Contents of the Financial Statements
for the Period Ended 31 July 2023
Balance sheet
As at 31 July 2023
| Notes | 13 months to 31 July 2023 |
| | £ |
Fixed assets |
Tangible assets: | 3 | 1,073,312 |
Total fixed assets: | | 1,073,312 |
Current assets |
Debtors: | 4 | 286,487 |
Cash at bank and in hand: | | 123,426 |
Total current assets: | | 409,913 |
Creditors: amounts falling due within one year: | 5 | (590,074) |
Net current assets (liabilities): | | (180,161) |
Total assets less current liabilities: | | 893,151 |
Provision for liabilities: | | (268,295) |
Total net assets (liabilities): | | 624,856 |
Capital and reserves |
Called up share capital: | | 100 |
Profit and loss account: | | 624,756 |
Shareholders funds: | | 624,856 |
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 July 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on 04 April 2024
and signed on behalf of the board by:
Name: E Mills
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 July 2023
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Turnover policy
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover is recognised upon sale or invoicing.Tangible fixed assets and depreciation policy
Tangible fixed assets are stated at cost or valuation less depreciation and impairment. The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates used are as follows: Plant and machinery 10% Straight line Motor vehicles 25% Straight line Fixtures and fittings 10% Straight line The residual value and useful lives of tangible fixed assets are considered annually for indicators that these may have changed. Where such indicators are present, a review will be carried out of the residual value, depreciation method and useful lives, and these will be amended if necessary. Changes in depreciation rates arising from this review are accounted for prospectively over the remaining useful lives of the assets. At the end of each reporting period, the company assesses whether there is any indication that the recoverable amount of an asset is less than its carrying amount. If any such indication exists, the carrying amount of the asset is reduced to its recoverable amount, resulting in an impairment loss. Impairment losses are recognised immediately in the profit and loss account. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the profit and loss account.Other accounting policies
General information and basis of preparationMills Contracts Civils Ltd is a private company limited by shares incorporated in Northern Ireland, United Kingdom on 5 July 2022. The address of the registered office is given in the company information on page 1 of these financial statements. The company began trading on 1 August 2022 and its principal activities are plant hire and directional drilling. The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) as adapted by Section 1A of FRS 102 and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated.DebtorsDebtors with no stated interest rate and receivable within one year are recorded at transaction price, less any impairment.Cash at bank and in handCash at bank and in hand includes cash on hand, demand deposits and other term highly liquid investments regardless of maturity. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.CreditorsCreditors with no stated interest rate and payable within one year are recorded at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.LeasingProperty, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. Minimum lease or hire purchase payments are apportioned between the finance charge and the reduction of the outstanding lease or hire purchase liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.Financial instrumentsThe company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to or from related parties which are recognised at transaction price. Debt instruments (other than those wholly repayable or receivable within one year), including loans from related parties and other accounts receivable and payable, are initially measured at the transaction price (present value of the future cash flows, including transaction costs) and subsequently at amortised cost using the effective interest method.ProvisionsProvisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.PensionsThe company contributes to an industry pension scheme for specific employees. The scheme is intended to provide defined benefits for its’ members but the company has no contractual obligation to meet benefits if the scheme’s resources are insufficient to do so. The cost of funding the contributions to the scheme is charged to the profit and loss account as incurred. The company operates a defined contribution scheme for the directors. The cost of funding the defined contribution scheme is charged to the profit and loss account as incurred.TaxCurrent tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.Ordinary share capitalThe ordinary share capital of the company is presented as equity.Employee benefitsWhen employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.Foreign currencyForeign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. All foreign exchange differences are taken to the profit and loss account.DividendsDividends payable to the company’s equity shareholders are recognised as a liability of the company when they are declared.
Notes to the Financial Statements
for the Period Ended 31 July 2023
2. Employees
| 13 months to 31 July 2023 |
Average number of employees during the period | 7 |
Notes to the Financial Statements
for the Period Ended 31 July 2023
3. Tangible Assets
| Total |
Cost | £ |
Additions | 183,186 |
Disposals | (16,607) |
Transfers | 1,022,951 |
At 31 July 2023 | 1,189,530 |
Depreciation | |
Charge for year | 116,989 |
On disposals | (771) |
At 31 July 2023 | 116,218 |
Net book value | |
At 31 July 2023 | 1,073,312 |
Notes to the Financial Statements
for the Period Ended 31 July 2023
4. Debtors
Debtors due within one year - Debtors £285,126. Prepayments and accrued income £1,361.
Notes to the Financial Statements
for the Period Ended 31 July 2023
5. Creditors: amounts falling due within one year note
Creditors - £584,596Accruals and deferred income - £5,478
Notes to the Financial Statements
for the Period Ended 31 July 2023
6. Financial commitments
There were no commitments, guarantees or contingencies as at 31 July 2023.