South Milford Associates Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

South Milford Associates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06737988 . The registered office is 7-9 High Street, Tadcaster, North Yorkshire, LS24 9AP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

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

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

2.3. Tangible Fixed Assets and Depreciation

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation:

Motor Vehicles	33% straight line
Fixtures & Fittings	15% reducing balance
Computer Equipment	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

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South Milford Associates Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Financial Instruments

A financial asset or a financial liability is recognised only when the entity 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.

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.

2.7. Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 14 (2024: 12)

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South Milford Associates Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

4. Tangible Assets

	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 November 2024	5,100	7,641	12,747	25,488
Additions	-	-	1,000	1,000

As at 31 October 2025	5,100	7,641	13,747	26,488

Depreciation
As at 1 November 2024	5,100	5,713	12,746	23,559
Provided during the period	-	289	334	623

As at 31 October 2025	5,100	6,002	13,080	24,182

Net Book Value
As at 31 October 2025	-	1,639	667	2,306

As at 1 November 2024	-	1,928	1	1,929

5. Stocks

	2025	2024
	£	£
Stock	37,918	40,659

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	103,918	88,208
Amounts owed by group undertakings	840,320	22,770
Other debtors	20,115	19,278

	964,353	130,256

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	202,514	149,920
Other creditors	49,361	48,451
Taxation and social security	8,020	3,537

	259,895	201,908

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	76	76

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South Milford Associates Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

9. Ultimate Controlling Party

The ultimate controlling party is C E S Fox.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		2,306		1,929

			2,306		1,929
CURRENT ASSETS
Stocks	5	37,918		40,659
Debtors	6	964,353		130,256
Cash at bank and in hand		3,079		48,174

		1,005,350		219,089
Creditors: Amounts Falling Due Within One Year	7	(259,895 )		(201,908 )

NET CURRENT ASSETS (LIABILITIES)			745,455		17,181

TOTAL ASSETS LESS CURRENT LIABILITIES			747,761		19,110

PROVISIONS FOR LIABILITIES
Deferred Taxation			(438 )		(366 )

NET ASSETS			747,323		18,744

CAPITAL AND RESERVES
Called up share capital	8		76		76
Profit and Loss Account			747,247		18,668

SHAREHOLDERS' FUNDS			747,323		18,744