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Company No: 07518625 (England and Wales)

MILLEN DRYWALL LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

MILLEN DRYWALL LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

MILLEN DRYWALL LIMITED

BALANCE SHEET

As at 29 February 2024
MILLEN DRYWALL LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 5 5
Tangible assets 4 22,431 29,047
22,436 29,052
Current assets
Stocks 8,900 21,500
Debtors 5 459,630 426,781
Cash at bank and in hand 22,220 4,886
490,750 453,167
Creditors: amounts falling due within one year 6 ( 439,802) ( 402,466)
Net current assets 50,948 50,701
Total assets less current liabilities 73,384 79,753
Creditors: amounts falling due after more than one year 7 ( 31,822) ( 43,274)
Provision for liabilities ( 4,262) ( 7,240)
Net assets 37,300 29,239
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 37,200 29,139
Total shareholders' funds 37,300 29,239

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Millen Drywall Limited (registered number: 07518625) were approved and authorised for issue by the Board of Directors on 10 October 2024. They were signed on its behalf by:

Mr H D Millen
Director
Mrs S M Millen
Director
MILLEN DRYWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
MILLEN DRYWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Millen Drywall Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Office 2, First Floor Old Bank Chambers, Fore Street, St Marychurch, Torquay, Devon, TQ1 4PR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered and can be reliably measured.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis (as detailed below) over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2023 5 5
At 29 February 2024 5 5
Accumulated amortisation
At 01 March 2023 0 0
At 29 February 2024 0 0
Net book value
At 29 February 2024 5 5
At 28 February 2023 5 5

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 March 2023 12,956 31,553 9,291 53,800
At 29 February 2024 12,956 31,553 9,291 53,800
Accumulated depreciation
At 01 March 2023 9,164 9,758 5,831 24,753
Charge for the financial year 568 5,449 599 6,616
At 29 February 2024 9,732 15,207 6,430 31,369
Net book value
At 29 February 2024 3,224 16,346 2,861 22,431
At 28 February 2023 3,792 21,795 3,460 29,047

5. Debtors

2024 2023
£ £
Trade debtors 405,000 336,429
Other debtors 54,630 90,352
459,630 426,781

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 12,985 10,800
Trade creditors 207,990 180,003
Corporation tax 3,201 11,036
Other taxation and social security 3,410 4,539
Obligations under finance leases and hire purchase contracts 3,309 5,523
Other creditors 208,907 190,565
439,802 402,466

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 22,723 30,867
Obligations under finance leases and hire purchase contracts 9,099 12,407
31,822 43,274

Hire Purchase borrowings are secured on the individual assets taken out on hire purchase.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
30 Ordinary H shares of £ 1.00 each 30 30
50 Ordinary S shares of £ 1.00 each 50 50
20 Ordinary T shares of £ 1.00 each 20 20
100 100