Registered number
01682782
The Millington Slitting & Rewinding Company Limited
Filleted Accounts
31 December 2024
The Millington Slitting & Rewinding Company Limited
Registered number: 01682782
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 65,002 85,068
Current assets
Stocks 141,080 126,868
Debtors 4 157,145 159,304
Cash at bank and in hand 188,927 241,693
487,152 527,865
Creditors: amounts falling due within one year 5 (183,956) (181,373)
Net current assets 303,196 346,492
Total assets less current liabilities 368,198 431,560
Creditors: amounts falling due after more than one year 6 (10,189) (31,918)
Net assets 358,009 399,642
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 353,009 394,642
Shareholders' funds 358,009 399,642
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.
P. Millington
Director
Approved by the board on 31 March 2025
The Millington Slitting & Rewinding Company Limited
Notes to the Accounts
for the year ended 31 December 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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and equipment 15% - 33% straight line
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2024 189,393 104,731 294,124
Additions 370 3,666 4,036
Disposals (13,696) - (13,696)
At 31 December 2024 176,067 108,397 284,464
Depreciation
At 1 January 2024 162,747 46,309 209,056
Charge for the year 4,316 19,779 24,095
On disposals (13,689) - (13,689)
At 31 December 2024 153,374 66,088 219,462
Net book value
At 31 December 2024 22,693 42,309 65,002
At 31 December 2023 26,646 58,422 85,068
4 Debtors 2024 2023
£ £
Trade debtors 132,336 136,907
Other debtors 24,809 22,397
157,145 159,304
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,500 7,500
Obligations under finance lease and hire purchase contracts 11,590 11,591
Trade creditors 91,367 83,143
Directors' loan accounts 28,146 43,428
Taxation and social security costs 17,827 26,320
Other creditors 27,526 9,391
183,956 181,373
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 7,291 17,430
Obligations under finance lease and hire purchase contracts 2,898 14,488
10,189 31,918
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 764,511 42,017
8 Controlling party
P. & T. Millington, directors, control the company by virtue of their 100% shareholding in the issued ordinary share capital.
9 Other information
The Millington Slitting & Rewinding Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3D, The Stag Industrial Estate
Atlantic Street
Broadheath, Altrincham
Cheshire
WA14 5DW
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