1st Millennium Electronics Ltd - Period Ending 2013-11-30

Registration number: 03788514

1st Millennium Electronics Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2013
 

Ashfield Accountancy Service
Suite 3A
Oriental Road
United Kingdom
Surrey
GU22 7AH

1st Millennium Electronics Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Abbreviated Statutory Accounts of
1st Millennium Electronics Ltd
for the Year Ended 30 November 2013

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of 1st Millennium Electronics Ltd for the year ended 30 November 2013 set out on pages from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of 1st Millennium Electronics Ltd , as a body, in accordance with the terms of our engagement letterdated 21 January 2013. Our work has been undertaken solely to prepare for your approval the accounts of 1st Millennium Electronics Ltd and state those matters that we have agreed to state to them, as a body, in this report and for no other purpose . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 1st Millennium Electronics Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that 1st Millennium Electronics Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of 1st Millennium Electronics Ltd . You consider that 1st Millennium Electronics Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of 1st Millennium Electronics 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.

......................................

Ashfield Accountancy Service
Suite 3A
Oriental Road
United Kingdom
Surrey
GU22 7AH

29 August 2014

Page 1

1st Millennium Electronics Ltd
(Registration number: 03788514)
Abbreviated Balance Sheet at 30 November 2013

		Note			2013 £			2012 £
Fixed assets
Tangible fixed assets					2,051			2,735
Current assets
Stocks					65,656			65,656
Debtors					240,424			354,277
Cash at bank and in hand					325,011			184,383
					631,091			604,316
Creditors: Amounts falling due within one year					(488,224)			(506,723)
Net current assets					142,867			97,593
Net assets					144,918			100,328
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					144,818			100,228
Shareholders' funds					144,918			100,328

For the year ending 30 November 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 29 August 2014 and signed on its behalf by:

.........................................
S D Read
Company secretary and director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

1st Millennium Electronics Ltd
(Registration number: 03788514)
Abbreviated Balance Sheet at 30 November 2013
......... continued

.........................................
I MacDonald
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

1st Millennium Electronics Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 November 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life.

Asset class	Depreciation method and rate
Plant and machinery	25% on the reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

1st Millennium Electronics Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 November 2013
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2012		10,330			10,330
At 30 November 2013		10,330			10,330
Depreciation
At 1 December 2012		7,595			7,595
Charge for the year		684			684
At 30 November 2013		8,279			8,279
Net book value
At 30 November 2013		2,051			2,051
At 30 November 2012		2,735			2,735

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary 'A' shares of £1 each		25			25			25			25
Ordinary 'B' shares of £1 each		25			25			25			25
Ordinary 'C' shares of £1 each		25			25			25			25
Ordinary 'D' shares of £1 each		25			25			25			25
		100			100			100			100

Page 5