REGISTERED NUMBER: 04830765)

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


2. ACCOUNTING POLICIES - continued

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 1 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 60,000
AMORTISATION
At 1 January 2023 54,000
Amortisation for year 3,000
At 31 December 2023 57,000
NET BOOK VALUE
At 31 December 2023 3,000
At 31 December 2022 6,000

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 330,150 124,226 21,557
Additions - - 12,600
At 31 December 2023 330,150 124,226 34,157
DEPRECIATION
At 1 January 2023 - 106,479 9,218
Charge for year - 3,549 3,741
At 31 December 2023 - 110,028 12,959
NET BOOK VALUE
At 31 December 2023 330,150 14,198 21,198
At 31 December 2022 330,150 17,747 12,339

MILBER SALVAGE & SPARES LIMITED (REGISTERED NUMBER: 04830765)

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


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 53,523 265 529,721
Additions - - 12,600
At 31 December 2023 53,523 265 542,321
DEPRECIATION
At 1 January 2023 28,056 264 144,017
Charge for year 6,366 1 13,657
At 31 December 2023 34,422 265 157,674
NET BOOK VALUE
At 31 December 2023 19,101 - 384,647
At 31 December 2022 25,467 1 385,704

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Classic car investment 5,001 5,001

7. STOCKS
2023 2022
£    £   
Stocks 24,750 24,000

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 8 4
Directors' current accounts 167 -
175 4

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 33,067 32,398
Tax 37,184 42,148
Social security and other taxes 335 -
VAT 12,177 15,520
Directors' current accounts 86,836 29,731
169,599 119,797

MILBER SALVAGE & SPARES LIMITED (REGISTERED NUMBER: 04830765)

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


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 86,450 115,918
Bank loans more 5 yr by instal - 51,672
86,450 167,590

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 51,672

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr A W Hunt
Balance outstanding at start of year (125 ) 1,593
Amounts advanced 292 282
Amounts repaid - (2,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 167 (125 )

Mr D Hunt
Balance outstanding at start of year (8,994 ) 122
Amounts advanced 28,919 30,484
Amounts repaid (45,300 ) (39,600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (25,375 ) (8,994 )

Mr G Hunt
Balance outstanding at start of year (8,788 ) 283
Amounts advanced 29,531 30,529
Amounts repaid (45,300 ) (39,600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (24,557 ) (8,788 )

Mrs K Robbins
Balance outstanding at start of year (11,822 ) 282
Amounts advanced 26,146 29,208
Amounts repaid (51,228 ) (41,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (36,904 ) (11,822 )

The directors accounts are interest free and repayable on demand.

MILBER SALVAGE & SPARES LIMITED (REGISTERED NUMBER: 04830765)

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


12. RELATED PARTY DISCLOSURES

During the year, total dividends of £141,828 (2022 - £122,512) were paid to the directors .

13. GOVERNMENT GUARANTEED LOAN

The bank loan is a COVID-19 Bounce Back Loan, guaranteed by the government. Term runs to June 2026.