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Company No: 10498963 (England and Wales)

BETTY AND MILLER LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

BETTY AND MILLER LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

BETTY AND MILLER LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
BETTY AND MILLER LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS Elizabeth Hubert
Marie Louise Miller
REGISTERED OFFICE Mill View
Stone Street
Crowfield
IP6 9SZ
United Kingdom
COMPANY NUMBER 10498963 (England and Wales)
CHARTERED ACCOUNTANTS Larking Gowen LLP
1 Claydon Business Park
Great Blakenham
Ipswich
IP6 0NL
BETTY AND MILLER LIMITED

BALANCE SHEET

As at 31 March 2023
BETTY AND MILLER LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 2,000
Tangible assets 4 7,177 9,967
7,177 11,967
Current assets
Stocks 3,702 8,917
Debtors 5 5,853 7,691
Cash at bank and in hand 3,788 3,656
13,343 20,264
Creditors: amounts falling due within one year 6 ( 20,894) ( 21,984)
Net current liabilities (7,551) (1,720)
Total assets less current liabilities (374) 10,247
Net (liabilities)/assets ( 374) 10,247
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 474 ) 10,147
Total shareholders' (deficit)/funds ( 374) 10,247

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 financial statements of Betty and Miller Limited (registered number: 10498963) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Marie Louise Miller
Director

20 November 2023

BETTY AND MILLER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
BETTY AND MILLER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Betty and Miller Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Mill View, Stone Street, Crowfield, IP6 9SZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £374. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 5 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Vehicles 25 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 24,000 24,000
At 31 March 2023 24,000 24,000
Accumulated amortisation
At 01 April 2022 22,000 22,000
Charge for the financial year 2,000 2,000
At 31 March 2023 24,000 24,000
Net book value
At 31 March 2023 0 0
At 31 March 2022 2,000 2,000

4. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 April 2022 25,426 5,495 5,633 36,554
Additions 2,512 0 0 2,512
At 31 March 2023 27,938 5,495 5,633 39,066
Accumulated depreciation
At 01 April 2022 19,158 4,192 3,237 26,587
Charge for the financial year 3,461 326 1,515 5,302
At 31 March 2023 22,619 4,518 4,752 31,889
Net book value
At 31 March 2023 5,319 977 881 7,177
At 31 March 2022 6,268 1,303 2,396 9,967

5. Debtors

2023 2022
£ £
Trade debtors 3,000 6,311
Prepayments 314 329
VAT recoverable 995 1,051
Corporation tax 1,544 0
5,853 7,691

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 3,295 3,826
Corporation tax 0 1,588
Other taxation and social security 0 115
Other creditors 17,599 16,455
20,894 21,984

There are no amounts included above in respect of which any security has been given by the small entity.

7. Related party transactions

Transactions with the entity's directors

Included in other creditors is a balance owed to the directors of £17,427 (2022: £16,455). The balance is unsecured, interest-free and repayable on demand.