Registration number:
Jeffrey Milner Ltd
for the Year Ended 31 January 2021
Jeffrey Milner Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Jeffrey Milner Ltd
Company Information
Directors |
Mr PJM Suter Mrs GM Suter |
Company secretary |
Mrs GM Suter |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Jeffrey Milner Ltd
for the Year Ended 31 January 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jeffrey Milner Ltd for the year ended 31 January 2021 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Jeffrey Milner Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Jeffrey Milner Ltd and state those matters that we have agreed to state to the Board of Directors of Jeffrey Milner Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jeffrey Milner Ltd and its Board of Directors as a body for our work or for this report.
We have not been instructed to carry out an audit or a review of the accounts of Jeffrey Milner Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Hughenden Avenue
High Wycombe
Buckinghamshire
HP13 5RE
Jeffrey Milner Ltd
(Registration number: 01408847)
Balance Sheet as at 31 January 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Revaluation reserve |
223,012 |
223,012 |
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Profit and loss account |
136,627 |
135,569 |
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Shareholders' funds |
359,839 |
358,781 |
For the financial year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
Jeffrey Milner Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Jeffrey Milner Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture and fittngs |
25% on reducing balance |
Computer equipment |
Straight line over 3 years |
Investment property
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Tax charged/(credited) in the income statement
2021 |
2020 |
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Deferred taxation |
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Arising from changes in tax rates and laws |
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Deferred tax
Jeffrey Milner Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 February 2020 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 31 January 2021 |
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Depreciation |
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At 1 February 2020 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
At 31 January 2021 |
- |
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Carrying amount |
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At 31 January 2021 |
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At 31 January 2020 |
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Included within the net book value of land and buildings above is £390,000 (2020 - £390,000) in respect of freehold land and buildings.
Debtors |
2021 |
2020 |
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Prepayments |
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Other debtors |
- |
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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- |
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Jeffrey Milner Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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200 |
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200 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Retained earnings |
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Surplus/(deficit) on property, plant and equipment revaluation |
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( |
Related party transactions |
Other transactions with directors |
Included in other creditors is £10 (2020 - other debtors: £1,285) owed to/(by) the directors, P J M Suter and Mrs G M Suter.