Company No: 07518625 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	5		5
Tangible assets	4	32,876		22,431
		32,881		22,436
Current assets
Stocks		9,500		8,900
Debtors	5	552,506		459,630
Cash at bank and in hand		44,919		22,220
		606,925		490,750
Creditors: amounts falling due within one year	6	( 411,526)		( 439,802)
Net current assets		195,399		50,948
Total assets less current liabilities		228,280		73,384
Creditors: amounts falling due after more than one year	7	( 129,450)		( 31,822)
Provision for liabilities		( 8,219)		( 4,262)
Net assets		90,611		37,300
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		90,511		37,200
Total shareholders' funds		90,611		37,300

For the financial year ending 28 February 2025 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 financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Millen Drywall Limited (registered number: 07518625) were approved and authorised for issue by the Board of Directors on 30 October 2025. They were signed on its behalf by:

Mr H D Millen Director

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

Millen Drywall Limited (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 Office 2, First Floor Old Bank Chambers, Fore Street, St Marychurch, Torquay, TQ1 4PR, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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. Revenue from services is recognised as they are delivered and can be reliably measured.

Employee benefits

Defined benefit schemes
For defined benefit schemes the amounts charged to operating profit are the costs arising from employee services rendered during the period and the cost of plan introductions, benefit changes, settlements and curtailments. They are included as part of staff costs. The net interest cost on the net defined benefit liability is charged to the Statement of Income and Retained Earnings and included within finance costs. Remeasurement comprising actuarial gains and losses and the return on scheme assets (excluding amounts included in net interest on the net defined benefit liability) are recognised immediately in the Statement of Comprehensive Income.

Defined benefit schemes are funded, with the assets of the scheme held separately from those of the Company, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method. Actuarial valuations are obtained at least triennially and are updated at each Balance Sheet date.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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:

Goodwill

not amortised

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 over its expected useful life, as follows:

Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	15 % 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.

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 Statement of Income and Retained Earnings 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.

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.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

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.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		3

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 March 2024	5		5
At 28 February 2025	5		5
Accumulated amortisation
At 01 March 2024	0		0
At 28 February 2025	0		0
Net book value
At 28 February 2025	5		5
At 29 February 2024	5		5

4. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 March 2024	12,956		31,553		9,291		53,800
Additions	0		17,240		0		17,240
At 28 February 2025	12,956		48,793		9,291		71,040
Accumulated depreciation
At 01 March 2024	9,732		15,207		6,430		31,369
Charge for the financial year	484		5,882		429		6,795
At 28 February 2025	10,216		21,089		6,859		38,164
Net book value
At 28 February 2025	2,740		27,704		2,432		32,876
At 29 February 2024	3,224		16,346		2,861		22,431

5. Debtors

	2025		2024
	£		£
Trade debtors	497,134		405,000
Prepayments and accrued income	9,861		17,280
VAT recoverable	27,133		18,101
Other debtors	18,378		19,249
	552,506		459,630

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured £ 12,072)	25,057		12,985
Trade creditors	236,640		207,990
Amounts owed to directors	5,023		44,131
Accruals	64,504		56,931
Corporation tax	13,194		3,201
Other taxation and social security	45,111		3,410
Obligations under finance leases and hire purchase contracts (secured)	7,344		3,309
Other creditors	14,653		107,845
	411,526		439,802

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

	2025		2024
	£		£
Bank loans	113,236		22,723
Obligations under finance leases and hire purchase contracts (secured)	16,214		9,099
	129,450		31,822

Hire Purchase borrowings are secured on the individual assets taken out on hire purchase.

The directors have personally guaranteed the loan on behalf of the company.

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
30 Ordinary H shares of £ 1.00 each	30		30
50 Ordinary S shares of £ 1.00 each	50		50
20 Ordinary T shares of £ 1.00 each	20		20
	100		100

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	2,830		4,315
between one and five years	0		2,830
Total future minimum lease payments under non-cancellable operating leases	2,830		7,145