Registered number
07865774
R G Millward Limited
Filleted Accounts
31 August 2024
R G Millward Limited
Registered number: 07865774
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,083,697 1,085,486
Current assets
Stocks 1,600 1,600
Debtors 4 239,611 253,616
Cash at bank and in hand 157,783 144,816
398,994 400,032
Creditors: amounts falling due within one year 5 (213,156) (383,413)
Net current assets 185,838 16,619
Total assets less current liabilities 1,269,535 1,102,105
Creditors: amounts falling due after more than one year 6 5,800 5,800
Net assets 1,275,335 1,107,905
Capital and reserves
Called up share capital 270,200 270,200
Profit and loss account 1,005,135 837,705
Shareholders' funds 1,275,335 1,107,905
The director is 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 director acknowledges his 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.
G A Millward
Director
Approved by the board on 7 May 2025
R G Millward 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 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 Straight line over 24 years
Leasehold land and buildings 20% and 15% reducing balance
Plant and machinery 10% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
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. 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.
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 13 13
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 386,741 622,552 982,007 1,991,300
Additions - 104,853 41,794 146,647
At 31 August 2024 386,741 727,405 1,023,801 2,137,947
Depreciation
At 1 September 2023 125,427 242,673 537,714 905,814
Charge for the year 13,615 48,754 86,067 148,436
At 31 August 2024 139,042 291,427 623,781 1,054,250
Net book value
At 31 August 2024 247,699 435,978 400,020 1,083,697
At 31 August 2023 261,314 379,879 444,293 1,085,486
4 Debtors 2024 2023
£ £
Trade debtors 239,611 253,616
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,883 5,397
Trade creditors 93,064 252,189
Taxation and social security costs 32,132 45,644
Other creditors 83,077 80,183
213,156 383,413
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors (5,800) (5,800)
7 Controlling party
Mr G A Millward is a director of Wirksworth Plant Services Limited of which the company purchases labour from, and during the year was involved in various transactions which were carried out on normal commercial terms.
8 Other information
R G Millward Limited is a private company limited by shares and incorporated in England. Its registered office is:
Black Rocks Business Park
Porter Lane
Wirksworth, Matlock
Derbyshire
DE4 4NQ
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