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Registration number: 03446567

Mill-Tek Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Mill-Tek Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Mill-Tek Limited

Company Information

Director

Mr Peter Roberts

Company secretary

Mr Jim Slater

Registered office

c/o Unit 2 Mill Park Industrial Estate
White Cross Road
Woodbury Salterton
Devon
EX4 1EL

Solicitors

Linford Browns
Magnolia House
Church Street
Exmouth
Devon
EX8 1HQ

Bankers

Barclays Bank plc
Bristol Business Centre
Bristol Business Centre
Bristol

Accountants

Neil Wilson & Co Chartered Accountants
42a Walnut Road
Chelston
Torquay
Devon
TQ2 6HS

 

Mill-Tek Limited

(Registration number: 03446567)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

482,486

483,675

Current assets

 

Debtors

5

160,662

160,662

Cash at bank and in hand

 

2,649

2,365

 

163,311

163,027

Creditors: Amounts falling due within one year

6

(260,093)

(298,692)

Net current liabilities

 

(96,782)

(135,665)

Total assets less current liabilities

 

385,704

348,010

Provisions for liabilities

(547)

(547)

Net assets

 

385,157

347,463

Capital and reserves

 

Called up share capital

7

1,000

1,000

Revaluation reserve

125,000

125,000

Retained earnings

259,157

221,463

Shareholders' funds

 

385,157

347,463

For the financial year ending 30 April 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 January 2024
 

.........................................
Mr Peter Roberts
Director

 

Mill-Tek Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o Unit 2 Mill Park Industrial Estate
White Cross Road
Woodbury Salterton
Devon
EX4 1EL

The principal place of business is:
Unit 2 Mill Park Industrial Estate
White Cross Road
Woodbury Salterton
Devon
EX4 1EJ

These financial statements were authorised for issue by the director on 30 January 2024.

2

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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

Mill-Tek Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

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

25% reducing balance

Motor vehicles

25% reducing balance

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.

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.

Borrowings

 

Mill-Tek Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 2).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

478,919

6,000

71,250

556,169

At 30 April 2023

478,919

6,000

71,250

556,169

Depreciation

At 1 May 2022

-

5,941

66,553

72,494

Charge for the year

-

15

1,174

1,189

At 30 April 2023

-

5,956

67,727

73,683

Carrying amount

At 30 April 2023

478,919

44

3,523

482,486

At 30 April 2022

478,919

59

4,697

483,675

Included within the net book value of land and buildings above is £478,919 (2022 - £478,919) in respect of freehold land and buildings.
 

 

Mill-Tek Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Debtors

Current

2023
£

2022
£

Other debtors

160,662

160,662

 

Mill-Tek Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

192,114

205,996

Trade creditors

 

2,563

6,762

Taxation and social security

 

12,371

18,738

Accruals and deferred income

 

5,475

3,649

Other creditors

 

47,570

63,547

 

260,093

298,692

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

192,114

205,996

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £26.00 (2022 - £26.00) per ordinary share

 

26,000

 

26,000

         

10

Related party transactions

 

Mill-Tek Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Transactions with the director

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Mr Peter Roberts

Director loan

(49,393)

13,111

(36,282)

       
     

 

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2022
£

Mr Peter Roberts

Director loan

(33,557)

63,159

(78,995)

(49,393)

         
       

 

 

Mill-Tek Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Director's remuneration

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

2023
£

2022
£

Remuneration

12,570

9,600

Dividends paid to the director

   

2023
£

 

2022
£

Mr Peter Roberts

       

Interim dividend paid

 

26,000

 

26,000