Company registration number 02840052 (England and Wales)
MILLWOOD SERVICING LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
MILLWOOD SERVICING LIMITED
COMPANY INFORMATION
Director
Mr M Wood
Company number
02840052
Registered office
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Accountants
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Business address
Office Block
Sutton Business Park
Restmor Way
Wallington
Surrey
SM6 7AT
MILLWOOD SERVICING LIMITED
CONTENTS
Page
Director's report
1 - 2
Accountants' report
3
Profit and loss account
4
Balance sheet
5 - 6
Notes to the financial statements
7 - 11
MILLWOOD SERVICING LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -
The director presents his annual report and financial statements for the year ended 31 August 2024.
Principal activities
The principal activity of the company continued to be that of the supply and maintenance of fire safety equipment.
The above is referenced but not limited to our scope of work as set out under ISO9001.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr M Wood
Mr T Wood
(Resigned 16 January 2024)
Results
During the financial year, Millwood Servicing Ltd invested heavily in a new field & office software platform/ CRM (Uptick) to replace its previous and aged CRM that it had in place since 2009. This Capital Investment expenditure was unplanned but necessary due to the lack of continuation of the previous CRM. The cost and subsequent roll out was managed in house by the Compliance Director and co-owner Mrs Clare Wood and it is felt that the expenditure is one that should not be reported going forward.
Millwood Servicing Ltd continues to be awarded new work and in September 2023 was awarded an 8-year Public Sector Tender opportunity with one of the largest Housing Associations currently listed in the G15, this means that Millwood Servicing Ltd now has a total of 6 long term tender opportunities on the books amounting to over 25 years of contractual works ahead of them in the public sector alone. In addition to this award, Millwood Servicing Ltd continues to tender for additional work both in the public and private sectors and is looking to add an additional 2 long term tender opportunities during the current financial year.
At the end of 2023, Millwood Servicing Ltd became the holders of the 'UK-wide Best Companies to Work For' in the following categories:
In March 2024, Millwood Servicing Ltd proudly & successfully became B Corp certified with a score of 116.2 meaning that Millwood Servicing Ltd is the only B Corp certified company in the world that provides fire safety services. This incredibly high achievement allows Millwood Servicing Ltd not only to connect with and work with the other 9,000 B Corps in the world, but closer to home this has afforded Millwood Servicing Ltd to widen their network of likeminded companied and individuals.
MILLWOOD SERVICING LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr M Wood
Director
19 February 2025
MILLWOOD SERVICING LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MILLWOOD SERVICING LIMITED FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Millwood Servicing Limited for the year ended 31 August 2024 set out on pages 4 to 11 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Millwood Servicing Limited, as a body, in accordance with the terms of our engagement letter dated 30 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Millwood Servicing Limited and state those matters that we have agreed to state to the board of directors of Millwood Servicing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Millwood Servicing Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Millwood Servicing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Millwood Servicing Limited. You consider that Millwood Servicing Limited 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 financial statements of Millwood Servicing Limited. 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 statutory financial statements.
Bryden Johnson Limited
12 March 2025
Chartered Accountants
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
MILLWOOD SERVICING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
2024
2023
£
£
Turnover
4,483,801
4,007,148
Cost of sales
(2,897,889)
(2,369,805)
Gross profit
1,585,912
1,637,343
Administrative expenses
(1,516,588)
(1,590,803)
Operating profit
69,324
46,540
Interest receivable and similar income
110
Interest payable and similar expenses
(55,130)
(6,638)
Profit before taxation
14,194
40,012
Tax on profit
1,224
2,359
Profit for the financial year
15,418
42,371
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MILLWOOD SERVICING LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
98,327
157,032
Current assets
Stocks
101,396
91,829
Debtors
4
1,357,924
1,169,648
Cash at bank and in hand
7,905
7,789
1,467,225
1,269,266
Creditors: amounts falling due within one year
5
(1,031,996)
(692,488)
Net current assets
435,229
576,778
Total assets less current liabilities
533,556
733,810
Creditors: amounts falling due after more than one year
6
(54,167)
(122,723)
Provisions for liabilities
(14,239)
(26,526)
Net assets
465,150
584,561
Capital and reserves
Called up share capital
7
1,000
1,000
Capital redemption reserve
70
70
Profit and loss reserves
464,080
583,491
Total equity
465,150
584,561
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
MILLWOOD SERVICING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 6 -
The financial statements were approved by the board of directors and authorised for issue on 19 February 2025 and are signed on its behalf by:
Mr M Wood
Director
Company Registration No. 02840052
MILLWOOD SERVICING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
1
Accounting policies
Company information
Millwood Servicing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over term of lease
Fixtures, fittings & equipment
25% reducing balance/25% straight line
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
MILLWOOD SERVICING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 8 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MILLWOOD SERVICING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 9 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
40
42
MILLWOOD SERVICING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
67,481
380,830
448,311
Additions
13,862
13,862
Disposals
(111,495)
(111,495)
At 31 August 2024
67,481
283,197
350,678
Depreciation and impairment
At 1 September 2023
19,360
271,919
291,279
Depreciation charged in the year
6,748
28,741
35,489
Eliminated in respect of disposals
(74,417)
(74,417)
At 31 August 2024
26,108
226,243
252,351
Carrying amount
At 31 August 2024
41,373
56,954
98,327
At 31 August 2023
48,121
108,911
157,032
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
693,377
490,337
Other debtors
664,547
679,311
1,357,924
1,169,648
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
121,623
59,198
Obligations under finance leases
823
9,692
Trade creditors
606,867
352,962
Corporation tax
11,010
Other taxation and social security
226,855
187,616
Other creditors
8,517
17,267
Accruals and deferred income
56,301
65,753
1,031,996
692,488
MILLWOOD SERVICING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
54,167
104,167
Obligations under finance leases
18,556
54,167
122,723
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary B shares of £1 each
520
620
520
620
Ordinary C shares of £1 each
330
330
330
330
Ordinary D shares of £1 each
150
50
150
50
1,000
1,000
1,000
1,000
On 14 September 2023, 100 ordinary B shares were re-designated to 100 ordinary D shares.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Lease commitments
346,348
469,221
9
Directors' transactions
At the year end, included within other debtors is an amount of £329,084 (2023: £329,084) due from a Director of the company.
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