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Registration number: 10795614

Shelton Miller Limited

Unaudited Filleted Financial Statements

for the Period from 1 June 2022 to 31 July 2023

 

Shelton Miller Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Shelton Miller Limited

(Registration number: 10795614)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

33,660

-

Investment property

5

504,375

323,775

Investments

6

189,000

189,000

 

727,035

512,775

Current assets

 

Debtors

7

183,696

114,333

Cash at bank and in hand

 

7,779

78,827

 

191,475

193,160

Creditors: Amounts falling due within one year

8

(301,201)

(266,520)

Net current liabilities

 

(109,726)

(73,360)

Total assets less current liabilities

 

617,309

439,415

Creditors: Amounts falling due after more than one year

8

(554,185)

(341,320)

Net assets

 

63,124

98,095

Capital and reserves

 

Called up share capital

1

1

Retained earnings

63,123

98,094

Shareholders' funds

 

63,124

98,095

For the financial period ending 31 July 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 period 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 10 April 2024
 

 

Shelton Miller Limited

(Registration number: 10795614)
Balance Sheet as at 31 July 2023

.........................................
Mr S S Miller
Director

 

Shelton Miller Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 July 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:
9 Thorne Road
Doncaster
South Yorkshire
DN1 2HJ
United Kingdom

These financial statements were authorised for issue by the director on 10 April 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.

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 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.

 

Shelton Miller Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 July 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:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Shelton Miller Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 July 2023

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.

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 period, was 1 (2022 - 1).

 

Shelton Miller Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 July 2023

4

Tangible assets

Properties under construction
 £

Total
£

Cost or valuation

Additions

33,660

33,660

At 31 July 2023

33,660

33,660

Depreciation

Carrying amount

At 31 July 2023

33,660

33,660

5

Investment properties

2023
£

At 1 June

323,775

Additions

180,600

At 31 July

504,375

There has been no valuation of investment property by an independent valuer.

 

Shelton Miller Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 July 2023

6

Investments

2023
£

2022
£

Investments in associates

189,000

189,000

Associates

£

Cost

At 1 June 2022

189,000

At 31 July 2023

189,000

Carrying amount

At 31 July 2023

189,000

Investments in associates

189,000

At 31 May 2022

189,000

7

Debtors

2023
£

2022
£

Trade debtors

13,034

14,690

Other debtors

170,600

95,791

Prepayments

62

3,852

183,696

114,333

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

34,839

49,783

Trade creditors

 

-

1,268

Amounts owed to related parties

10

61,261

-

Corporation tax

 

9,241

20,949

Other creditors

 

191,000

193,500

Accrued expenses

 

4,860

1,020

 

301,201

266,520

Creditors include loans which are secured of £29,839 (2022 - £44,783).

 

Shelton Miller Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 July 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

554,185

341,320

Creditors include loans which are secured of £545,018 (2022 - £326,321).

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

188,083

312,426

Other borrowings

366,102

28,894

554,185

341,320

2023
£

2022
£

Current loans and borrowings

Bank borrowings

14,500

28,892

Other borrowings

20,339

20,891

34,839

49,783

 

Shelton Miller Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 July 2023

10

Related party transactions

Transactions with the director

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mr S S Miller

Director's Loan Account

(35,791)

(23,312)

120,364

61,261

         
       

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

Mr S S Miller

Director's Loan Account

93

(61,196)

25,312

(35,791)