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REGISTERED NUMBER: 05932644 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Milex Engineering Ltd

Milex Engineering Ltd (Registered number: 05932644)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountant's Report 9

Milex Engineering Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: R J Vizma
Mrs D M Canale





SECRETARY: Mrs D M Canale





REGISTERED OFFICE: Milex House
Dale Street
Corby
Northamptonshire
NN17 2BQ





REGISTERED NUMBER: 05932644 (England and Wales)





ACCOUNTANT: Zinaida Silins FCA
Hybank
12 Old Road
Walgrave
Northamptonshire
NN6 9QW

Milex Engineering Ltd (Registered number: 05932644)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 971 1,107
Tangible assets 5 141,314 96,341
142,285 97,448

CURRENT ASSETS
Stocks 10,000 10,000
Debtors 6 234,315 306,069
Cash at bank and in hand 131,437 167,809
375,752 483,878
CREDITORS
Amounts falling due within one year 7 270,560 301,309
NET CURRENT ASSETS 105,192 182,569
TOTAL ASSETS LESS CURRENT
LIABILITIES

247,477

280,017

CREDITORS
Amounts falling due after more than one
year

8

(35,071

)

(64,501

)

PROVISIONS FOR LIABILITIES (35,288 ) (18,267 )
NET ASSETS 177,118 197,249

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 176,918 197,049
SHAREHOLDERS' FUNDS 177,118 197,249

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Milex Engineering Ltd (Registered number: 05932644)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by:





R J Vizma - Director


Milex Engineering Ltd (Registered number: 05932644)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Milex Engineering Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Milex Engineering Ltd (Registered number: 05932644)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 1,358
AMORTISATION
At 1 March 2023 251
Charge for year 136
At 29 February 2024 387
NET BOOK VALUE
At 29 February 2024 971
At 28 February 2023 1,107

Milex Engineering Ltd (Registered number: 05932644)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 60,910 2,539 192,954 7,814 264,217
Additions 8,770 - 86,868 306 95,944
Disposals - - (76,369 ) - (76,369 )
At 29 February 2024 69,680 2,539 203,453 8,120 283,792
DEPRECIATION
At 1 March 2023 44,526 2,025 115,556 5,769 167,876
Charge for year 5,245 142 22,493 1,184 29,064
Eliminated on disposal - - (54,462 ) - (54,462 )
At 29 February 2024 49,771 2,167 83,587 6,953 142,478
NET BOOK VALUE
At 29 February 2024 19,909 372 119,866 1,167 141,314
At 28 February 2023 16,384 514 77,398 2,045 96,341

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2023 17,615 159,964 177,579
Additions - 65,073 65,073
Disposals - (63,374 ) (63,374 )
Transfer to ownership - (32,490 ) (32,490 )
At 29 February 2024 17,615 129,173 146,788
DEPRECIATION
At 1 March 2023 1,468 81,236 82,704
Charge for year 4,404 21,761 26,165
Eliminated on disposal - (42,244 ) (42,244 )
Transfer to ownership - (16,600 ) (16,600 )
At 29 February 2024 5,872 44,153 50,025
NET BOOK VALUE
At 29 February 2024 11,743 85,020 96,763
At 28 February 2023 16,147 78,728 94,875

Milex Engineering Ltd (Registered number: 05932644)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 212,287 304,494
Other debtors 250 -
Prepayments and accrued income 21,778 1,575
234,315 306,069

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 43,162 27,997
Trade creditors 165,407 163,258
Tax 13,342 40,140
Social security and other taxes 9,756 8,228
VAT 31,891 54,877
Directors' loan accounts 1,870 971
Accruals and deferred income 5,132 5,838
270,560 301,309

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 35,071 64,501

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 78,233 92,498

The hire purchase and lease purchase liabilities are secured on the assets to which the loans relate.

10. OTHER FINANCIAL COMMITMENTS

During the year, the company ceased to lease two vehicles. Future amounts due to be paid within twelve months of the Balance Sheet date amount to £nil (2023: £7,774).

Milex Engineering Ltd (Registered number: 05932644)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
R J Vizma and Mrs D M Canale
Balance outstanding at start of year (971 ) (71 )
Amounts advanced 301 300
Amounts repaid (1,200 ) (1,200 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,870 ) (971 )

12. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors, acting in concert.

Chartered Accountant's Report to the Board of Directors
on the Unaudited Financial Statements of
Milex Engineering Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Milex Engineering Ltd for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Milex Engineering Ltd, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Milex Engineering Ltd and state those matters that I have agreed to state to the Board of Directors of Milex Engineering Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Milex Engineering Ltd and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that Milex Engineering 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 Milex Engineering Ltd. You consider that Milex Engineering Ltd is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Milex Engineering Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.






Zinaida Silins FCA
Hybank
12 Old Road
Walgrave
Northamptonshire
NN6 9QW


7 October 2024