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Registration number: 08526102


Mileburne Charollais Ltd

Directors' Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Mileburne Charollais Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Mileburne Charollais Ltd

Company Information

Director

Mr Thomas Benjamin Smith

Registered office

33 Holding
Stone Road
Yarlet
Stafford
ST18 9SB

Accountants

Howsons (Stoke) Limited
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Mileburne Charollais Ltd

(Registration number: 08526102)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

19,490

44,709

Current assets

 

Stocks

6

23,665

27,900

Debtors

-

4,548

 

23,665

32,448

Creditors: Amounts falling due within one year

7

(270,124)

(274,358)

Net current liabilities

 

(246,459)

(241,910)

Total assets less current liabilities

 

(226,969)

(197,201)

Creditors: Amounts falling due after more than one year

7

(20,146)

(24,989)

Net liabilities

 

(247,115)

(222,190)

Capital and reserves

 

Called up share capital

3

3

Revaluation reserve

(1,989)

(1,989)

Retained earnings

(245,129)

(220,204)

Shareholders' deficit

 

(247,115)

(222,190)

For the financial 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Mileburne Charollais Ltd

(Registration number: 08526102)
Balance Sheet as at 31 May 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 February 2025
 

.........................................
Mr Thomas Benjamin Smith
Director

   
     
 

Mileburne Charollais Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
33 Holding
Stone Road
Yarlet
Stafford
ST18 9SB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Mileburne Charollais Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Asset class

Depreciation method and rate

Plant, machinery and tractors

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

3 year straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

BPS entitlements

5 year straight line

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Mileburne Charollais Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

BPS entitlements
£

Total
£

Cost or valuation

At 1 June 2023

500

500

At 31 May 2024

500

500

Amortisation

At 1 June 2023

500

500

At 31 May 2024

500

500

Carrying amount

At 31 May 2024

-

-

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Plant, machinery and tractors
£

Total
£

Cost or valuation

At 1 June 2023

1,537

38,633

83,822

123,992

Disposals

-

-

(46,620)

(46,620)

At 31 May 2024

1,537

38,633

37,202

77,372

Depreciation

At 1 June 2023

1,537

29,333

48,413

79,283

Charge for the year

-

2,325

2,208

4,533

Eliminated on disposal

-

-

(25,934)

(25,934)

At 31 May 2024

1,537

31,658

24,687

57,882

Carrying amount

At 31 May 2024

-

6,975

12,515

19,490

At 31 May 2023

-

9,300

35,409

44,709

 

Mileburne Charollais Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Stocks

2024
£

2023
£

Other inventories

23,665

27,900

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

22,984

20,586

Trade creditors

 

8,630

32,703

Taxation and social security

 

6,992

6,153

Other creditors

 

1,560

1,420

Other borrowings

8

81,385

80,636

Directors' loan account

 

148,573

132,860

 

270,124

274,358

Due after one year

 

Loans and borrowings

8

20,146

24,989

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,317

14,160

Other borrowings

10,829

10,829

20,146

24,989

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,876

5,877

Bank overdrafts

17,108

14,709

Other borrowings

81,385

80,636

104,369

101,222