MILLARD & LANCASTER LIMITED
Company registration number 07733813 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
MILLARD & LANCASTER LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MILLARD & LANCASTER LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
31 January 2024
30 October 2022
Notes
£
£
£
£
Current assets
Stocks
73,500
95,804
Cash at bank and in hand
4,736
5,433
78,236
101,237
Creditors: amounts falling due within one year
4
(54,714)
(69,154)
Net current assets
23,522
32,083
Creditors: amounts falling due after more than one year
5
(27,509)
(37,635)
Net liabilities
(3,987)
(5,552)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(4,087)
(5,652)
Total equity
(3,987)
(5,552)
For the financial period ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 30 October 2024
Mr S A Millard
Director
Company registration number 07733813 (England and Wales)
MILLARD & LANCASTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
Millard & Lancaster Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 St Marys Street, Shrewsbury, Shropshire, SY1 1ED.
1.1
Reporting period
These financial statements are for a longer period from 31 October 2022 to 31 January 2024 and therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The director has a reasonable expectation that the company has adequate resources to continue intrue
operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
25% pa straight line
Fixtures, fittings & equipment
25% pa straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
MILLARD & LANCASTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
MILLARD & LANCASTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 31 October 2022 and 31 January 2024
3,846
5,559
9,405
Depreciation and impairment
At 31 October 2022 and 31 January 2024
3,846
5,559
9,405
Carrying amount
At 31 January 2024
At 30 October 2022
4
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans
8,381
10,993
Taxation and social security
4,116
1,003
Other creditors
42,217
57,158
54,714
69,154
Bank loans and overdrafts are secured by a personal guarantee from the director.
There is an amount of £4,716 (2022 - £1,965) included in creditors due within one year that is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Bank on behalf of and with financial backing of the Secretary of State for Business, Energy ad Industrial Strategy. The BBLS guarantee is provided to the lender.
5
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
27,509
37,635
MILLARD & LANCASTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
5
Creditors: amounts falling due after more than one year
(Continued)
- 5 -
Bank loans and overdrafts are secured by a personal guarantee from the director.
There is an amount of £27,509 (2022 - £33,407) included in creditors due after one year that is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Bank on behalf of and with financial backing of the Secretary of State for Business, Energy ad Industrial Strategy. The BBLS guarantee is provided to the lender.
6
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
50
50
50
50
B Ordinary shares of £1 each
50
50
50
50
100
100
100
100
The A Ordinary Shares shall have attached to them full voting and capital distribution (including on winding up) rights; they shall have the right to a dividend as declared from time to time for that class of Share but so that all classes of Ordinary Shares shall not rank pari passu for dividend entitlement purposes. The A Ordinary Shares are not redeemable.
The B Ordinary Shares shall have attached to them full voting and capital distribution (including on winding up) rights; they shall have the right to a dividend as declared from time to time for that class of Share but so that all classes of Ordinary Shares shall not rank pari passu for dividend entitlement purposes. The B Ordinary Shares are not redeemable.
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2022
£
£
14,000
14,000