2024-03-012025-02-282025-02-28false07950802MILLET ACCOUNTANTS 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MILLET ACCOUNTANTS LTD

Registered Number
07950802
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2025

MILLET ACCOUNTANTS LTD
Company Information
for the year from 1 March 2024 to 28 February 2025

Director

MILLET, Andrew

Company Secretary

MILLET, Lisa Phillippa

Registered Address

Beyond Aldgate Tower
2 Leman Street
London
E1 8FA

Registered Number

07950802 (England and Wales)
MILLET ACCOUNTANTS LTD
Balance Sheet as at
28 February 2025

Notes

2025

2024

£

£

£

£

Fixed assets
Tangible assets320,94720,587
Investments420,000113,389
40,947133,976
Current assets
Debtors57,85125,015
Cash at bank and on hand163,03629,863
170,88754,878
Creditors amounts falling due within one year6(77,733)(87,120)
Net current assets (liabilities)93,154(32,242)
Total assets less current liabilities134,101101,734
Net assets134,101101,734
Capital and reserves
Called up share capital100100
Profit and loss account134,001101,634
Shareholders' funds134,101101,734
The financial statements were approved and authorised for issue by the Director on 2 March 2025, and are signed on its behalf by:
MILLET, Andrew
Director
Registered Company No. 07950802
MILLET ACCOUNTANTS LTD
Notes to the Financial Statements
for the year ended 28 February 2025

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of services.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees directly into an auto-enrolment pension scheme. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Office Equipment25
Investments
Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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 transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees
At the year end the company employed 7 staff and worked with 4 contractors.

20252024
Average number of employees during the year32
3.Tangible fixed assets

Land & buildings

Office Equipment

Total

£££
Cost or valuation
At 01 March 2417,3788,77526,153
Additions-1,9061,906
At 28 February 2517,37810,68128,059
Depreciation and impairment
At 01 March 24-5,5665,566
Charge for year-1,5461,546
At 28 February 25-7,1127,112
Net book value
At 28 February 2517,3783,56920,947
At 29 February 2417,3783,20920,587
4.Fixed asset investments
Investments - The company sold its listed investments of £93,388 (2024: £93,388) during the year.

Other investments1

Total

££
Cost or valuation
At 01 March 24113,389113,389
Disposals(93,389)(93,389)
At 28 February 2520,00020,000
Net book value
At 28 February 2520,00020,000
At 29 February 24113,389113,389

Notes

1Other investments other than loans
5.Debtors: amounts due within one year

2025

2024

££
Trade debtors / trade receivables11,03725,015
Other debtors(3,186)-
Total7,85125,015
Debtors included: Trade debtors of £9417 (2024: £25015). Rent deposit £1620 (2024: £nil)
6.Creditors: amounts due within one year

2025

2024

££
Trade creditors / trade payables1,653955
Taxation and social security74,89718,005
Other creditors1,18368,160
Total77,73387,120
7.Controlling party
The company is controlled by Andrew Millet by virtue of his shareholding and voting rights.