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Registration number: 06410587

Mill Tackle (Derbyshire) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Mill Tackle (Derbyshire) Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 9

 

Mill Tackle (Derbyshire) Limited

Company Information

Director

Mr Simon Wildsmith

Company secretary

Mrs Glenda Wildsmith

Registered office

8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

Accountants

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

Mill Tackle (Derbyshire) Limited

Director's Report for the Year Ended 31 October 2023

The director presents his report and the financial statements for the year ended 31 October 2023.

Director of the company

The director who held office during the year was as follows:

Mr Simon Wildsmith

Principal activity

The principal activity of the company is that of fishing equipment retailers.

Small companies provision statement

This report has 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 by the director on 30 July 2024 and signed on its behalf by:

.........................................
Mr Simon Wildsmith
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Mill Tackle (Derbyshire) Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mill Tackle (Derbyshire) Limited for the year ended 31 October 2023 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Mill Tackle (Derbyshire) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mill Tackle (Derbyshire) Limited and state those matters that we have agreed to state to the Board of Directors of Mill Tackle (Derbyshire) Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mill Tackle (Derbyshire) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mill Tackle (Derbyshire) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mill Tackle (Derbyshire) Limited. You consider that Mill Tackle (Derbyshire) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mill Tackle (Derbyshire) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

30 July 2024

 

Mill Tackle (Derbyshire) Limited

(Registration number: 06410587)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

332

443

Current assets

 

Stocks

6

118,260

121,250

Debtors

7

5,501

7,390

Cash at bank and in hand

 

1,175

601

 

124,936

129,241

Creditors: Amounts falling due within one year

8

(105,621)

(100,979)

Net current assets

 

19,315

28,262

Total assets less current liabilities

 

19,647

28,705

Creditors: Amounts falling due after more than one year

8

(14,778)

(23,839)

Net assets

 

4,869

4,866

Capital and reserves

 

Called up share capital

10

1

1

Retained earnings

4,868

4,865

Shareholders' funds

 

4,869

4,866

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.

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 30 July 2024
 

.........................................
Mr Simon Wildsmith
Director

 

Mill Tackle (Derbyshire) 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 and Wales.

The address of its registered office is:
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

These financial statements were authorised for issue by the director on 30 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.

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

Motor vehicles

25% reducing balance

 

Mill Tackle (Derbyshire) Limited

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

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.

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.

 

Mill Tackle (Derbyshire) Limited

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

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the year, was 1 (2022 - 1).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

111

148

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

14,000

14,000

At 31 October 2023

14,000

14,000

Depreciation

At 1 November 2022

13,557

13,557

Charge for the year

111

111

At 31 October 2023

13,668

13,668

Carrying amount

At 31 October 2023

332

332

At 31 October 2022

443

443

 

Mill Tackle (Derbyshire) Limited

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

6

Stocks

2023
£

2022
£

Other inventories

118,260

121,250

7

Debtors

2023
£

2022
£

Prepayments

3,080

2,814

Other debtors

2,421

4,576

5,501

7,390

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

15,084

13,170

Trade creditors

 

21,376

19,589

Taxation and social security

 

2,346

-

Other creditors

 

66,815

68,220

 

105,621

100,979

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

14,778

23,839

 

Mill Tackle (Derbyshire) Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,778

23,839

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,116

8,808

Bank overdrafts

5,968

4,362

15,084

13,170

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share class 1 of £1 each

1

1

1

1

       

11

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet is a rental deposit payment of £2,250 (2022 - £2,250). A charge has been created against the debtor monies for the rental deposit deed. The amounts secured under the charge are all monies due or to become due from the company to the chargee under the terms of the aforementioned instrument creating or evidencing the charge.