5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 8,485 400,635 409,120 409,120 8,485 51,887 51,887 898 898 50,989 xbrli:pure xbrli:shares iso4217:GBP 05883209 2023-01-01 2023-12-31 05883209 2023-12-31 05883209 2022-12-31 05883209 2022-01-01 2022-12-31 05883209 2022-12-31 05883209 2021-12-31 05883209 core:MotorVehicles 2023-01-01 2023-12-31 05883209 bus:Director3 2023-01-01 2023-12-31 05883209 core:MotorVehicles 2023-12-31 05883209 core:WithinOneYear 2023-12-31 05883209 core:WithinOneYear 2022-12-31 05883209 core:AfterOneYear 2023-12-31 05883209 core:ShareCapital 2023-12-31 05883209 core:ShareCapital 2022-12-31 05883209 core:RetainedEarningsAccumulatedLosses 2023-12-31 05883209 core:RetainedEarningsAccumulatedLosses 2022-12-31 05883209 core:BetweenOneFiveYears 2023-12-31 05883209 bus:SmallEntities 2023-01-01 2023-12-31 05883209 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05883209 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05883209 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05883209 bus:FullAccounts 2023-01-01 2023-12-31 05883209 core:AfterOneYear 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 05883209
Millers Partners Limited
Unaudited financial statements
31 December 2023
Millers Partners Limited
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
409,120
8,485
Tangible assets
6
50,989
---------
------
460,109
8,485
Current assets
Debtors
7
107,819
22,884
Cash at bank and in hand
7,730
65,092
---------
-------
115,549
87,976
Creditors: Amounts falling due within one year
8
( 44,625)
( 79,860)
---------
-------
Net current assets
70,924
8,116
---------
-------
Total assets less current liabilities
531,033
16,601
Creditors: Amounts falling due after more than one year
9
( 281,338)
Provisions
Taxation including deferred tax
( 12,691)
---------
-------
Net assets
237,004
16,601
---------
-------
Capital and reserves
Called up share capital
105
105
Profit and loss account
236,899
16,496
---------
-------
Shareholders funds
237,004
16,601
---------
-------
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 income statement has not been delivered.
For the year ending 31 December 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 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 .
Millers Partners Limited
Statement of financial position (continued)
31 December 2023
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:
Jason M Miller
Director
Company registration number: 05883209
Millers Partners Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Lynn Road, Littleport, Ely, Cambridgeshire, CB6 1QG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Motor vehicles
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 5 (2022: 5 ).
5. Intangible assets
Investments in group undertakings
£
Cost
At 1 January 2023
8,485
Additions
400,635
---------
At 31 December 2023
409,120
---------
Amortisation
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
409,120
---------
At 31 December 2022
8,485
---------
6. Tangible assets
Motor vehicles
£
Cost
At 1 January 2023
Additions
51,887
-------
At 31 December 2023
51,887
-------
Depreciation
At 1 January 2023
Charge for the year
898
-------
At 31 December 2023
898
-------
Carrying amount
At 31 December 2023
50,989
-------
At 31 December 2022
-------
7. Debtors
2023
2022
£
£
Trade debtors
21,600
13,600
Amounts owed by group undertakings and undertakings in which the company has a participating interest
50,000
7,074
Other debtors
36,219
2,210
---------
-------
107,819
22,884
---------
-------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,102
Trade creditors
1,422
900
Amounts owed to group undertakings and undertakings in which the company has a participating interest
35,157
Social security and other taxes
7,108
26,931
Other creditors
34,993
16,872
-------
-------
44,625
79,860
-------
-------
The following liabilities disclosed under creditors falling due within one year are secured by the company: Bank loan - £1,102 (2022 - £Nil). The bank loan is secured by way of a fixed and floating charge over the undertaking which is held by Cambridge Filling Stations Limited and all property and assets present and future. M, N and J Miller have provided personal guarantees to secure the bank loan.
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
226,236
Other creditors
55,102
---------
----
281,338
---------
----
Included within creditors: amounts falling due after more than one year is an amount of £220,437 (2022: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The following liabilities disclosed under creditors falling due after more than one year are secured by the company: Bank loan - £226,236 (2022 - £Nil). The bank loan is secured by way of a fixed and floating charge over the undertaking and all property and assets present and future. M, N and J Miller have provided personal guarantees to secure the bank loan.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
4,866
Later than 1 year and not later than 5 years
14,194
-------
----
19,060
-------
----