Company registration number:
for the Year Ended
Miles Tool & Machinery Centre Limited
Contents
Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Miles Tool & Machinery Centre Limited
(Registration number: 01871026)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Deferred tax liabilities |
(5,893) |
(6,760) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss reserve |
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Total equity |
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Page 1
Miles Tool & Machinery Centre Limited
(Registration number: 01871026)
Balance Sheet as at 31 March 2017
For the financial year ending 31 March 2017 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Page 2
Miles Tool & Machinery Centre Limited
Statement of Changes in Equity
for the Year Ended 31 March 2017
Share capital |
Profit and loss reserve |
Total |
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At 1 April 2016 |
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Movement in year : |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
Total movement for the year |
- |
(5,845) |
(5,845) |
At 31 March 2017 |
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Share capital |
Profit and loss reserve |
Total |
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At 1 April 2015 |
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Movement in year : |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
Total movement for the year |
- |
(32,379) |
(32,379) |
At 31 March 2016 |
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Page 3
Miles Tool & Machinery Centre Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in United Kingdom.
The address of its registered office is:
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. This is the first year in which the financial statements have been prepared under FRS 102 section 1A. There were no restatements required to the prior year as a result of the transition to FRS 102 section 1A.
Basis of preparation
These financial statements are presented in Sterling (£) and have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Turnover recognition
Turnover comprises the fair value of the consideration received for the sale of tools and machinery and provision of tool repair services. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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Miles Tool & Machinery Centre Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
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 |
Freehold land and buildings |
2% straight line |
Plant and machinery |
20% straight line |
Furniture, fittings and equipment |
20%-33% straight line |
Motor vehicles |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 5
Miles Tool & Machinery Centre Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6
Miles Tool & Machinery Centre Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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- |
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At 31 March 2016 |
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Included within the net book value of land and buildings above is £350,192 (2016 - £357,805) in respect of freehold land and buildings.
Stocks |
2017 |
2016 |
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Other stocks |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Page 7
Miles Tool & Machinery Centre Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
20,183 |
6,248 |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Obligations under finance leases and hire purchase contracts |
- |
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Other borrowings |
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2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Page 8
Miles Tool & Machinery Centre Limited
Notes to the Financial Statements
for the Year Ended 31 March 2017
Related party transactions |
Transactions with directors |
Other transactions with directors |
M and S Miles are directors of the company. During the year the company paid dividends to the directors totalling £50,584 (2016: £35,502). The directors maintained an interest free loan account which is repayable on demand. At the balance sheet date the amount due to M and S Miles was £4,494 (2016: £21,888).
T Miles is a director of the company. During the year the company paid dividendsto the directors totalling £23,982 (2016: £11,834). The directors maintained an interest free loan account which is repayable on demand. At the balance sheet date the amount due to T Miles was £4,151 (2016: £980).
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