Millfield Medical Electronics Limited Filleted accounts for Companies House (small and micro)

Millfield Medical Electronics Limited

Statement of Financial Position

29 September 2024

	2024	2023
Note	£	£

Current assets

Debtors	5	32	13,957
Cash at bank and in hand		195	222
		----	--------
		227	14,179

Creditors: amounts falling due within one year	6	447,764	457,517
		---------	---------
Net current liabilities		447,537	443,338
		---------	---------
Total assets less current liabilities		( 447,537)	( 443,338)
		---------	---------
Net liabilities		( 447,537)	( 443,338)
		---------	---------

Capital and reserves

Called up share capital	20	20
Profit and loss account	( 447,557)	( 443,358)
	---------	---------
Shareholders deficit	( 447,537)	( 443,338)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 29 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 26 September 2025 , and are signed on behalf of the board by:

Mr A Best

Director

Company registration number: 12870328

Millfield Medical Electronics Limited

Notes to the Financial Statements

Year ended 29 September 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Carbery Manor Adlams Lane, Sway, Lymington, SO41 6EG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on a going concern basis assuming continued support from the company's directors.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2023: 3 ).

5. Debtors

	2024	2023
	£	£
Other debtors	32	13,957
	----	--------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	–	4,730
Social security and other taxes	–	8,069
Other creditors	447,764	444,718
	---------	---------
	447,764	457,517
	---------	---------

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr A Best	( 288,840)	( 6,423)	( 295,263)
Mr S Best	( 148,078)	( 2,923)	( 151,001)
	---------	-------	---------
	( 436,918)	( 9,346)	( 446,264)
	---------	-------	---------

	2023
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr A Best	( 288,840)	–	( 288,840)
Mr S Best	( 148,078)	–	( 148,078)
	---------	----	---------
	( 436,918)	–	( 436,918)
	---------	----	---------

8. Related party transactions

The company was under the control of Mr S Best & Mr A Best throughout the current and previous year. At the period end the company owed its directors £446,265 (2023: £436,918). These amounts are interest free and repayable upon demand and included in other creditors.