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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 16 NOVEMBER 2016 TO 31 MARCH 2018 |
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MILNES MAY LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 16 NOVEMBER 2016 TO 31 MARCH 2018 |
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MILNES MAY LTD |
MILNES MAY LTD (REGISTERED NUMBER: 10481148) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Period 16 November 2016 to 31 March 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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MILNES MAY LTD |
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COMPANY INFORMATION |
For The Period 16 November 2016 to 31 March 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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No. 3 Caroline Court |
13 Caroline Street |
St. Paul's Square |
Birmingham |
West Midlands |
B3 1TR |
MILNES MAY LTD (REGISTERED NUMBER: 10481148) |
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BALANCE SHEET |
31 March 2018 |
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Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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MILNES MAY LTD (REGISTERED NUMBER: 10481148) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Period 16 November 2016 to 31 March 2018 |
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1. | STATUTORY INFORMATION |
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Milnes May Ltd is a
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and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies the directors are required to make judgements, estimates and |
assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The |
estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. |
Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are |
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision |
and future periods if the revision effects both current and future periods. |
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In preparing these financial statements, the directors have made the following judgements: |
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The company reviews the carrying value of all assets for indications of impairment at each period. If indicators of |
impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds |
it's recoverable amount. This process will usually involve the estimation of future cash flows which are likely to be |
generated by the asset. |
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A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for |
which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably |
estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a rate that |
reflects the time value of money and the risk specific to the liability. |
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Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ |
and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources |
is probable or not. |
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The directors have reviewed the asset lives and associated residual values of all fixed assets classes. In re-assessing asset |
lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. |
Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects |
disposal values. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Computer equipment | - |
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MILNES MAY LTD (REGISTERED NUMBER: 10481148) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 16 November 2016 to 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
Current and deferred taxation |
Current tax, including UK corporation tax, is provided at amounts expected to be paid or recovered using the tax rates and |
laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date |
where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future |
have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and it |
results as stated in the financial statements that arise from inclusion of gains and losses in tax assessments in periods |
different from those in which they are recognised in the financial statements. |
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Unrelieved tax losses and other deferred tax assets are only recognised to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date |
and that are expended to apply to the reversal of the timing differences. |
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Where items recognised in other comprehensive income and equity are chargeable to or deductible for tax purposes, the |
resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity |
as the transaction or other event that resulted in the tax expense or income. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Financial instruments |
(i) Cash and cash equivalents |
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Cash and cash equivalents are basic financial instruments 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. |
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(ii) Financial assets and liabilities |
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All financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the |
instrument. |
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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 |
its liabilities. |
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All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those |
financial assets classified as at fair value through the profit and loss account, which are initially measured at fair value unless |
the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset |
or liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt |
instrument. |
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Financial assets and liabilities are only offset at the balance sheet date 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. |
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Debt instruments that have no stated interest rate and are classified as payable or receivable within one year are initially |
measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. |
Other debt instruments not meeting these conditions are measured at fair value through the profit and loss account. |
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Commitments to make or receive loans which meet the conditions mentioned above are measured at cost less impairment. |
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Financial assets are derecognised when and only when the contractual rights to the cash flows for the financial asset expire |
or are settled, when the company transfers to another party substantially all 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. |
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Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
MILNES MAY LTD (REGISTERED NUMBER: 10481148) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 16 November 2016 to 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Impairment of assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there |
is objective evidence of impairment, an impairment loss is recognised in profit or loss. |
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For financial assets carried at amortised costs, the amount of an impairment is the difference between the asset's carrying |
amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate. |
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For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount |
and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date. |
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Where indicators exist for the decrease in impairment loss, and the decrease can be related objectively to an event occuring |
after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is |
reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised |
carrying amount higher than the carrying value had no impairment been recognised. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | INTANGIBLE FIXED ASSETS |
Patents |
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licences |
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COST |
Additions |
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At 31 March 2018 |
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AMORTISATION |
Amortisation for period |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
Additions |
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At 31 March 2018 |
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DEPRECIATION |
Charge for period |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
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MILNES MAY LTD (REGISTERED NUMBER: 10481148) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 16 November 2016 to 31 March 2018 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
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Other creditors |
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