Company registration number 08746919 (England and Wales)
MILESTONES CONSTRUCTION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
MILESTONES CONSTRUCTION LTD
COMPANY INFORMATION
Directors
E P Bell
S J Bell
T Short
A C Smuts
A P Welch
Company number
08746919
Registered office
Devonshire House
Cofton Road
Marsh Barton
Exeter
Devon
England
EX2 8QW
Accountants
Streets Bush Limited
2 Barnfield Crescent
Exeter
EX1 1QT
MILESTONES CONSTRUCTION LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
MILESTONES CONSTRUCTION LTD
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
6,902
5,688
Cash at bank and in hand
15,072
6,902
20,760
Creditors: amounts falling due within one year
4
(7,189)
(20,933)
Net current liabilities
(287)
(173)
Capital and reserves
Called up share capital
100
100
Retained earnings
(387)
(273)
Total equity
(287)
(173)
The directors of the company have elected not to include a copy of the income statement 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.
MILESTONES CONSTRUCTION LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
E P Bell
Director
Company Registration No. 08746919
MILESTONES CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
Milestones Construction Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Devonshire House, Cofton Road, Marsh Barton, Exeter, Devon, England, EX2 8QW.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has the continued support of the directors, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
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 current liabilities.
MILESTONES CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial instruments 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/payments discounted at a market rate of interest. Financial instruments classified as receivable or payable within one year are not amortised.
1.6
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 income statement 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.
1.7
Amounts recoverable on contracts
The value amounts recoverable on contracts comprises the costs incurred on contracts plus an appropriate proportion of overheads. Fees invoiced on account are deducted from the value of work in progress and the balance is separately disclosed as amounts recoverable on contract. Payments on account of invoices are separately disclosed as payments on account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
MILESTONES CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,902
3,863
Other debtors
1,825
6,902
5,688
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,431
Trade creditors
300
Taxation and social security
579
Other creditors
879
20,933
7,189
20,933