REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
MILLSTAR PLANT LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
MILLSTAR PLANT LIMITED |
MILLSTAR PLANT LIMITED (REGISTERED NUMBER: 11049308) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MILLSTAR PLANT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
The Old School House |
Bridge Road |
Hunton Bridge |
Kings Langley |
Hertfordshire |
WD4 8SZ |
MILLSTAR PLANT LIMITED (REGISTERED NUMBER: 11049308) |
BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
CURRENT ASSETS |
Debtors | 4 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The financial statements were approved by the Board of Directors and authorised for issue on |
MILLSTAR PLANT LIMITED (REGISTERED NUMBER: 11049308) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
Cars - 25% on reducing balance |
Computers - 25% on reducing balance |
Sweepers - 20% on reducing balance |
Commercial Vehicles - 25% on reducing balance |
Plant (Other) - 25% on reducing balance |
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. |
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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
MILLSTAR PLANT LIMITED (REGISTERED NUMBER: 11049308) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | ACCOUNTING POLICIES - continued |
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. |
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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st April 2023 |
Additions |
Disposals | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
The net book value in respect of assets held under hire purchase contracts is as follows: |
2024 | 2023 |
£ | £ |
Plant and machinery | 720,500 | 453,229 |
720,500 | 453,229 |
MILLSTAR PLANT LIMITED (REGISTERED NUMBER: 11049308) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
4. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
The amount shown as owed by group undertakings is owed by E.J. Taylor & Sons Limited (2023: Fleetsmith Ltd) and is interest free. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 7) |
Trade creditors |
Taxation and social security |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 7) |
Amounts owed to group undertakings |
The amount owed to group undertakings in 2023 relates to an amount due to E.J. Taylor & Sons Limited outside of normal commercial terms. |
MILLSTAR PLANT LIMITED (REGISTERED NUMBER: 11049308) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
7. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
MILLSTAR PLANT LIMITED (REGISTERED NUMBER: 11049308) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
9. | RELATED PARTY DISCLOSURES |
As at 31st March 2024 the company owed S J Peck, £4,358 (2023: £4,131). Interest is charged at a commercial rate. |
As at 31st March 2024 the company owed J R Taylor, £508 (2023: £481). Interest is charged at a commercial rate. |
As at 31st March 2024 the company owed L M Taylor, a member of the close family of the Directors, £15,000 (2023: £15,000). Interest is charged at a commercial rate. |
The shares in the company were acquired by E J Taylor Group Limited, which became the parent company on 3rd September 2021. |
Entities with control, joint control or significant influence over the entity. |
E.J. Taylor & Sons Limited |
(Related undertaking) |
2024 | 2023 |
£ | £ |
Amount due from related party at the balance sheet date | 18,162 | 23,131 |
Amount due to related party at the balance sheet date | 95,597 | 86,527 |
Sales of £98,858 (2023: £93,709) were made to, and purchases of £278,547 (2023: £256,349) were made from E.J. Taylor & Sons Limited by the company during the year on normal commercial terms. |