Milsen Smith Limited - Period Ending 2020-01-31

Milsen Smith Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Milsen Smith Limited

Company Information

Director

Ms E Smith

Registered office

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Milsen Smith Limited

Balance Sheet

31 January 2020

	Note	2020 £	2019 £
Current assets
Debtors	5	43,050	21,295
Cash at bank and in hand		15,608	28,029
		58,658	49,324
Creditors: Amounts falling due within one year	6	(84,221)	(79,695)
Net liabilities		(25,563)	(30,371)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(25,663)	(30,471)
Total equity		(25,563)	(30,371)

Milsen Smith Limited

Balance Sheet

31 January 2020

For the financial year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 2 December 2020
 

......................................... Ms E Smith Director

Milsen Smith Limited

Notes to the Financial Statements

Year Ended 31 January 2020

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

The principal place of business is:
The Cleft
Green Lane
Islington
TQ13 9RB

2	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 including Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.

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. There is no material impact on the reported financial position and financial performance.

Going concern

The director of Milsen Smith Limited has considered the impact of COVID-19.

The financial statements have been prepared on a going concern basis. The company is dependant upon the financial support of its director.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

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.

Milsen Smith Limited

Notes to the Financial Statements

Year Ended 31 January 2020

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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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
Office Equipment	25% Straight Line

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2019 - 1).

Milsen Smith Limited

Notes to the Financial Statements

Year Ended 31 January 2020

4	Tangible assets

	Office equipment  £	Total £
Cost or valuation
At 1 February 2019	3,996	3,996
At 31 January 2020	3,996	3,996
Depreciation
At 1 February 2019	3,996	3,996
At 31 January 2020	3,996	3,996
Carrying amount
At 31 January 2020	-	-
At 31 January 2019	-	-

5

Debtors

	2020 £	2019 £
Trade debtors	43,050	21,295
	43,050	21,295

6

Creditors

	2020 £	2019  £
Due within one year
Trade creditors	3,826	3,380
Corporation tax	9,250	6,500
Social security and other taxes	6,534	6,786
Other creditors	20,571	34,029
Accrued expenses	1,740	2,400
Deferred income	42,300	26,600
	84,221	79,695

Milsen Smith Limited

Notes to the Financial Statements

Year Ended 31 January 2020

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8

Dividends

		2020		2019
		£		£
Interim dividend		33,000		30,266

During the year there was an overpayment of dividends of £25,663 (2019 £30,266) which are in contravention of the Companies Act 2006 and could become repayable.