Millvale Limited 00590002 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is printing Digita Accounts Production Advanced 6.30.9574.0 true 00590002 2022-11-01 2023-10-31 00590002 2023-10-31 00590002 bus:OrdinaryShareClass1 2023-10-31 00590002 bus:OrdinaryShareClass2 2023-10-31 00590002 bus:OrdinaryShareClass3 2023-10-31 00590002 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-10-31 00590002 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-10-31 00590002 core:CurrentFinancialInstruments 2023-10-31 00590002 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 00590002 core:Non-currentFinancialInstruments 2023-10-31 00590002 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 00590002 core:FurnitureFittingsToolsEquipment 2023-10-31 00590002 core:LandBuildings 2023-10-31 00590002 core:OtherPropertyPlantEquipment 2023-10-31 00590002 bus:SmallEntities 2022-11-01 2023-10-31 00590002 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 00590002 bus:FullAccounts 2022-11-01 2023-10-31 00590002 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 00590002 bus:RegisteredOffice 2022-11-01 2023-10-31 00590002 bus:Director2 2022-11-01 2023-10-31 00590002 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 00590002 bus:OrdinaryShareClass2 2022-11-01 2023-10-31 00590002 bus:OrdinaryShareClass3 2022-11-01 2023-10-31 00590002 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 00590002 core:Buildings 2022-11-01 2023-10-31 00590002 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 00590002 core:LandBuildings 2022-11-01 2023-10-31 00590002 core:MotorVehicles 2022-11-01 2023-10-31 00590002 core:OfficeEquipment 2022-11-01 2023-10-31 00590002 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 00590002 core:PlantMachinery 2022-11-01 2023-10-31 00590002 countries:England 2022-11-01 2023-10-31 00590002 2022-10-31 00590002 core:FurnitureFittingsToolsEquipment 2022-10-31 00590002 core:LandBuildings 2022-10-31 00590002 core:OtherPropertyPlantEquipment 2022-10-31 00590002 2021-11-01 2022-10-31 00590002 2022-10-31 00590002 bus:OrdinaryShareClass1 2022-10-31 00590002 bus:OrdinaryShareClass2 2022-10-31 00590002 bus:OrdinaryShareClass3 2022-10-31 00590002 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-10-31 00590002 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-10-31 00590002 core:CurrentFinancialInstruments 2022-10-31 00590002 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 00590002 core:Non-currentFinancialInstruments 2022-10-31 00590002 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 00590002 core:FurnitureFittingsToolsEquipment 2022-10-31 00590002 core:LandBuildings 2022-10-31 00590002 core:OtherPropertyPlantEquipment 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00590002

Millvale Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Millvale Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Millvale Limited

(Registration number: 00590002)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

222,916

252,005

Current assets

 

Stocks

5

44,943

57,263

Debtors

6

234,368

213,594

Cash at bank and in hand

 

79,188

123,757

 

358,499

394,614

Creditors: Amounts falling due within one year

7

(137,428)

(166,603)

Net current assets

 

221,071

228,011

Total assets less current liabilities

 

443,987

480,016

Creditors: Amounts falling due after more than one year

7

(32,168)

(49,347)

Provisions for liabilities

(19,343)

(20,355)

Net assets

 

392,476

410,314

Capital and reserves

 

Called up share capital

8

3,004

3,004

Revaluation reserve

155,300

155,300

Retained earnings

234,172

252,010

Shareholders' funds

 

392,476

410,314

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 July 2024 and signed on its behalf by:
 

 

Millvale Limited

(Registration number: 00590002)
Balance Sheet as at 31 October 2023

.........................................
Mr M Raxter
Director

 

Millvale Limited

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

1

General information

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

The address of its registered office is:
Black Bridges Factory
Briar Close
Evesham
WR11 4JT

These financial statements were authorised for issue by the Board on 11 July 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 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.

 

Millvale Limited

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

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

Freehold property

2.5% reducing balance basis

Plant and machinery

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

25% reducing balance basis

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.

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.

 

Millvale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Millvale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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 directors) during the year, was 17 (2022 - 19).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

218,509

66,639

1,175,915

1,461,063

Additions

-

5,579

2,895

8,474

At 31 October 2023

218,509

72,218

1,178,810

1,469,537

Depreciation

At 1 November 2022

96,032

58,979

1,054,047

1,209,058

Charge for the year

3,063

3,310

31,190

37,563

At 31 October 2023

99,095

62,289

1,085,237

1,246,621

Carrying amount

At 31 October 2023

119,414

9,929

93,573

222,916

At 31 October 2022

122,477

7,660

121,868

252,005

Included within the net book value of land and buildings above is £119,414 (2022 - £122,477) in respect of freehold land and buildings.
 

5

Stocks

 

Millvale Limited

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

2023
£

2022
£

Work in progress

14,029

27,099

Other inventories

30,914

30,164

44,943

57,263

6

Debtors

Current

2023
£

2022
£

Trade debtors

222,892

207,310

Prepayments

1,474

6,282

Other debtors

10,002

2

 

234,368

213,594

 

Millvale Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

17,229

15,886

Trade creditors

 

67,048

91,012

Taxation and social security

 

48,628

54,545

Accruals and deferred income

 

2,700

2,700

Other creditors

 

1,823

2,460

 

137,428

166,603

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

32,168

49,347

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

800

800

800

800

C Ordinary shares of £1 each

2,200

2,200

2,200

2,200

Production bonus shares of £1 each

2

2

2

2

 

3,002

3,002

3,002

3,002

9

Loans and borrowings

 

Millvale Limited

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

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

3,833

5,833

Hire purchase contracts

19,477

29,735

Other borrowings

8,858

13,779

32,168

49,347

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,000

2,000

Hire purchase contracts

10,258

9,185

Other borrowings

4,971

4,701

17,229

15,886