1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,200 2,200 220 220 1,980 766 766 255 255 511 xbrli:pure xbrli:shares iso4217:GBP 14103539 2023-06-01 2024-05-31 14103539 2024-05-31 14103539 2023-05-31 14103539 2022-06-01 2023-05-31 14103539 2023-05-31 14103539 2022-05-31 14103539 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 14103539 bus:Director1 2023-06-01 2024-05-31 14103539 core:WithinOneYear 2024-05-31 14103539 core:WithinOneYear 2023-05-31 14103539 core:ShareCapital 2024-05-31 14103539 core:ShareCapital 2023-05-31 14103539 core:RetainedEarningsAccumulatedLosses 2024-05-31 14103539 core:RetainedEarningsAccumulatedLosses 2023-05-31 14103539 bus:SmallEntities 2023-06-01 2024-05-31 14103539 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 14103539 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 14103539 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 14103539 bus:FullAccounts 2023-06-01 2024-05-31 14103539 bus:OrdinaryShareClass1 2024-05-31 14103539 bus:OrdinaryShareClass1 2023-05-31 14103539 core:ComputerEquipment 2023-06-01 2024-05-31 14103539 core:IntangibleAssetsOtherThanGoodwill 2023-06-01 2024-05-31 14103539 core:IntangibleAssetsOtherThanGoodwill 2024-05-31 14103539 core:ComputerEquipment 2024-05-31 14103539 core:IntangibleAssetsOtherThanGoodwill core:ExternallyAcquiredIntangibleAssets core:IntangibleAssetsWithFiniteLives core:ContinuingOperations 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 14103539
MILNE WATSON LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2024
MILNE WATSON LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
4
1,980
Tangible assets
5
511
-------
----
2,491
Current assets
Stocks
8,226
8,226
Debtors
6
11,107
39,076
Cash at bank and in hand
67,926
53,100
---------
----------
87,259
100,402
Creditors: amounts falling due within one year
7
34,904
67,891
---------
----------
Net current assets
52,355
32,511
---------
---------
Total assets less current liabilities
54,846
32,511
---------
---------
Net assets
54,846
32,511
---------
---------
Capital and reserves
Called up share capital
8
10
10
Profit and loss account
54,836
32,501
---------
---------
Shareholder funds
54,846
32,511
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 May 2024 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MILNE WATSON LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
Mrs E V Waight
Director
Company registration number: 14103539
MILNE WATSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 46 Hamsey Crescent, Lewes, East Sussex, BN7 1NP.
2. Accounting policies
Basis of preparation
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Cash anad cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Taxation
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 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.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website costs
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Computer equipment
-
33% straight line
Stocks
Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
4. Intangible assets
Other intangible assets
£
Cost
Additions
2,200
-------
At 31 May 2024
2,200
-------
Amortisation
Charge for the year
220
-------
At 31 May 2024
220
-------
Carrying amount
At 31 May 2024
1,980
-------
At 31 May 2023
-------
5. Tangible assets
Equipment
£
Cost
At 1 June 2023
Additions
766
----
At 31 May 2024
766
----
Depreciation
At 1 June 2023
Charge for the year
255
----
At 31 May 2024
255
----
Carrying amount
At 31 May 2024
511
----
At 31 May 2023
----
6. Debtors
2024
2023
£
£
Trade debtors
11,107
39,076
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,755
28,196
Accruals and deferred income
1,730
1,974
Corporation tax
20,794
17,072
Social security and other taxes
5,368
9,224
Director loan accounts
4,257
11,425
---------
---------
34,904
67,891
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10
10
10
10
----
----
----
----