Company registration number SC140942 (Scotland)
MILLAR ELECTRICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
MILLAR ELECTRICS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MILLAR ELECTRICS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
35,359
27,027
Current assets
Stocks
228,700
261,700
Debtors
4
173,884
164,778
Cash at bank and in hand
95,952
222,134
498,536
648,612
Creditors: amounts falling due within one year
5
(168,398)
(251,254)
Net current assets
330,138
397,358
Total assets less current liabilities
365,497
424,385
Provisions for liabilities
(8,293)
(4,919)
Net assets
357,204
419,466
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
357,104
419,366
Total equity
357,204
419,466
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by:
Mr T McHugh
Director
Company Registration No. SC140942
MILLAR ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information
Millar Electrics Limited is a private company limited by shares incorporated in Scotland. The registered office is No. 1 Borland Farm, Dumfries Road, Cumnock, Ayrshire, KA18 4PQ.
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.
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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:
Plant and equipment
15% 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
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.5
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.
MILLAR ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
24
22
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 November 2023
28,187
121,168
149,355
Additions
20,691
20,691
Disposals
(10,695)
(10,695)
At 31 October 2024
28,187
131,164
159,351
Depreciation and impairment
At 1 November 2023
22,071
100,257
122,328
Depreciation charged in the year
917
9,010
9,927
Eliminated in respect of disposals
(8,263)
(8,263)
At 31 October 2024
22,988
101,004
123,992
Carrying amount
At 31 October 2024
5,199
30,160
35,359
At 31 October 2023
6,116
20,911
27,027
MILLAR ELECTRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
97,492
51,900
Corporation tax recoverable
26,874
Amounts owed by group undertakings
1,875
500
Other debtors
57,675
67,637
Prepayments and accrued income
16,842
17,867
173,884
164,778
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
106,896
155,739
Corporation tax
10,136
Other taxation and social security
17,058
10,841
Government grants
14,900
Other creditors
34,308
69,774
168,398
251,254
6
Related party transactions
Included in debtors at the year end is £1,875 (2023 - £500) owed from Millar Electrics Holiding Limited, a company under common control with Millar Electrics Limited. This loan was interest free and has no terms of repayment.
7
Parent company
The ultimate controlling party is Millar Electrics Holdings Limited who owns 100% of the share capital.
8
Directors' transactions
Included in creditors is an amount of £256 (2023: £36,256) due to the directors. The loan has been made on an interest free basis and no repayment terms have been set.