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REGISTERED NUMBER: NI609313 (Northern Ireland)













Milne Funeral Services Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2024






Milne Funeral Services Ltd (Registered number: NI609313)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Company information 1

Statement of financial position 2

Notes to the financial statements 3 to 8


Milne Funeral Services Ltd

Company Information
for the Year Ended 31 May 2024







Director: Mr Andrew Milne





Registered office: 59 Seagoe Road
Portadown
Co Armagh
BT63 5HS





Registered number: NI609313 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Milne Funeral Services Ltd (Registered number: NI609313)

Statement of Financial Position
31 May 2024

2024 2023
Notes £ £
Fixed assets
Property, plant and equipment 4 914,859 876,385

Current assets
Inventories 5 17,471 20,957
Receivables 6 79,616 91,316
Cash at bank 7 104,347 55,036
201,434 167,309
Payables
Amounts falling due within one year 8 (209,349 ) (174,167 )
Net current liabilities (7,915 ) (6,858 )
Total assets less current liabilities 906,944 869,527

Payables
Amounts falling due after more than one
year

9

(527,859

)

(545,007

)

Provisions for liabilities 11 (27,453 ) (19,736 )
Net assets 351,632 304,784

Capital and reserves
Called up share capital 12 1 1
Retained earnings 351,631 304,783
Shareholders' funds 351,632 304,784

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 August 2024 and were signed by:




Mr Andrew Milne - Director


Milne Funeral Services Ltd (Registered number: NI609313)

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. Statutory information

Milne Funeral Services Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance

Inventory
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Milne Funeral Services Ltd (Registered number: NI609313)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


2. Accounting policies - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments:

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and and bank balances and amounts owed by related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the lability simultaneously.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Milne Funeral Services Ltd (Registered number: NI609313)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


2. Accounting policies - continued

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See Tangible fixed assets note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of assets.

3. Employees and directors

The average number of employees during the year was 9 (2023 - 9 ) .

Milne Funeral Services Ltd (Registered number: NI609313)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


4. Property, plant and equipment
Fixtures
Freehold and Motor
property fittings vehicles Totals
£ £ £ £
Cost
At 1 June 2023 694,940 48,924 239,939 983,803
Additions 41,188 34,325 11,950 87,463
At 31 May 2024 736,128 83,249 251,889 1,071,266
Depreciation
At 1 June 2023 13,603 29,702 64,113 107,418
Charge for year 7,578 6,047 35,364 48,989
At 31 May 2024 21,181 35,749 99,477 156,407
Net book value
At 31 May 2024 714,947 47,500 152,412 914,859
At 31 May 2023 681,337 19,222 175,826 876,385

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
Cost
At 1 June 2023 222,940
Additions 11,950
Transfer to ownership (9,990 )
At 31 May 2024 224,900
Depreciation
At 1 June 2023 54,078
Charge for year 32,948
Transfer to ownership (4,875 )
At 31 May 2024 82,151
Net book value
At 31 May 2024 142,749
At 31 May 2023 168,862

5. Inventories
2024 2023
£ £
Funeral Supplies 17,471 20,957

6. Receivables less than one year
2024 2023
£ £
Trade receivables 65,920 90,619
Prepayments 13,696 697
79,616 91,316

Milne Funeral Services Ltd (Registered number: NI609313)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


7. Cash at bank
2024 2023
£ £
Cash at bank and on hand 104,347 55,036

8. Payables less than one year
2024 2023
£ £
Bank and other loans 14,036 43,341
Hire purchase contracts (see note 10) 46,653 45,319
Trade payables 59,794 14,841
Taxation and social security 20,305 14,067
Other payables 68,561 56,599
209,349 174,167

9. Payables more than one year
2024 2023
£ £
Bank loans 445,233 426,728
Hire purchase contracts (see note 10) 82,626 118,279
527,859 545,007

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 404,842 299,662

10. Hire purchase agreements

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 46,653 45,319
Between one and five years 82,626 118,279
129,279 163,598

11. Provisions for liabilities
2024 2023
£ £
Deferred tax
Accelerated capital allowances 27,453 19,736

Deferred tax
£
Balance at 1 June 2023 19,736
Provided during year 7,717
Balance at 31 May 2024 27,453

Milne Funeral Services Ltd (Registered number: NI609313)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1 Ordinary shares 1 1 1

13. Director's advances, credits and guarantees

The following loans to the company from a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£ £
Mr Andrew Milne
Balance outstanding at start of year 17,045 19,341
Amounts advanced 28,000 28,000
Amounts repaid (30,831 ) (30,296 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,214 17,045