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Company registration number: NI056862
MILLAR WOODCRAFT SPECIALIST JOINERY MANUFACTURE LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
05 April 2024
MILLAR WOODCRAFT SPECIALIST JOINERY MANUFACTURE LTD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
_________________________________________________________________________________________
Contents
Directors and other information
Director's responsibilities statement
Accountants report
Balance sheet
Notes to the financial statements
MILLAR WOODCRAFT SPECIALIST JOINERY MANUFACTURE LTD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
_________________________________________________________________________________________
Director Mr Colin Millar
Secretary Frances Millar
Company number NI056862
Registered office 50 Derrygowan Road
Randalstown
Co. Antrim
BT41 3JS
Accountants Kelly & O'Neill Ltd
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
Bankers Danske Bank
5 Main Street
Randalstown
Co. Antrim
MILLAR WOODCRAFT SPECIALIST JOINERY MANUFACTURE LTD
DIRECTOR'S RESPONSIBILITIES
YEAR ENDED 5 APRIL 2024
_________________________________________________________________________________________
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MILLAR WOODCRAFT SPECIALIST JOINERY MANUFACTURE LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MILLAR WOODCRAFT SPECIALIST JOINERY MANUFACTURE LTD (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
________________________________________________________________________________________
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Millar Woodcraft Specialist Joinery Manufacture Ltd for the year ended 5 April 2024 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of Millar Woodcraft Specialist Joinery Manufacture Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Millar Woodcraft Specialist Joinery Manufacture Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Millar Woodcraft Specialist Joinery Manufacture Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Millar Woodcraft Specialist Joinery Manufacture Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Millar Woodcraft Specialist Joinery Manufacture Ltd. You consider that Millar Woodcraft Specialist Joinery Manufacture 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 financial statements of Millar Woodcraft Specialist Joinery Manufacture 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 financial statements.
Kelly & O'Neill Ltd
Chartered Accountants
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
21 October 2024
MILLAR WOODCRAFT SPECIALIST JOINERY MANUFACTURE LTD
BALANCE SHEET (CONTINUED)
5 APRIL 2024
_________________________________________________________________________________________
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 285,927 267,847
_______ _______
285,927 267,847
Current assets
Stocks 48,457 60,137
Debtors 7 204,684 169,737
Cash at bank and in hand 37,620 20,263
_______ _______
290,761 250,137
Creditors: amounts falling due
within one year 8 ( 154,426) ( 158,705)
_______ _______
Net current assets 136,335 91,432
_______ _______
Total assets less current liabilities 422,262 359,279
Creditors: amounts falling due
after more than one year 9 ( 119,613) ( 120,731)
_______ _______
Net assets 302,649 238,548
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 302,648 238,547
_______ _______
Shareholders funds 302,649 238,548
_______ _______
For the year ending 05 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 October 2024 , and are signed on behalf of the board by:
Mr Colin Millar
Director
Company registration number: NI056862
MILLAR WOODCRAFT SPECIALIST JOINERY MANUFACTURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
_________________________________________________________________________________________
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 50 Derrygowan Road, Randalstown, Co. Antrim, BT41 3JS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 163,015 179,909
Other pension costs 8,903 2,588
_______ _______
171,918 182,497
_______ _______
5. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 9 ).
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 6 April 2023 83,499 356,229 17,731 71,198 528,657
Additions - - - 66,965 66,965
_______ _______ _______ _______ _______
At 5 April 2024 83,499 356,229 17,731 138,163 595,622
_______ _______ _______ _______ _______
Depreciation
At 6 April 2023 - 224,014 10,519 26,277 260,810
Charge for the year - 19,832 1,082 27,971 48,885
_______ _______ _______ _______ _______
At 5 April 2024 - 243,846 11,601 54,248 309,695
_______ _______ _______ _______ _______
Carrying amount
At 5 April 2024 83,499 112,383 6,130 83,915 285,927
_______ _______ _______ _______ _______
At 5 April 2023 83,499 132,215 7,212 44,921 267,847
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 54,684 19,423
Other debtors 150,000 150,314
_______ _______
204,684 169,737
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 20,179 25,458
Trade creditors 102,080 88,697
Corporation tax 4,525 1,703
Social security and other taxes 7,872 4,932
Other creditors 19,770 37,915
_______ _______
154,426 158,705
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 91,905 110,526
Other creditors 27,708 10,205
_______ _______
119,613 120,731
_______ _______