MILLARD & LANCASTER LIMITED
Company Registration No. 07733813 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
PAGES FOR FILING WITH REGISTRAR
MILLARD & LANCASTER LIMITED
COMPANY INFORMATION
Directors
Mr G J L Williams
Mr S A Millard
Company number
07733813
Registered office
18 St Marys Street
Shrewsbury
Shropshire
SY1 1ED
Accountants
Dyke Yaxley Limited
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
MILLARD & LANCASTER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MILLARD & LANCASTER LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2017
31 October 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,462
4,659
Current assets
Stocks
88,212
75,487
Debtors
4
4,924
1,607
Cash at bank and in hand
2,783
120
95,919
77,214
Creditors: amounts falling due within one year
5
(113,779)
(89,052)
Net current liabilities
(17,860)
(11,838)
Total assets less current liabilities
(15,398)
(7,179)
Creditors: amounts falling due after more than one year
6
(30,843)
(14,193)
Net liabilities
(46,241)
(21,372)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(46,341)
(21,472)
Total equity
(46,241)
(21,372)
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 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
MILLARD & LANCASTER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2017
31 October 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 April 2018 and are signed on its behalf by:
Mr S A Millard
Director
Company Registration No. 07733813
MILLARD & LANCASTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2017
- 3 -
1
Accounting policies
Company information
Millard & Lancaster Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
18 St Marys Street, Shrewsbury, Shropshire, SY1 1ED.
1.1
Accounting convention
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.
These financial statements for the year ended 31 October 2017
are the
first
financial statements of Millard & Lancaster Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 November 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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:
Land and buildings
25% pa straight line
Fixtures, fittings & equipment
25% pa straight line
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
.
MILLARD & LANCASTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
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 at bank and in hand
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 with original maturities of three months or less, 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 asset are consumed.
MILLARD & LANCASTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2016 - 3).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2016 and 31 October 2017
3,846
5,559
9,405
Depreciation and impairment
At 1 November 2016
2,883
1,863
4,746
Depreciation charged in the year
961
1,236
2,197
At 31 October 2017
3,844
3,099
6,943
Carrying amount
At 31 October 2017
2
2,460
2,462
At 31 October 2016
963
3,696
4,659
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
6
20
Corporation tax recoverable
-
420
Other debtors
4,918
1,167
4,924
1,607
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
9,818
3,340
Other taxation and social security
893
1,512
Other creditors
103,068
84,200
113,779
89,052
MILLARD & LANCASTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2017
- 6 -
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
30,843
14,193
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
50 A Ordinary shares of £1 each
50
50
50 B Ordinary shares of £1 each
50
50
100
100
The A Ordinary Shares shall have attached to them full voting and capital distribution (including on winding up) rights; they shall have the right to a dividend as declared from time to time for that class of Share but so that all classes of Ordinary Shares shall not rank pari passu for dividend entitlement purposes. The A Ordinary Shares are not redeemable.
The B Ordinary Shares shall have attached to them full voting and capital distribution (including on winding up) rights; they shall have the right to a dividend as declared from time to time for that class of Share but so that all classes of Ordinary Shares shall not rank pari passu for dividend entitlement purposes. The B Ordinary Shares are not redeemable.