Registered number
04270878
(England and Wales)
SCHOOL MILK SERVICES LIMITED
Unaudited Filleted Accounts
31 August 2024
SCHOOL MILK SERVICES LIMITED
Registered number: 04270878
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 146,209 178,236
Current assets
Stocks 13,209 11,778
Debtors 4 165,334 198,826
Cash at bank and in hand 444,556 348,001
623,099 558,605
Creditors: amounts falling due within one year 5 (220,213) (185,677)
Net current assets 402,886 372,928
Total assets less current liabilities 549,095 551,164
Creditors: amounts falling due after more than one year 6 (10,478) (38,380)
Provisions for liabilities (36,553) (43,708)
Net assets 502,064 469,076
Capital and reserves
Called up share capital 40,000 40,000
Profit and loss account 462,064 429,076
Shareholders' funds 502,064 469,076
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Wright
Director
Approved by the board on 30 April 2025
SCHOOL MILK SERVICES LIMITED
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
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).
Turnover
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 goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 25% per annum Reducing Balance basis
Fixtures and fittings 25% per annum Reducing Balance basis
Motor vehicles 30% per annum Reducing Balance basis
Office equipment 40% per annum Reducing Balance basis
Software over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 21 20
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023 259,876
Additions 33,985
Disposals (22,999)
At 31 August 2024 270,862
Depreciation
At 1 September 2023 81,640
Charge for the year 57,720
On disposals (14,707)
At 31 August 2024 124,653
Net book value
At 31 August 2024 146,209
At 31 August 2023 178,236
4 Debtors 2024 2023
£ £
Trade debtors 149,742 177,300
Other debtors 15,592 21,526
165,334 198,826
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 27,902 30,818
Trade creditors 151,091 141,539
Taxation and social security costs 38,314 -
Other creditors 2,906 13,320
220,213 185,677
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 10,478 38,380
7 Pension commitments
The company operates a defined contribution pension scheme for the Directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 32,938 15,278
9 Other information
SCHOOL MILK SERVICES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Manor Farm, Collum Lane
Kewstoke
Weston Super Mare
North Somerset
BS22 9JL
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