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COMPANY REGISTRATION NUMBER: 08654049
THE MILLAND COMMUNITY SHOP LTD
Company Limited by Guarantee
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
THE MILLAND COMMUNITY SHOP LTD
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
63,006
66,616
Current assets
Stocks
16,927
14,440
Debtors
7
3,091
1,289
Cash at bank and in hand
46,684
42,655
---------
---------
66,702
58,384
Creditors: amounts falling due within one year
8
23,180
24,537
---------
---------
Net current assets
43,522
33,847
----------
----------
Total assets less current liabilities
106,528
100,463
----------
----------
Net assets
106,528
100,463
----------
----------
Capital and reserves
Profit and loss account
106,528
100,463
----------
----------
Members funds
106,528
100,463
----------
----------
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 income and retained earnings 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 .
THE MILLAND COMMUNITY SHOP LTD
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
IPM Fraser
Director
Company registration number: 08654049
THE MILLAND COMMUNITY SHOP LTD
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Milland Community Shop, Iping Road, Milland, Liphook, Hampshire, GU3O 7NA.
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.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements have had to be made by the directors in preparing these financial statements.
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.
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:
Shop building
-
2% straight line
Car park & building systems
-
5% straight line
Fixtures & fittings
-
12% straight line
These are the rates declared by the original management committee. They apply to asset depreciation and the amortisation of the related government grants which supported purchase of those assets.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Government grants
Deferred grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Company limited by guarantee
The company is limited by guarantee. The subscribers to the company each guarantee to pay in up to £1 each in the event that the company is wound up and the assets of the company are not sufficient to meet its liabilities.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 9 ).
6. Tangible assets
Shop building
Car park & building systems
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
78,293
43,003
14,361
135,657
Additions
1,818
1,818
---------
---------
---------
----------
At 31 December 2023
80,111
43,003
14,361
137,475
---------
---------
---------
----------
Depreciation
At 1 January 2023
33,107
21,659
14,275
69,041
Charge for the year
5,342
86
5,428
---------
---------
---------
----------
At 31 December 2023
38,449
21,659
14,361
74,469
---------
---------
---------
----------
Carrying amount
At 31 December 2023
41,662
21,344
63,006
---------
---------
---------
----------
At 31 December 2022
45,186
21,344
86
66,616
---------
---------
---------
----------
The company has a lease on the land used for the shop. If the company forfeits, terminates or ends the lease, then the land reverts back to the Milland Valley War Memorial Hall. The shop assets are valued at their cost less impairment on the basis that the company is a going concern.
7. Debtors
2023
2022
£
£
Other debtors
3,091
1,289
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,450
12,535
Corporation tax
343
1
Social security and other taxes
4,093
871
Other creditors
10,294
11,130
---------
---------
23,180
24,537
---------
---------
9. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.