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Company registration number: 11806522
Neil and Sonya Milsted Independent Funeral Directors Ltd
Unaudited filleted financial statements
31 March 2024
Neil and Sonya Milsted Independent Funeral Directors Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Neil and Sonya Milsted Independent Funeral Directors Ltd
Directors and other information
Directors Mr N Milsted
Mrs S Milsted
Company number 11806522
Registered office Queensgate House
23 North Park Road
Harrogate
North Yorkshire
HG1 5PD
Accountants SMH Howard Matthews Ltd
Queensgate House
23 North Park Road
Harrogate
North Yorkshire
HG1 5PD
Neil and Sonya Milsted Independent Funeral Directors Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 18,573 30,540
_______ _______
18,573 30,540
Current assets
Stocks 5,500 5,900
Debtors 6 420,298 6,454
Cash at bank and in hand 222,652 568,814
_______ _______
648,450 581,168
Creditors: amounts falling due
within one year 7 ( 90,465) ( 103,386)
_______ _______
Net current assets 557,985 477,782
_______ _______
Total assets less current liabilities 576,558 508,322
Creditors: amounts falling due
after more than one year 8 - ( 3,500)
_______ _______
Net assets 576,558 504,822
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 576,458 504,722
_______ _______
Shareholders funds 576,558 504,822
_______ _______
For the year ending 31 March 2024 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 28 June 2024 , and are signed on behalf of the board by:
Mrs S Milsted Mr N Milsted
Director Director
Company registration number: 11806522
Neil and Sonya Milsted Independent Funeral Directors Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 100 398,718 398,818
Profit for the year 170,004 170,004
_______ _______ _______
Total comprehensive income for the year - 170,004 170,004
Dividends paid and payable ( 64,000) ( 64,000)
_______ _______ _______
Total investments by and distributions to owners - ( 64,000) ( 64,000)
_______ _______ _______
At 31 March 2023 and 1 April 2023 100 504,722 504,822
Profit for the year 135,736 135,736
_______ _______ _______
Total comprehensive income for the year - 135,736 135,736
Dividends paid and payable ( 64,000) ( 64,000)
_______ _______ _______
Total investments by and distributions to owners - ( 64,000) ( 64,000)
_______ _______ _______
At 31 March 2024 100 576,458 576,558
_______ _______ _______
Neil and Sonya Milsted Independent Funeral Directors Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Queensgate House, 23 North Park Road, Harrogate, North Yorkshire, HG1 5PD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 1,127 83,121 84,248
Disposals - ( 18,778) ( 18,778)
_______ _______ _______
At 31 March 2024 1,127 64,343 65,470
_______ _______ _______
Depreciation
At 1 April 2023 422 53,286 53,708
Charge for the year 176 6,015 6,191
Disposals - ( 13,002) ( 13,002)
_______ _______ _______
At 31 March 2024 598 46,299 46,897
_______ _______ _______
Carrying amount
At 31 March 2024 529 18,044 18,573
_______ _______ _______
At 31 March 2023 705 29,835 30,540
_______ _______ _______
6. Debtors
2024 2023
£ £
Other debtors 420,298 6,454
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 924 606
Corporation tax 46,279 40,534
Social security and other taxes 397 467
Other creditors 42,865 61,779
_______ _______
90,465 103,386
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors - 3,500
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr N Milsted ( 7,454) 205,616 7,476 205,638
Mrs S Milsted ( 7,454) 205,616 7,476 205,638
_______ _______ _______ _______
( 14,908) 411,232 14,952 411,276
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr N Milsted ( 7,454) - 6 (7,448)
Mrs S Milsted ( 7,454) - 6 (7,448)
_______ _______ _______ _______
( 14,908) - 12 (14,896)
_______ _______ _______ _______
10. Related party transactions
During the year the company paid dividends totalling £32,000 to each director.