Registered number
01401282
Mill Stainless Stockholders Ltd
Directors Report and Financial Statements
31 December 2023
Mill Stainless Stockholders Ltd
Registered number: 01401282
Directors' Report
The directors present their report and accounts for the year ended 31 December 2023.
Principal activities
The company's principal activity during the year continued to be that of steel stockholders and fabricators.
Directors
The following persons served as directors during the year:
Mr R E Griggs
Mr R Orviss
Mr D Richardson
Mrs A Bywater
Ms M Evans
Mr S Rawlings
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 7 August 2024 and signed on its behalf.
Mr R E Griggs
Director
Mill Stainless Stockholders Ltd
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Mill Stainless Stockholders Ltd for the year ended 31 December 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 Stainless Stockholders Ltd for the year ended 31 December 2023 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook.
This report is made solely to the Board of Directors of Mill Stainless Stockholders Ltd, as a body, in accordance with the terms of our engagement letter dated 31 January 2007. Our work has been undertaken solely to prepare for your approval the accounts of Mill Stainless Stockholders Ltd and state those matters that we have agreed to state to the Board of Directors of Mill Stainless Stockholders Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mill Stainless Stockholders Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Mill Stainless Stockholders Ltd 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 Stainless Stockholders Ltd. You consider that Mill Stainless Stockholders Ltd 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 Stainless Stockholders Ltd. 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.
Bunting & Co
Chartered Accountants
Punches Barn
Waterperry Road
Holton
Oxford
OX33 1PR
7 August 2024
Mill Stainless Stockholders Ltd
Registered number: 01401282
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 281,737 379,541
Current assets
Stocks 400,465 576,712
Debtors 4 563,153 587,996
Cash at bank and in hand 1,364,775 1,461,359
2,328,393 2,626,067
Creditors: amounts falling due within one year 5 (555,278) (838,096)
Net current assets 1,773,115 1,787,971
Total assets less current liabilities 2,054,852 2,167,512
Provisions for liabilities (54,692) (53,258)
Net assets 2,000,160 2,114,254
Capital and reserves
Called up share capital 500 500
Profit and loss account 1,999,660 2,113,754
Shareholders' funds 2,000,160 2,114,254
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 members have 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.
Mr R E Griggs
Director
Approved by the board on 7 August 2024
Mill Stainless Stockholders Ltd
Notes to the Accounts
for the year ended 31 December 2023
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.
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 or on areducing balance basis, as follows:
Plant, machinery, equipment and 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 23 18
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 1,740,822 127,604 1,868,426
Additions 18,287 - 18,287
Disposals (441,105) - (441,105)
At 31 December 2023 1,318,004 127,604 1,445,608
Depreciation
At 1 January 2023 1,441,678 47,207 1,488,885
Charge for the year 70,884 20,552 91,436
On disposals (416,450) - (416,450)
At 31 December 2023 1,096,112 67,759 1,163,871
Net book value
At 31 December 2023 221,892 59,845 281,737
At 31 December 2022 299,144 80,397 379,541
4 Debtors 2023 2022
£ £
Trade debtors 524,615 555,140
Other debtors 38,538 32,856
563,153 587,996
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors and accruals 385,812 493,086
Other taxes and social security costs 164,059 167,871
Directors loan account 5,407 177,139
555,278 838,096
6 Controlling party
The company is under the control of Mr R E Griggs who owns the 90% of the share capital.
7 Other information
Mill Stainless Stockholders Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The Mill Works
Lynn Road
Wisbech
Cambs
PE13 3DE
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