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Registration number: 02985597

Milbury Heath Commercials Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Milbury Heath Commercials Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Milbury Heath Commercials Limited

Company Information

Director

T Whiles

Company secretary

J Whiles

Registered office

Rudgewood House
Milbury Heath
Wotton-Under-Edge
Gloucestershire
GL12 8PU

Accountants

Burton Sweet Limited
Spencer House
Morston Court
Aisecome Way
Weston-super-Mare
Somerset
BS22 8NG

 

Milbury Heath Commercials Limited

(Registration number: 02985597)
Balance Sheet
30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

63,565

5,766

Current assets

 

Stocks

5

20,548

20,240

Debtors

6

31,576

22,516

Cash at bank and in hand

 

34,517

82,519

 

86,641

125,275

Creditors: Amounts falling due within one year

7

(79,271)

(79,252)

Net current assets

 

7,370

46,023

Total assets less current liabilities

 

70,935

51,789

Provisions for liabilities

(1,489)

-

Net assets

 

69,446

51,789

Capital and reserves

 

Called up share capital

500

500

Retained earnings

68,946

51,289

Shareholders' funds

 

69,446

51,789

 

Milbury Heath Commercials Limited

(Registration number: 02985597)
Balance Sheet
30 November 2024

For the financial year ending 30 November 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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 8 May 2025
 

.........................................
T Whiles
Director

 

Milbury Heath Commercials Limited

Notes to the Unaudited Financial Statements
Year Ended 30 November 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:
Rudgewood House
Milbury Heath
Wotton-Under-Edge
Gloucestershire
GL12 8PU

These financial statements were authorised for issue by the director on 8 May 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

Milbury Heath Commercials Limited

Notes to the Unaudited Financial Statements
Year Ended 30 November 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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:

Asset class

Depreciation method and rate

Leasehold improvements

10% Straight line

Plant and machinery

33% Straight line

Motor vehicles

25% Reducing balance

Office equipment

33% Straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

 

Milbury Heath Commercials Limited

Notes to the Unaudited Financial Statements
Year Ended 30 November 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

Milbury Heath Commercials Limited

Notes to the Unaudited Financial Statements
Year Ended 30 November 2024

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

915

18,137

263

11,301

30,616

Additions

56,455

14,300

-

-

70,755

At 30 November 2024

57,370

32,437

263

11,301

101,371

Depreciation

At 1 December 2023

915

14,847

263

8,825

24,850

Charge for the year

5,645

6,382

-

929

12,956

At 30 November 2024

6,560

21,229

263

9,754

37,806

Carrying amount

At 30 November 2024

50,810

11,208

-

1,547

63,565

At 30 November 2023

-

3,290

-

2,476

5,766

Included within the net book value of land and buildings above is £50,810 (2023 - £Nil) in respect of freehold land and buildings.
 

 

Milbury Heath Commercials Limited

Notes to the Unaudited Financial Statements
Year Ended 30 November 2024

5

Stocks

2024
£

2023
£

Work in progress

12,548

16,240

Finished goods and goods for resale

8,000

4,000

20,548

20,240

6

Debtors

2024
£

2023
£

Trade debtors

31,576

22,516

31,576

22,516

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

16,083

18,299

Taxation and social security

9,951

8,830

Accruals and deferred income

2,025

4,500

Other creditors

51,212

47,623

79,271

79,252