Company registration number 02819564 (England and Wales)
MILLSTONE LANDSCAPES LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
MILLSTONE LANDSCAPES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
MILLSTONE LANDSCAPES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
315,723
240,414
Current assets
Stocks
81,422
115,714
Debtors
5
844,179
902,642
Cash at bank and in hand
315,517
192,216
1,241,118
1,210,572
Creditors: amounts falling due within one year
6
(945,549)
(932,623)
Net current assets
295,569
277,949
Total assets less current liabilities
611,292
518,363
Creditors: amounts falling due after more than one year
7
(100,597)
(151,808)
Provisions for liabilities
(69,820)
(50,105)
Net assets
440,875
316,450
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
440,775
316,350
Total equity
440,875
316,450

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2025 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.

T he 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.

MILLSTONE LANDSCAPES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2025 and are signed on its behalf by:
A A Gliaubertas
B Woodland
Director
Director
Company Registration No. 02819564
MILLSTONE LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
1
Accounting policies
Company information

Millstone Landscapes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Kingley Centre, Downs Road, West Stoke, Chichester, West Sussex, PO18 9BQ.

1.1
Basis of preparation

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 a mounts 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
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Revenue earned under contracts is recognised where a right to consideration has accrued by reference to the fair value of work done, reflecting any uncertainties as to outcome or recoverability. Revenue contingent on events outside the control of the business is recognised when the contingent event occurs.
Amounts recoverable on contracts are included in debtors, less foreseeable losses and amounts received as progress payments on accounts. Payments on account received in excess of revenue are included in creditors.
Costs attributable to revenue are included in cost of sales. Costs not attributable to revenue are included in work in progress.

The company recognises revenue from the following major sources:

- Garden design and landscaping

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Garden design and landscaping

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

MILLSTONE LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected useful economic life.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight line over lease term
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
33% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

MILLSTONE LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 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 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 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 any 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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 cost, 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. A m ounts 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.

MILLSTONE LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 6 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 profit and loss account 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.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

MILLSTONE LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
51
53
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2024 and 28 February 2025
106,000
Amortisation and impairment
At 1 March 2024 and 28 February 2025
106,000
Carrying amount
At 28 February 2025
-
0
At 29 February 2024
-
0
MILLSTONE LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2024
29,642
690,260
719,902
Additions
-
0
148,865
148,865
Disposals
-
0
(75,697)
(75,697)
At 28 February 2025
29,642
763,428
793,070
Depreciation and impairment
At 1 March 2024
24,029
455,459
479,488
Depreciation charged in the year
1,710
66,801
68,511
Eliminated in respect of disposals
-
0
(70,652)
(70,652)
At 28 February 2025
25,739
451,608
477,347
Carrying amount
At 28 February 2025
3,903
311,820
315,723
At 29 February 2024
5,613
234,801
240,414

MILLSTONE LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 9 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
524,044
637,501
Other debtors
315,785
260,791
839,829
898,292
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
4,350
4,350
Total debtors
844,179
902,642

The trade debtors above are subject to a factoring agreement, at the balance sheet date the company owed the factoring company £249,679 (2024 - £316,860) which is included within bank loans and overdrafts within current liabilities.

6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
301,922
365,497
Obligations under finance leases
115,867
69,223
Trade creditors
364,108
350,234
Corporation tax
27,842
26,740
Other taxation and social security
28,668
26,397
Other creditors
85,821
67,976
Accruals and deferred income
21,321
26,556
945,549
932,623

Included within bank loan s is a loan of £29,250 (2024 - £27,000) advanced under the Coronavirus Business Interruption Loan Scheme, which is guaranteed by the UK government as part of Covid-19 relief measures.

Bank loans and the overdraft facility are secured by guarantees from the directors totalling £230,000 and a general company debenture. The factoring facility is secured by a general company debenture.

The hire purchase balance is secured on the assets concerned.

MILLSTONE LANDSCAPES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 10 -
7
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
26,736
76,517
Obligations under finance leases
73,861
75,291
100,597
151,808

Included within bank loan s is a loan of £4,500 (2024 - £31,500) advanced under the Coronavirus Business Interruption Loan Scheme, which is guaranteed by the UK government as part of Covid-19 relief measures.

Bank loans are secured by guarantees from the directors totalling £230,000 and a general company debenture.

The hire purchase balance is secured on the assets concerned.

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