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COMPANY REGISTRATION NUMBER: 06349582
Millward Holdings Ltd
Filleted Unaudited Financial Statements
31 December 2023
Millward Holdings Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
758,114
855,228
Investments
7
1,001
1,001
---------
---------
759,115
856,229
Current assets
Debtors
8
1,113,644
1,002,309
Cash at bank and in hand
779,468
761,461
------------
------------
1,893,112
1,763,770
Creditors: amounts falling due within one year
9
( 132,264)
( 176,931)
------------
------------
Net current assets
1,760,848
1,586,839
------------
------------
Total assets less current liabilities
2,519,963
2,443,068
Creditors: amounts falling due after more than one year
10
( 54,156)
Provisions
( 89,524)
( 76,025)
------------
------------
Net assets
2,430,439
2,312,887
------------
------------
Capital and reserves
Called up share capital
1,001
1,001
Profit and loss account
2,429,438
2,311,886
------------
------------
Member’s funds
2,430,439
2,312,887
------------
------------
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 statement of income and retained earnings has not been delivered.
For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Director's responsibilities: - The member has 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
Millward Holdings Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 December 2024 , and are signed on behalf of the board by:
Anthony Millward
Director
Company registration number: 06349582
Millward Holdings Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. Statutory information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Matador, Tunstall Road, Knypersley, Stoke on Trent, Staffordshire, ST8 7PZ.
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 the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
(a) 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.
(b) Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the hire of equipment, stated net of discounts and Value Added Tax. Revenue from the hire of equipment is recognised on a straight line basis over the period to which rental applies. Revenue is recognised from the inception of the contract; when 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.
(d) Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) 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
-
25% straight line
Motor vehicles
-
25% straight line
No depreciation is provided on freehold land and buildings because, in the opinion of the director, the realisable value will be in excess of the carrying value.
(g) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
(h) Impairment of fixed assets
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.
(i) Finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(j) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
(k) Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Income from shares in group undertakings
2023
2022
£
£
Group income
71,860
145,000
--------
---------
6. Tangible assets
Freehold land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
409,456
2,146,181
44,200
2,599,837
Additions
117,514
117,514
Disposals
( 215,340)
( 215,340)
---------
------------
--------
------------
At 31 December 2023
409,456
2,048,355
44,200
2,502,011
---------
------------
--------
------------
Depreciation
At 1 January 2023
1,738,623
5,986
1,744,609
Charge for the year
192,178
11,050
203,228
Disposals
( 203,940)
( 203,940)
---------
------------
--------
------------
At 31 December 2023
1,726,861
17,036
1,743,897
---------
------------
--------
------------
Carrying amount
At 31 December 2023
409,456
321,494
27,164
758,114
---------
------------
--------
------------
At 31 December 2022
409,456
407,558
38,214
855,228
---------
------------
--------
------------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
1,001
-------
Impairment
At 1 January 2023 and 31 December 2023
-------
Carrying amount
At 31 December 2023
1,001
-------
At 31 December 2022
1,001
-------
8. Debtors
2023
2022
£
£
Amounts owed by group undertakings
1,111,383
1,000,006
Other debtors
2,261
2,303
------------
------------
1,113,644
1,002,309
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank overdraft
5,386
Trade creditors
10,556
2,832
Corporation tax
36,731
Social security and other taxes
21,798
59,725
Other creditors
57,793
114,374
---------
---------
132,264
176,931
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
54,156
----
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
3,739
Later than 1 year and not later than 5 years
8,725
--------
----
12,464
--------
----
12. Related party transactions
Anthony Millward is a related party by virtue of his directorship of and shareholding in the company. During the year, the company paid dividends to Anthony Millward in the sum of £66,860 (2022: £40,000). Anthony Millward operated a director's loan account during the year. At the year end, the company owed Anthony Millward the sum of £1,681 (2022: £1,639). This loan was interest free and repayable on demand. Scaffolding Contractors Limited is a wholly owned subsidiary of the company. At the year end, it owed Millward Holdings Ltd the sum of £950,335 (2022: £908,437). Specialist Construction Ltd is a wholly owned subsidiary of the company. At the year end, it owed Millward Holdings Ltd the sum of £161,048 (2022: £91,569). Structural Contractors Limited is a related party by virtue of the former shareholding of Millward Holdings Ltd and the continued shareholding of Millward Holdings Ltd in and influence over Scaffolding Contractors Limited. The ultimate controlling party is Anthony Millward by virtue of his 100% shareholding in the company.