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Registration number: 2372658

Harry Millward (Plasterers) Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2023

 

Harry Millward (Plasterers) Limited

Contents

Accountants' Report

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Harry Millward (Plasterers) Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Harry Millward (Plasterers) Limited for the year ended 31 May 2023 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Harry Millward (Plasterers) Limited, as a body, in accordance with the terms of our engagement letter dated 14 September 2021. Our work has been undertaken solely to prepare for your approval the accounts of Harry Millward (Plasterers) Limited and state those matters that we have agreed to state to the Board of Directors of Harry Millward (Plasterers) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Harry Millward (Plasterers) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Harry Millward (Plasterers) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Harry Millward (Plasterers) Limited. You consider that Harry Millward (Plasterers) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Harry Millward (Plasterers) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

RL Accountancy
102 The Courtyard
Radway Green Business Centre
Radway Green Road
Near Alsager
Cheshire
CW2 5PR

16 January 2024

 

Harry Millward (Plasterers) Limited

(Registration number: 2372658)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,172

1,546

Current assets

 

Stocks

5

200

200

Debtors

6

1,656

605

Cash at bank and in hand

 

10,550

27,055

 

12,406

27,860

Prepayments and accrued income

 

3,136

3,113

Creditors: Amounts falling due within one year

(3,880)

(9,825)

Net current assets

 

11,662

21,148

Total assets less current liabilities

 

12,834

22,694

Creditors: Amounts falling due after more than one year

(11,975)

(15,966)

Provisions for liabilities

(223)

(294)

Accruals and deferred income

 

(600)

(600)

Net assets

 

36

5,834

Capital and reserves

 

Called up share capital

7

8

8

Retained earnings

28

5,826

Shareholders' funds

 

36

5,834

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Harry Millward (Plasterers) Limited

(Registration number: 2372658)
Abridged Balance Sheet as at 31 May 2023

Approved and authorised by the director on 16 January 2024
 

.........................................
Mr Darren Millward
Director

 

Harry Millward (Plasterers) Limited

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

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Harry Millward (Plasterers) Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing balance method

Fixtures and fittings

15% Reducing balance method

Motor vehicles

25% Reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Harry Millward (Plasterers) Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

3

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

374

496

 

Harry Millward (Plasterers) Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

1,088

8,000

2,890

11,978

At 31 May 2023

1,088

8,000

2,890

11,978

Depreciation

At 1 June 2022

1,054

6,576

2,802

10,432

Charge for the year

5

356

13

374

At 31 May 2023

1,059

6,932

2,815

10,806

Carrying amount

At 31 May 2023

29

1,068

75

1,172

At 31 May 2022

34

1,424

88

1,546

5

Stocks

2023
£

2022
£

Other inventories

200

200

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

4

4

4

4

Ordinary B Shares of £1 each

4

4

4

4

 

8

8

8

8

 

Harry Millward (Plasterers) Limited

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

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £375.00 per each Ordinary A Shares

 

1,500

 

1,500

Interim dividend of £2,500.00 (2022 - £3,125.00) per each Ordinary B Shares

 

10,000

 

12,500

   

11,500

 

14,000

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £375 per each Ordinary A Shares

 

1,500

 

1,500

Interim dividend of £2,500 (2022 - £3,125) per each Ordinary B Shares

 

10,000

 

12,500

   

11,500

 

14,000

9

Related party transactions

 

Harry Millward (Plasterers) Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

7,800

7,800

Contributions paid to money purchase schemes

33

-

7,833

7,800