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COMPANY REGISTRATION NUMBER: 13925358
TERRY MILNER LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 October 2023
TERRY MILNER LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
TERRY MILNER LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
32,051
CURRENT ASSETS
Debtors
7
230,731
Cash at bank and in hand
172,255
100
---------
----
402,986
100
CREDITORS: amounts falling due within one year
8
( 265,250)
---------
----
NET CURRENT ASSETS
137,736
100
---------
----
TOTAL ASSETS LESS CURRENT LIABILITIES
169,787
100
---------
----
NET ASSETS
169,787
100
---------
----
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
169,687
---------
----
SHAREHOLDERS FUNDS
169,787
100
---------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TERRY MILNER LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 16 April 2024 , and are signed on behalf of the board by:
T Milner
Director
Company registration number: 13925358
TERRY MILNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Wine & Co, 20/22 Bridge End, Leeds, LS14DJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 34 (2022: Nil).
5. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
47,575
--------
----
Tax on profit
47,575
--------
----
6. TANGIBLE ASSETS
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 November 2022
Additions
329
42,362
42,691
----
--------
--------
At 31 October 2023
329
42,362
42,691
----
--------
--------
Depreciation
At 1 November 2022
Charge for the year
49
10,591
10,640
----
--------
--------
At 31 October 2023
49
10,591
10,640
----
--------
--------
Carrying amount
At 31 October 2023
280
31,771
32,051
----
--------
--------
At 31 October 2022
----
--------
--------
7. DEBTORS
2023
2022
£
£
Trade debtors
118,272
Other debtors
112,459
---------
----
230,731
---------
----
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,200
Corporation tax
47,575
Social security and other taxes
67,425
Other creditors
123,050
---------
----
265,250
---------
----