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Registered number: 11473262
David Millwood Supplies Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Michael Paul Accountants Limited
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of David Millwood Supplies Ltd for the year ended 30 September 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of David Millwood Supplies Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of David Millwood Supplies Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of David Millwood Supplies Ltd and state those matters that we have agreed to state to the director of David Millwood Supplies Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than David Millwood Supplies Ltd and its director as a body for our work or for this report.
It is your duty to ensure that David Millwood Supplies Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of David Millwood Supplies Ltd . You consider that David Millwood Supplies Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of David Millwood Supplies Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
06/01/2025
Michael Paul Accountants Limited
A member of the Association of Chartered Certified Accountants
Studio 2, Lamport Manor
Old Road, Lamport
Northampton
Northamptonshire
NN6 9HF
Page 1
Page 2
Balance Sheet
Registered number: 11473262
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 43,334 43,334
Tangible Assets 5 42,827 15,449
86,161 58,783
CURRENT ASSETS
Stocks 6 106,815 79,209
Debtors 7 154,061 88,984
Cash at bank and in hand 12,606 1,000
273,482 169,193
Creditors: Amounts Falling Due Within One Year 8 (264,467 ) (152,442 )
NET CURRENT ASSETS (LIABILITIES) 9,015 16,751
TOTAL ASSETS LESS CURRENT LIABILITIES 95,176 75,534
Creditors: Amounts Falling Due After More Than One Year 9 (26,703 ) (16,782 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,077 ) (3,280 )
NET ASSETS 58,396 55,472
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 58,296 55,372
SHAREHOLDERS' FUNDS 58,396 55,472
Page 2
Page 3
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Sheridan Millwood
Director
06/01/2025
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
David Millwood Supplies Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11473262 . The registered office is Unit 79 Leyland Trading Estate, Wellingborough, NN8 1RT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover cosists of revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of five years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on reducing balance
Motor Vehicles 20% on reducing balance
Computer Equipment 33% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 4
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2.6. 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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 65,334
As at 30 September 2024 65,334
Amortisation
As at 1 October 2023 22,000
As at 30 September 2024 22,000
Net Book Value
As at 30 September 2024 43,334
As at 1 October 2023 43,334
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Page 6
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 October 2023 13,555 18,408 650 32,613
Additions 2,800 29,998 374 33,172
As at 30 September 2024 16,355 48,406 1,024 65,785
Depreciation
As at 1 October 2023 5,976 10,971 217 17,164
Provided during the period 2,075 3,487 232 5,794
As at 30 September 2024 8,051 14,458 449 22,958
Net Book Value
As at 30 September 2024 8,304 33,948 575 42,827
As at 1 October 2023 7,579 7,437 433 15,449
6. Stocks
2024 2023
£ £
Stock 106,815 79,209
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 148,990 85,016
Other debtors 5,071 3,968
154,061 88,984
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 208,524 101,523
Bank loans and overdrafts 14,498 10,699
Other creditors 8,594 6,737
Taxation and social security 32,851 33,483
264,467 152,442
Page 6
Page 7
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 26,703 16,782
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 7