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Registration number: 04369473

Mileta Signs And Products Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Mileta Signs And Products Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 12

 

Mileta Signs And Products Ltd

Company Information

Director

Mr John Studholme

Registered office

Unit 6, Furness Drive
Poulton Business Park
Poulton Le Fylde
Lancashire
FY6 8JS

Accountants

Beckett Rawcliffe Limited
Chartered Accountants
Unit 17, Beckett House
Sovereign Court
Wyrefields
Poulton Le Fylde
Lancashire
FY6 8JX

 

Mileta Signs And Products Ltd

(Registration number: 04369473)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

96,026

106,882

Current assets

 

Stocks

5

57,500

70,830

Debtors

6

103,769

126,939

Cash at bank and in hand

 

68,979

246,346

 

230,248

444,115

Creditors: Amounts falling due within one year

7

(174,843)

(388,743)

Net current assets

 

55,405

55,372

Total assets less current liabilities

 

151,431

162,254

Creditors: Amounts falling due after more than one year

7

(35,270)

(45,291)

Provisions for liabilities

(9,365)

(5,033)

Net assets

 

106,796

111,930

Capital and reserves

 

Called up share capital

8

125

125

Retained earnings

106,671

111,805

Shareholders' funds

 

106,796

111,930

For the financial 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.

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.

Approved and authorised by the director on 15 February 2024
 

.........................................
Mr John Studholme
Director

   
     
 

Mileta Signs And Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Unit 6, Furness Drive
Poulton Business Park
Poulton Le Fylde
Lancashire
FY6 8JS

These financial statements were authorised for issue by the director on 15 February 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Mileta Signs And Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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

Property

4% straight line

Plant & machinery

15% reducing balance

Fixtures, fittings & equipment

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

15% 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.

 

Mileta Signs And Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

 

Mileta Signs And Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

 

Mileta Signs And Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

75,275

50,476

15,263

159,399

300,413

Additions

-

182

-

1,428

1,610

At 31 December 2023

75,275

50,658

15,263

160,827

302,023

Depreciation

At 1 January 2023

25,530

40,718

8,824

118,459

193,531

Charge for the year

3,011

1,491

1,609

6,355

12,466

At 31 December 2023

28,541

42,209

10,433

124,814

205,997

Carrying amount

At 31 December 2023

46,734

8,449

4,830

36,013

96,026

At 31 December 2022

49,745

9,758

6,439

40,940

106,882

Included within the net book value of land and buildings above is £46,734 (2022 - £49,745) in respect of long leasehold land and buildings.
 

 

Mileta Signs And Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Other inventories

57,500

70,830

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

95,409

119,067

Amounts owed by related parties

11

6,000

6,000

Prepayments

 

2,360

1,872

   

103,769

126,939

 

Mileta Signs And Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

49,616

87,976

Trade creditors

 

53,089

62,527

Taxation and social security

 

30,231

45,805

Accruals and deferred income

 

2,000

2,000

Other creditors

 

39,907

190,435

 

174,843

388,743

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

35,270

45,291

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary A of £1 each

25

25

25

25

 

125

125

125

125

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

35,270

45,291

 

Mileta Signs And Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,556

5,556

Bank overdrafts

44,060

82,420

49,616

87,976

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £330.00 (2022 - £450.00) per each Ordinary

 

33,000

 

45,000

Interim dividend of £600.00 (2022 - £400.00) per each Ordinary A

 

15,000

 

10,000

   

48,000

 

55,000

11

Related party transactions

 

Mileta Signs And Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Director's remuneration

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

2023
£

2022
£

Remuneration

11,587

15,450

Contributions paid to money purchase schemes

276

1,872

11,863

17,322

Summary of transactions with entities with joint control or significant interest

John Studholme Pension Scheme
Catersigns Ltd

 

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Receipt of services

30,000

2022

Entities with joint control or significant influence
£

Receipt of services

22,500

Expenditure with and payables to related parties

2023

Entities with joint control or significant influence
£

Leases

34,298

2022

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

6,000

6,000

At end of period

6,000

6,000

 

Mileta Signs And Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2022

Entities with joint control or significant influence
£

Total
£

At start of period

6,000

6,000

At end of period

6,000

6,000

12

Parent and ultimate parent undertaking

The ultimate controlling party is John Studholme.