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Company No: 10338882 (England and Wales)

MILLWORKS LTD

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

MILLWORKS LTD

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

MILLWORKS LTD

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
MILLWORKS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1,368 938
Tangible assets 4 945,341 739,273
Investments 1,001,439 0
1,948,148 740,211
Current assets
Stocks 880,410 1,031,922
Debtors 5 309,072 176,662
Cash at bank and in hand 1,471,773 2,250,311
2,661,255 3,458,895
Creditors: amounts falling due within one year 6 ( 492,309) ( 567,198)
Net current assets 2,168,946 2,891,697
Total assets less current liabilities 4,117,094 3,631,908
Creditors: amounts falling due after more than one year 7 0 ( 3,741)
Provision for liabilities ( 177,718) ( 134,143)
Net assets 3,939,376 3,494,024
Capital and reserves
Called-up share capital 1 1
Profit and loss account 3,939,375 3,494,023
Total shareholder's funds 3,939,376 3,494,024

For the financial year ending 30 September 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 financial statements of Millworks Ltd (registered number: 10338882) were approved and authorised for issue by the Director. They were signed on its behalf by:

Steven Anthony Newman
Director

26 June 2025

MILLWORKS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
MILLWORKS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Millworks Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Parsonage Farm 112 High Street, Bottisham, Cambridge, CB25 9BA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 % reducing balance
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance
Computer equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 11 11

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 October 2023 1,073 1,073
Additions 590 590
At 30 September 2024 1,663 1,663
Accumulated amortisation
At 01 October 2023 135 135
Charge for the financial year 160 160
At 30 September 2024 295 295
Net book value
At 30 September 2024 1,368 1,368
At 30 September 2023 938 938

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 October 2023 328,398 889,633 69,315 893 7,550 1,295,789
Additions 250,438 116,203 42,408 1,535 16,598 427,182
Disposals 0 ( 94,334) ( 32,115) 0 0 ( 126,449)
At 30 September 2024 578,836 911,502 79,608 2,428 24,148 1,596,522
Accumulated depreciation
At 01 October 2023 155,475 369,410 27,867 263 3,501 556,516
Charge for the financial year 48,976 105,554 12,334 541 2,470 169,875
Disposals 0 ( 54,837) ( 20,373) 0 0 ( 75,210)
At 30 September 2024 204,451 420,127 19,828 804 5,971 651,181
Net book value
At 30 September 2024 374,385 491,375 59,780 1,624 18,177 945,341
At 30 September 2023 172,923 520,223 41,448 630 4,049 739,273
Leased assets included above:
Net book value
At 30 September 2024 0 8,192 0 0 0 8,192
At 30 September 2023 0 10,240 13,548 0 0 23,788

5. Debtors

2024 2023
£ £
Trade debtors 81,778 151,569
Amounts owed by director 139,673 267
Prepayments and accrued income 41,892 24,826
Other debtors 45,729 0
309,072 176,662

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 193,510 237,125
Accruals 5,258 4,691
Taxation and social security 242,709 317,400
Obligations under finance leases and hire purchase contracts (secured) 3,741 4,987
Other creditors 47,091 2,995
492,309 567,198

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 3,741

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

The Company had no material capital commitments at the year ended 30 September 2024.

9. Related party transactions

Transactions with the entity's director

Included within other debtors due within one year is the following loan to S Newman:

Advances

An advance for Loan to S Newman was made to the director on 30 September 2024 for £144,709 (at interest rate of 2.25%), the conditions are: £5,303 has been repaid, £0 has been written off, and £0 has been waived. This loan is repayable on demand of the company.

The highest amount due to the company was £143,973.

The interest paid on the loan is £713. The rate of interest on the loan is the HMRC beneficial rate during the accounting period.