REGISTERED NUMBER: NI609313 (Northern Ireland)

Milne Funeral Services Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2025

Page

Company information

1

Statement of financial position

2

Notes to the financial statements

3

to

8

Director:

Mr Andrew Milne

Registered office:

59 Seagoe Road

Portadown

Co Armagh

BT63 5HS

Registered number:

NI609313 (Northern Ireland)

Accountants:

Wylie Ruddell

Chartered Accountants

Armagh Business Centre

2 Loughgall Road

Armagh

BT61 7NH

Fixed assets

Property, plant and equipment

4

988,304

914,859

Current assets

Inventories

5

16,372

17,471

Receivables

6

85,110

79,616

Cash at bank

7

102,589

104,347

204,071

201,434

Payables

Amounts falling due within one year

8

(212,612

)

(209,349

)

Net current liabilities

(8,541

)

(7,915

)

Total assets less current liabilities

979,763

906,944

Payables

Amounts falling due after more than one year

9

(531,604

)

(527,859

)

Provisions for liabilities

11

(36,297

)

(27,453

)

Net assets

411,862

351,632

Capital and reserves

Called up share capital

12

1

1

Retained earnings

411,861

351,631

Shareholders' funds

411,862

351,632

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 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 24 October 2025 and were signed by:

Mr Andrew Milne - Director

1.	Statutory information

Milne Funeral Services Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Revenue

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

Property, plant and equipment

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

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

20% on reducing balance

Inventory

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

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.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments:

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and and bank balances and amounts owed by related parties are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(iii) Offsetting

Financial assets and liabilities are offset and 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 lability simultaneously.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Receivables

Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Payables

Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets

The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See Tangible fixed assets note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of assets.

3.	Employees and directors

The average number of employees during the year was 9 (2024 - 9 ) .

4.	Property, plant and equipment

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Cost

At 1 June 2024

736,128

83,249

251,889

1,071,266

Additions

49,602

9,573

135,400

194,575

Disposals

-

-

(127,380

)

(127,380

)

At 31 May 2025

785,730

92,822

259,909

1,138,461

Depreciation

At 1 June 2024

21,181

35,749

99,477

156,407

Charge for year

8,020

10,224

31,382

49,626

Eliminated on disposal

-

-

(55,876

)

(55,876

)

At 31 May 2025

29,201

45,973

74,983

150,157

Net book value

At 31 May 2025

756,529

46,849

184,926

988,304

At 31 May 2024

714,947

47,500

152,412

914,859

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

Cost

At 1 June 2024

224,900

Additions

135,400

Disposals

(117,390

)

Transfer to ownership

(14,495

)

At 31 May 2025

228,415

Depreciation

At 1 June 2024

82,151

Charge for year

30,063

Eliminated on disposal

(49,773

)

Transfer to ownership

(8,558

)

At 31 May 2025

53,883

Net book value

At 31 May 2025

174,532

At 31 May 2024

142,749

5.	Inventories

2025

2024

£

£

Funeral Supplies

16,372

17,471

6.	Receivables less than one year

2025

2024

£

£

Trade receivables

74,564

65,920

Prepayments

10,546

13,696

85,110

79,616

7.	Cash at bank

2025

2024

£

£

Cash at bank and on hand

102,589

104,347

8.	Payables less than one year

2025

2024

£

£

Bank and other loans

20,442

14,036

Hire purchase contracts (see note 10)

59,088

46,653

Trade payables

36,723

59,794

Taxation and social security

23,537

20,305

Other payables

72,822

68,561

212,612

209,349

9.	Payables more than one year

2025

2024

£

£

Bank loans

445,086

445,233

Hire purchase contracts (see note 10)

86,518

82,626

531,604

527,859

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

391,717

404,842

Hire purchase

9,264

-

400,981

404,842

10.	Hire purchase agreements

Minimum lease payments under hire purchase fall due as follows:

2025

2024

£

£

Net obligations repayable:

Within one year

59,088

46,653

Between one and five years

77,254

82,626

In more than five years

9,264

-

145,606

129,279

11.	Provisions for liabilities

2025

2024

£

£

Deferred tax

Accelerated capital allowances

36,297

27,453

Deferred tax

£

Balance at 1 June 2024

27,453

Charge to Statement of income and retained earnings during year

8,844

Balance at 31 May 2025

36,297

12.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary shares

1

1

1

13.	Director's advances, credits and guarantees

The following loans to the company from a director subsisted during the years ended 31 May 2025 and 31 May 2024:

2025

2024

£

£

Mr Andrew Milne

Balance outstanding at start of year

14,214

17,045

Amounts advanced

28,830

28,000

Amounts repaid

(25,185

)

(30,831

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

17,859

14,214