Registered number
03691836
Little Mill Services Limited
Filleted Accounts
31 May 2024
Little Mill Services Limited
Registered number: 03691836
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 294,873 266,658
Current assets
Stocks 5,000 5,000
Debtors 4 648,467 374,884
Cash at bank and in hand 728,307 608,463
1,381,774 988,347
Creditors: amounts falling due within one year 5 (1,104,006) (794,263)
Net current assets 277,768 194,084
Total assets less current liabilities 572,641 460,742
Creditors: amounts falling due after more than one year 6 - (20,000)
Provisions for liabilities (22,860) (12,902)
Net assets 549,781 427,840
Capital and reserves
Called up share capital 300 300
Revaluation reserve 7 (99,300) (99,300)
Profit and loss account 648,781 526,840
Shareholder's funds 549,781 427,840
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mark Jones
Director
Approved by the board on 16 August 2024
Little Mill Services Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Nil
Plant and machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 29 27
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 203,431 76,894 162,049 442,374
Additions - - 68,260 68,260
Disposals - - (47,582) (47,582)
At 31 May 2024 203,431 76,894 182,727 463,052
Depreciation
At 1 June 2023 - 65,011 110,705 175,716
Charge for the year - 2,971 27,512 30,483
On disposals - - (38,020) (38,020)
At 31 May 2024 - 67,982 100,197 168,179
Net book value
At 31 May 2024 203,431 8,912 82,530 294,873
At 31 May 2023 203,431 11,883 51,344 266,658
4 Debtors 2024 2023
£ £
Trade debtors 632,735 360,141
Other debtors 15,732 14,743
648,467 374,884
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,273 25,347
Directors' current accounts 312 508
Trade creditors 939,737 669,767
Taxation and social security costs 113,232 85,604
Other creditors 41,452 13,037
1,104,006 794,263
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 20,000
7 Revaluation reserve 2024 2023
£ £
At 1 June 2023 (99,300) (99,300)
At 31 May 2024 (99,300) (99,300)
8 Controlling party
The Company is controlled by the director, Mark David Jones, who owns 100% of the issued share capital.
9 Other information
Little Mill Services Limited is a private company limited by shares and incorporated in Wales. Its registered office is:
106a Springvale Industrial Estate
Cwmbran
Torfaen
NP44 5BG
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