Millstream Estate Services Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 08439456 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Millstream Estate Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N E Keenan

REGISTERED OFFICE:

Unit 1

Old RAF Buildings

Dorcas Lane

Stoke Hammond

Buckinghamshire

MK17 0EA

REGISTERED NUMBER:

08439456 (England and Wales)

ACCOUNTANTS:

Connolly Accountants & Business Advisors Ltd

Chartered Certified Accountants

The Stable Yard

25-33 Vicarage Road

Stony Stratford

Milton Keynes

Buckinghamshire

MK11 1BN

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

1,004,020

1,114,470

1,004,020

1,114,470

CURRENT ASSETS

Stocks

10,745

-

Debtors

6

186,515

339,414

Cash at bank and in hand

678,913

364,157

876,173

703,571

CREDITORS

Amounts falling due within one year

7

394,249

349,441

NET CURRENT ASSETS

481,924

354,130

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,485,944

1,468,600

CREDITORS

Amounts falling due after more than one
year

8

(436,849

)

(550,763

)

PROVISIONS FOR LIABILITIES

(51,069

)

(55,682

)

NET ASSETS

998,026

862,155

CAPITAL AND RESERVES

Called up share capital

125

Retained earnings

997,901

862,030

SHAREHOLDERS' FUNDS

998,026

862,155

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 February 2025 and were signed by:

N E Keenan - Director

1.	STATUTORY INFORMATION

Millstream Estate Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Improvements to property

-

10% on cost

Plant & machinery

-

3 years, 25% on cost and 25% on reducing balance

Fixtures and fittings

-

25% on cost

Motor vehicles

-

3 years and 25% on cost

Computer equipment

-

3 years

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision 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 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 costs 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.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and loans from related companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants

Government grants are included in the 'other operating income' line item. There are no unfulfilled conditions or other contingencies attaching to these grants. The grants are recognised under the performance model and the income recognised over the period of furlough on a straight-line basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

9,920

AMORTISATION

At 1 January 2024

and 31 December 2024

9,920

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant &

property

machinery

£

COST

At 1 January 2024

980,045

3,636

487,762

Additions

-

97,938

Disposals

(92,000

)

-

(12,000

)

Reclassification/transfer

-

1

At 31 December 2024

888,045

3,636

573,701

DEPRECIATION

At 1 January 2024

88,301

1,970

308,107

Charge for year

-

363

97,856

Eliminated on disposal

-

(9,434

)

Reclassification/transfer

-

At 31 December 2024

88,301

2,333

396,529

NET BOOK VALUE

At 31 December 2024

799,744

1,303

177,172

At 31 December 2023

891,744

1,666

179,655

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

COST

At 1 January 2024

41,347

291,020

12,028

1,815,838

Additions

2,041

12,095

1,418

113,492

Disposals

-

(104,000

)

Reclassification/transfer

-

(1

)

-

At 31 December 2024

43,388

303,114

13,446

1,825,330

DEPRECIATION

At 1 January 2024

41,209

250,588

11,193

701,368

Charge for year

181

30,111

864

129,375

Eliminated on disposal

-

(9,434

)

Reclassification/transfer

-

1

-

1

At 31 December 2024

41,390

280,700

12,057

821,310

NET BOOK VALUE

At 31 December 2024

1,998

22,414

1,389

1,004,020

At 31 December 2023

138

40,432

835

1,114,470

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

107,333

236,189

Other debtors

79,182

103,225

186,515

339,414

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts (see note 9)

33,150

33,969

Hire purchase contracts (see note 10)

44,964

43,493

Trade creditors

144,025

88,516

Taxation and social security

131,057

142,867

Other creditors

41,053

40,596

394,249

349,441

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans (see note 9)

388,350

473,902

Hire purchase contracts (see note 10)

48,499

76,861

436,849

550,763

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

266,695

346,307

9.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

Amounts falling due within one year or on demand:

Bank loans

23,150

23,969

BBLS

10,000

33,150

33,969

Amounts falling due between one and two years:

Bank loans - 1-2 years

25,058

25,239

BBLS - 1-2 years

8,334

10,000

33,392

35,239

2024

2023

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

88,263

84,023

BBLS 2-5 years

-

8,333

88,263

92,356

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

266,695

346,307

The bank loan is a mortgage which is secured by fixed and floating charges over the property or undertaking of the company.

The Bounce Back Loan balance outstanding is unsecured and guaranteed by the UK Government.

10.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024

2023

£

Gross obligations repayable:

Within one year

50,080

50,253

Between one and five years

50,895

82,862

100,975

133,115

Finance charges repayable:

Within one year

5,116

6,760

Between one and five years

2,396

6,001

7,512

12,761

Net obligations repayable:

Within one year

44,964

43,493

Between one and five years

48,499

76,861

93,463

120,354

Hire purchase arrangements are secured against the assets to which they relate.

11.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund

Contributions totalling £1,478 (2022: £1,419) were payable to the fund at the balance sheet date and are included in other creditors.