Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-3010falsefalse102023-05-01Wholesale distribution of industrial suppliestruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04407346 2023-05-01 2024-04-30 04407346 2022-05-01 2023-04-30 04407346 2024-04-30 04407346 2023-04-30 04407346 2022-05-01 04407346 c:Director1 2023-05-01 2024-04-30 04407346 d:PlantMachinery 2023-05-01 2024-04-30 04407346 d:PlantMachinery 2024-04-30 04407346 d:PlantMachinery 2023-04-30 04407346 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04407346 d:MotorVehicles 2023-05-01 2024-04-30 04407346 d:MotorVehicles 2024-04-30 04407346 d:MotorVehicles 2023-04-30 04407346 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04407346 d:FurnitureFittings 2023-05-01 2024-04-30 04407346 d:FurnitureFittings 2024-04-30 04407346 d:FurnitureFittings 2023-04-30 04407346 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04407346 d:OfficeEquipment 2023-05-01 2024-04-30 04407346 d:OfficeEquipment 2024-04-30 04407346 d:OfficeEquipment 2023-04-30 04407346 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04407346 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04407346 d:Goodwill 2024-04-30 04407346 d:Goodwill 2023-04-30 04407346 d:CurrentFinancialInstruments 2024-04-30 04407346 d:CurrentFinancialInstruments 2023-04-30 04407346 d:Non-currentFinancialInstruments 2024-04-30 04407346 d:Non-currentFinancialInstruments 2023-04-30 04407346 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 04407346 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 04407346 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 04407346 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 04407346 d:ShareCapital 2024-04-30 04407346 d:ShareCapital 2023-04-30 04407346 d:RetainedEarningsAccumulatedLosses 2024-04-30 04407346 d:RetainedEarningsAccumulatedLosses 2023-04-30 04407346 c:FRS102 2023-05-01 2024-04-30 04407346 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 04407346 c:FullAccounts 2023-05-01 2024-04-30 04407346 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04407346 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 04407346 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 04407346 d:TaxLossesCarry-forwardsDeferredTax 2024-04-30 04407346 d:TaxLossesCarry-forwardsDeferredTax 2023-04-30 04407346 d:RetirementBenefitObligationsDeferredTax 2024-04-30 04407346 d:RetirementBenefitObligationsDeferredTax 2023-04-30 04407346 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 04407346










MILVILL INDUSTRIAL SUPPLIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
MILVILL INDUSTRIAL SUPPLIES LIMITED
REGISTERED NUMBER: 04407346

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
28,725
45,007

Current assets
  

Stocks
  
49,265
67,224

Debtors: amounts falling due within one year
 6 
227,854
205,144

Cash at bank and in hand
  
54,373
32,187

  
331,492
304,555

Creditors: amounts falling due within one year
 7 
(368,739)
(320,548)

Net current liabilities
  
 
 
(37,247)
 
 
(15,993)

Total assets less current liabilities
  
(8,522)
29,014

Creditors: amounts falling due after more than one year
 8 
(10,833)
(20,833)

Provisions for liabilities
  

Deferred tax
 9 
(3,785)
(8,119)

Net (liabilities)/assets
  
(23,140)
62


Capital and reserves
  

Called up share capital 
  
8
8

Profit and loss account
  
(23,148)
54

  
(23,140)
62


Page 1

 
MILVILL INDUSTRIAL SUPPLIES LIMITED
REGISTERED NUMBER: 04407346
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 November 2024.





D Revill
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MILVILL INDUSTRIAL SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Milvill Industrial Supplies Limited is a private Company limited by shares, incorporated in England and Wales (registered number: 04407346). Its registered office is 23d Orgreave Crescent, Handsworth, Sheffield, S13 9NQ. The principal activities of the Company throughout the year continued to be that of wholesale distribution of industrial supplies.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has net liabilities at 30th April 2024 of £23,140. The financial statements have been prepared on a going concern basis, on the understanding that the directors and shareholders will continue to financially support the Company going forward. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.

Page 3

 
MILVILL INDUSTRIAL SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are: 

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Office equipment
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings. 

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

Page 4

 
MILVILL INDUSTRIAL SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


 
2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

 
2.9

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
MILVILL INDUSTRIAL SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax asset is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 10).


4.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
70,000



At 30 April 2024

70,000



Amortisation


At 1 May 2023
70,000



At 30 April 2024

70,000



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 6

 
MILVILL INDUSTRIAL SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
7,670
76,385
7,285
51,768
143,108


Disposals
(350)
(14,718)
-
(530)
(15,598)



At 30 April 2024

7,320
61,667
7,285
51,238
127,510



Depreciation


At 1 May 2023
7,452
44,842
5,773
40,034
98,101


Charge for the year on owned assets
15
6,118
227
2,261
8,621


Disposals
(190)
(7,646)
-
(101)
(7,937)



At 30 April 2024

7,277
43,314
6,000
42,194
98,785



Net book value



At 30 April 2024
43
18,353
1,285
9,044
28,725



At 30 April 2023
218
31,543
1,512
11,734
45,007

Page 7

 
MILVILL INDUSTRIAL SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Trade debtors
214,647
202,417

Other debtors
13,207
2,727

227,854
205,144


Included in trade debtors are factored debts of £202,630 (2023: £189,921).


7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
200,928
188,324

Corporation tax
-
19

Other taxation and social security
21,873
21,154

Other creditors
129,329
93,725

Accruals and deferred income
6,609
7,326

368,739
320,548


Included within creditors falling due within one year are advances on invoice discounting facilities of £124,681 (2023: £83,390).


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,833
20,833


Page 8

 
MILVILL INDUSTRIAL SUPPLIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Deferred taxation




2024
2023


£

£






At beginning of year
8,119
9,093


Charged to profit or loss
(4,334)
(974)



At end of year
3,785
8,119

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
5,458
8,351

Tax losses carried forward
(1,445)
-

Pension surplus
(228)
(232)

3,785
8,119


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.  The pension cost charge represents contributions payable by the Company to the fund and amounted to £44,500 (2023: £30,559). Contributions totalling £1,199 (2023: £1,219) were payable to the fund at the Balance Sheet date and are included in creditors.

 
Page 9